r ASSIGNMIVIT OF COASTAL ZONE MANAGEMENT PERMIT NOS.

r ASSIGNMIVIT OF COASTAL ZONE MANAGEMENT PERMIT NOS. CZT-4-99(W), CZT-81-87(L) and CZT-53-85(SL) ASSIGNMENT made this r3 kday of atedistear , 2006 from MOF VI Limited Partnership, a U.S. Virgin Islands limited partnership, whose mailing address is, 4801 Spring Valley Road, Suite 80, Dallas, Texas 75244 (the "Assignor") to IGY-AYH ST. THOMAS HOLDINGS, LLC, a U.S. Virgin Islands limited liability company whose mailing address is cio Island Capital. Group LLC, 717 Fifth Avenue, 18th Floor, New York, New York 10022 (the "Assignee"). WHEREAS, Assignee is the Permittee under Coastal Zone Management Permit Nos. CZT-4-99W, CZT-81-87L and CZT-53-85SL with effective dates of September 14, 2000, May 12, 1988 and January 24, 1986, respectively, copies of which are attached hereto as Exhibits A, B and C and made a part hereof, together with any and all modifications, extensions, renewals, applications for renewal and reconstruction permits issued in connection therewith (collectively, the "CZM Permits"), granted by the St. Thomas Committee of the Virgin Islands Coastal Zone Management Commission as Permitter, respecting the development, use and occupancy of the Premises described in Exhibit D attached hereto and made a part hereof together with the adjoining submerged lands; WHE , Assignor and Assignee entered into a Purchase and Sale Agreement dated as of G Sa 6er .22 , 2006 ("Agreement") pursuant to which Assignee agreed that it would accept delivery from Assignor ot, and Assignor agreed to assign, transfer and deliver to Assignee, on the Closing Date (as defined in the Agreement), Assignor's right, title and interest in the Property (as defined in the Agreement) and Assignor agreed to deliver to Assignee an assignment, transfer and delivery as to Assignor's rights under the CZM Permits to be sold to Assignee, and Assignee agreed that Assignee would sign this document to evidence Assignee's assumption of the liabilities to be assumed by Assignee under the provisions of the CZM Permits; and WHEREAS, by this Indenture, Assignor intends to assign and transfer to Assignee, its successors and assigns, all of the Assignor's interest in the CZM Permits to be sold to Assignee as provided in the Agreement NOW, THEREFORE, pursuant to the Agreement and in consideration of the premises and of other valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, and of the mutual covenants herein set forth, Assignor has assigned, transferred, sold, remised, released, alienated, set over and confirmed and by these presents does assign, transfer, sell, remise, release, alienate, set over and confirm unto Assignee, its successors and assigns, forever, as an entirety, all of the rights and interests in the CZM Permits. TO HAVE AND TO HOLD all of the aforesaid rights and interests hereby assigned, transferred, sold, remised, released, alienated, set over, and confirmed or intended so to be unto Assignee to and for the use of Assignee, its successors and assigns. a 0 ru *N1 EFTA01086686 AND IN FURTHER CONSIDERATION as aforesaid, Assignor and Assignee, respectively, each for itself, its successors and assigns, has covenanted, bargained and agreed and by this Indenture hereby covenants, bargains and agrees each to and with the other, its successors and assigns, as follows: 1. Upon written request of Assignee, Assignor, from time to time, will execute and deliver to Assignee, without further consideration but without expense to Assignor, such other and further instruments of assignment and transfer as Assignee may reasonably request for the more effective assignment and transfer to Assignee of any of the aforesaid. 