Section 4(0) above, shall be payable in equal monthly installments on the first (1“) day of

the first (lst) full calendar month following the Tower Fixed Rent Commencement Date
and thereafter, on the first (lat) day of each calendar month during the balance of the term
of the Tower Sublease. Tower Fixed Rent for any partial calendar month during the
Lease Term shall be prorated based on the number of days in a particular calendar month
within the Lease Term against tl1e total number of days in the applicable calendar month.
On the tenth (10th) anniversary of the Opening Date (as hereinafter defined) and every ten
(10) years thereafter during the term of the Tower Sublease, the Tower Rent shall be
determined by an appraisal in accordance with Exhibit “A” attached hereto (the “Tower
Fixed Rent Adjustments”). In no event shall Tower Fixed Rent increase by an amount
greater than ten percent (10%) over Tower Fixed Rent for the prior year. The “Tower
Fixed Rent Commencement Date” shall be the earlier to occur of (A) four (4) years
following the Effective Date (which may be extended up to one (1) year if construction is
delayed as a result of an unavoidable delay as described in Section 7.4 of the Lease) or
(B) the date that the Tower opens to the general public for business (the “Opening Date”).

Notwithstanding the foregoing or anything to the contrary set forth in this

Amendment, if SkyRise fails to complete construction of the Tower on or before the
Tower Fixed Rent Commencement Date, Developer shall have the right, but not the
obligation to (a) terminate the Tower Sublease, complete construction of the Tower then
fmd a. replacement operator (or operate the Tower itself) and, in such event, Developer
shall not be obligated to commence payment of ‘Tower Fixed Rent until the earlier to
occur of six (6) years following the Effective Date (which may be extended for up to one
(1) year if construction is delayed as a result of an unavoidable delay as described in
Section 7.4 of the Lease) or the Opening Date; or (b) terminate the Tower Sublease and
demolish or cause S-kyRise to demolish that portion of the Tower improvements then
constructed at the Leased Property, in which case, the obligations of Developer to City
hereunder pertaining to SkyRise, the Tower and the Tower Sublease, including, without
limitation, Developer’s obligation to pay Tower Fixed Rent and Tower Percentage Rent,
shall be null and void and of no further force and effect as of the date of the termination
of the Tower Sublease; provided, however, in such event, Developer agrees to use
commercially reasonable efforts to develop a proposal for a new development project on
the pier in conjunction with City. Once such proposal is mutually agreed to by Developer
and the City Manager, the new development will be documented in an amendment to the
Lease, presented for City Commission approval and, if required by applicable law, a
referendum. Developer agrees to notify the City Manager within sixty (60) days
following termination of the Tower Sublease whether Developer elects, in its sole and
absolute discretion, to proceed with clause (a) or clause (b) of this paragraph.

(ii) Commencing on the Opening Date, “Tower Percentage Rent”, as defined in

Exhibit “B” attached hereto, shall be paid pursuant to the terms and conditions set forth in
Exhibit “B”. Notwithstanding the foregoing or anything to the contrary set forth in this
Amendment, from and after the date the Opening Date, Developer’s obligation to pay
Tower Percentage Rent to City shall be null and void and of no further force and effect
upon the expiration or any sooner termination of the Tower Sublease; provided, however
5