2. Assignor hereby makes, constitutes and appoints Assignee the true and lawful attorney-in-fact of Assignor, with full power of substitution, in the name and stead of Assignor, but on behalf and for the benefit of Assignee, to demand and receive any and all of the aforesaid rights and interests of Assignor, and to give receipts and releases for and in respect of the same, and any part thereof, and from time to time to institute, prosecute, appear in, defend and appeal in the name of Assignor, or otherwise, at the expense and for the benefit of Assignee, any and all actions, suits and proceedings at law, in equity or otherwise, which Assignee may deem proper in order to collect or reduce to possession any of the aforesaid rights and interests of Assignor and/or in order to collect or enforce any claim or right of any kind hereby conveyed or assigned and transferred, or to resist or defend against any claim, debt, obligation, liability or assertion or a liability assumed by Assignee, or intended so to be, and to do all acts and things in relation to the rights, interests, liabilities and obligations which Assignee shall deem desirable, Assignor hereby declaring that the foregoing powers are coupled with an interest and are and shall be irrevocable by any act of Assignor, or by its winding up and dissolution, or in any other manner or for any reason whatsoever. 3. Assignee agrees to assume, and hereby does assume, and agrees to undertake, perform and pay any and all obligations of Assignor arising on or after the date hereof in respect of the CZM Permits existing or incurred on or after the date hereof (collectively, the "Assumed Obligations") and Assignee hereby indemnifies and holds harmless Assignor against any and all losses, costs and expenses (including, without limitation, reasonable legal expenses) resulting from or relating to the Assumed Obligations. 4. This Assignment is made pursuant to the provisions of 12 Virgin Islands Code, Sections 901, et seq. and the Rules and Regulation promulgated thereunder. 5. This Assignment shall become effective immediately upon the later of (a) the approval of the St. Thomas Coastal Zone Management Committee or (b) the Closing Date as defined in the Agreement. 6. This Indenture shall be governed and construed by the laws. of the U.S. Virgin Islands and shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. EFTA01086687 IN WITNESS WHEREOF, the parties have duly executed this Indenture on the day and year first above written. Signed in the presence of: Witness: Print Name: Witness: Print Name Witness: Print Name: Witness: Print Name: GRANTOR: MOF VI LIMITED PARTNERSHIP, a United States Virgin Islands limited partnership By: American Yacht Harbor, Corporation, its General P By: Ronald W. Rhoades, President GRANTEE: IGY-AYH ST. THOMAS HOLDINGS, LLC, a U.S. V. • limited liability company By: Name: /tn. La lc r" Title: Duly Authorized Signatory STATE OF 6€4., get it. ) ) ss: COUNTY OF yr „,,.., 1/4fr, t ) The foregoing instrument was acknowledged before me this Cel day ofOres,lou , 2006, by Ronald W. Rhodes as President of American Yacht Harbor Corporation, a Delaware corpo • n, as General Patter of MOF VI Limited Partnership, a U.S. Virgin Islands limited pagher,bip o be f of said corporation and said limited partnership Notary STATE OF nit. 1/4./em k ) ) ss: COUNTY OF An... yo,t. ) The foregoing instrument was acknowledged before me this Lig day of De4-640,,, , 2006, by W1 net (13 - Levi/ as the duly authorized signatory of IGY-AYH ST. THOMAS HOLDING% LI,C, a U.S. Virgin Islands limited liability company, a U.S. Virgin Islands ' •tecl liability y, on behalf of said limited liability company. EFTA01086688 GOVERNMENT OF THE VIRGIN ISLANDS OF THE UNITED STATES --o DEPARTMENT OF PLANNING AND NATURAL RESOURCES Division of Coastal Zone Management Cyril E. King Airport, Terminal Building Second Floor St. Thomas, Virgin Islands 00802 Fax: (340) 714-9524 ASSIGNMENT Tel.: (340) 774-3320 Coastal Zone Management Major Permit Nos. CZT-4-99W; CZT-53-85(SL) and CZT- 81-87(L) Permittee: MOF VI LIMITED PARTNERSHIP 1). AUTHORITY. These Assignments are for Major Permit Nos. CZT-4-99W; CZT-53-85(SL) and CZT-81-87(L) and is requested pursuant to V.I. Code, Title 12, Section 910 (e) and V.I. R&REGS, Title 12, Section 910-15 (b). 2). SCOPE. The scope of work described in CZM Major Permit Nos. CZT-4-99W: CZT-53-85(SL) and CZT-81-87(L) have been completed. All conditions of these three (3) Major CZM Permits have been met. 3). TERM. These Assignments become effective on the date they are issued by the Chairman of the St. Thomas Committee of the CZM Commission, pursuant to V.I. Rules and Regs , Title 12, Section 910-15 (c). 4). ASSIGNOR The Assignor is MOP VI LIMITED PARTNERSHIP. All documents required by the V.I. R&REGS, Title 12, Section 910-5 (b) has been received by this Department/Division of Coastal Zone Management. 5). ASSIGNEES The Assignee is IGY-AYH ST. THOMAS HOLDING, LLC. The Assignee has executed all documents required in accordance with V.I.R&REGS, Title 12, Section 910-15(b). 6). CONDITIONS OF THREE (3) PERMITS All conditions of Major Permit Nos. CZT-4-99W; CZT-53-85(SL) and CZT-81-87(L) have been complied with. 7). DOCUMENTS INCORPORATED BY REFERENCE/EXHIBITS Application letter to assign Major Permit Nos. CZT-4-99W; CZT-53- 85(SL) and CZT-81-87(L) EFTA01086689 B. Fee receipt of $1,500.00 for the Assignments of each Major Permit Nos. CZT-4-99W; CZT-53-85(SL) and CZT-81-87(L) as required by Section 910-5(g)(1) of the CZM Rules and Regs.. C. Affidavit of MOF VI Limited Partnership (Assignor) requesting approval and consent to the Assignment of Major Permit Nos. CZT-4-99W; CZT-53- 85(SL) and CZT-81-87(L) to IGY-AYH ST. THOMAS HOLDINGS, LLC (the "Assignee"). D. Affidavit of IGY-AYH ST. THOMAS HOLDINGS, LLC ( the `Assignee") to specifically undertakes (a) to operate and use the property and rights accorded under the CZM Permits in accordance with the terms and conditions of the CZM Permits (Major Permit Nos. CZT-4-99W; CZT-53- 85(SL) and CZT-81-87(L), and (b) to further assign the CZM Permits strictly in accordance with and pursuant to the rules and Regulation of the CZM to an assignee approved by the CZM. E. Copies Major Permit Nos. CZT-4-99W to expire on Septemebr 14, 2010; CZT-53-85(SL) to expire on February 17, 2011 and CZT-81-87(L) land-based facilities completed. APPROVAL. The documents submitted in support of the Assignments of Major Permit Nos. Major Permit Nos. CZT-4-99W; CZT-53-85(SL) and CZT-81-87(L) has been accepted. The Assignments of Major Major Permit Nos. CZT-4-99W; CZT-53-85(SL) and CZT-81-87(L) are hereby APPROVED pursuant to V.I. R&Regs, Title 12, Section 910-5 (b). ft-4r Austin M. Monsanto Chairman St. Thomas CZM Committee fr. D e ilea fir EFTA01086690 AFFIDAVIT OF IGY-AYH ST. THOMAS HOLDINGS, LLC SUBMITTED IN CONNECTION WITH ASSIGNMENT OF CZM PERMIT NOS. CZT-4-99W, CZT-81-87L AND CZT-53- 85SL STATE OF &feu) \fork I ) COUNTY OF 4t ) Lvi , being first duly sworn upon his oath deposes and says: 1. He is the Duly Authorized Signatory of IGY-AYH ST. THOMAS HOLDINGS, LLC (the "Assignee'), and in such capacity is authorized to make this affidavit. 2. As part of a transaction with MOF VI Limited Partnership, a U.S. Virgin Islands limited partnership, to purchase the property known as American Yacht Harbor, the Assignee will receive an assignment of Coastal Zone Management Permit Nos. CZT-81-87I, CZT-4-99W and CZT-53-85SL together with all modifications, extensions and renewals, if any, issued in connection therewith (the "CMZ Permits") to be effective upon the later to occur of (a) the approval of St. Thomas Committee of the Coastal Zone Management Commission ("CZM") of said Assignment or (b) the Closing Date. 3. The Assignee specifically undertakes (a) to operate and use the property and rights accorded under the CZM Permits in accordance with the terms and conditions of the CZM Permits, and (b) to further assign the CZM Permits strictly in accordance with and pursuant to the Rules and Regulations of the CZM to an Assignee approved by the CZM. 4. This affidavit is made and given pursuant to 12 V.LR. & R. Section 910-15(bX2) in support of the application for the CZM's approval of the assignment of the CZM Permits to the Assignee. IGY-AYH ST. THOMAS HOLDINGS, LLC, a U.S.yirgin led liability company By: e: Marc u, Title: Duly Authorized Signatory DATED: % r 4, 2006 EFTA01086691 SubscribeciAnd sworn to me this LI Say of , 2006 Seth A. Cohen blic NOTARY PUBLIC„ State of Now Yolk No. 02C06146307 [S @dint:din ' County Commission Expires IS, 2010 My Commission Expires: rYlei i Clad( o EFTA01086692 AFFIDAVIT OF MOF VI LIMITED PARTNERSHIP REQUESTING APPROVAL AND CONSENT TO ASSIGNMENT OF Coastal Zone Permit Nos. CZT-4-99(W). CZT-53-85(SL) and CZT-81-87(L) STATE OF ALL4s4 ) ss: COUNTY OF Ad gar& Ronald W. Rhoades, being first duly sworn upon his oath deposes and says: I. He is the President of American Yacht Harbor Corporation, the General Partner of MOF VI LIMITED PARTNERSHIP (the "Assignor"), and in such capacity is authorized to make this Affidavit. 2.• As part of a transaction with IGY-AYH ST. THOMAS HOLDINGS, LLC (the "Assignee"), the Assignor will assign Coastal Zone Permit Nos. CZT-4-99(W), CZT-53 -85(SL) and CZT-81-87(L) together with all modifications, extensions and renewals, if any, issued in connection therewith (the "Permits") to be effective upon the approval of the St. Thomas Committee of the Coastal Zone Management Commission ("CZM") of said Assignment. 3. The Assignor specifically requests the CZM's approval and consent to the Assignment of the Permits and provides with the Application for Consent to Transfer the Permits, the following: (a) an original Assignment of Coastal Zone Management Permit Nos. CZT-4-99(W). CZT-53-85(SL) and CZT-81-87(L) as Proof of Legal Interest of the Assignee, (b) this Affidavit requesting assignment and transfer, (c) the Assignee's Affidavit stating that it will honor all conditions of Coastal Zone Management Permit Nos. CZT4-99(W), CZT-53-85(SL) and CZT-81-87(L) and (d) the Assignor states and confirms that it is in compliance with Act No. 5270 of 1987. 4. This Affidavit is made and given pursuant to 12 V.I.R.&R. Section 910-15(b)(4) in support of the Application for the CZM's approval of the assignment of the Permits to the Assignee. MOF VI LIMITED PARTNERSHIP By: American Yacht Harbor Corporation, fl DATED: /2.-13 , 2006 By: Ronald W. Rhoades, President 1 EFTA01086693 Subscribed and sworn to b re me this day of 2006. My C [SEAL] C Public ssion Expires:S t.AItsla Seth A. Cohost NOTARY PUBLIC. State of New York No. 02C06146307 Qualified in King County Commission Expires May 15, 2010 2 EFTA01086694 EXHIBIT A COASTAL ZONE MANAGEMENT PERMIT NO. CZT-4-99(W) EFTA01086695 MAJOR COOTAL ZONE.MA.NAGEMENT PERMILNO. CZT-4-99W 1. AUTHORITY. This permit is issued by the St. Thomas Committee of the Virgin Islands Coastal Zone Management (CZM) Commission and is administered and monitored by the Department of Planning and Natural Resources (DPNR) on behalf of the Coastal Zone Management Commission pursuant to V.I. Code, tit 12, section 910 and 911, and any other provisions of the Coastal Zone Management Act applicable. As herein, "Permittor" is the St. Thomas Committee of the Virgin Islands Coastal Zone Management Commission end “Permittee" is M0F VI LIMITED PARTNERSHIP 2. §c,OPE. (a). This permit' approves the renewal of CZM Permit No. CZT-82-87W. The original permit which was issued on October 31. 1988, allowed the perminee to dredge the existing marina by 1.5 feet to allow for adequate depth for the vessels. The permit also allowed the pennittee to construct a rock armour wall and a ten (10) foot wide boardwalk. One hundred and fifty nine (159) parking spaces were also provided. The scope of work described in am Permit No. CZT-82-87W has been completed. This facility is located at and seamed of Parcel Nos. 18A-1, 18B and 18B-1, Estate Smith Bay, St. Thomas, Virgin Islands. (b). The Permittee is allowed to use, occupy and maintain the facility descried above for the term ("TERM") set forth below. It shall not constitute a property right and may be renewed only in accordance with VI. Code, tit. 12. section 911. 3. WM. This permit is effective upon its signing by the Chairman of the St Thomas Committee o f the V.I. CZM Commission, the Governor of thc Virgin Islands, and ratified by the Legislature of the Virgin Islands or by the Committee on Planning and Environmental Protection, if the Legislannt is not in session. As used herein, the "Effective Date" or "the date hereof' means the date of such ratification. This permit will expire ten (10) years after the Effective Date. The Permittee shall have the option to renew the permit within ninety (90) days before the permit expires and the renewal terms are subject to negotiations. This permit is issued for a definite term, ten (10) years, and shall not constitute a property right. 4. DOCUMENTS INCORPORATED BY REFERENCE Exhibit A Exhibit B: Exhibit C: Exhibit D: A letter of Application to CZM Committee dated March 12, 1999. Joint Army Corps of Engineers Application dated March 12, 1999. Copy of Major Permit CZM Permit No. CZT-82-87W. She Plan dated July 26. 1995 1 ZOO® luamoSsaos anox Televo3 tZCACT/Ate YV4 CIT:AA nn,on,rt EFTA01086696 Exhibit E: Special Warranty Deed between AYH Holdings and MOF VI. Ltd. Exhibit F: Certificate of Existence for MOF VI LIMITED PARTNERSHIP. 5. GENERAL CONDITIONS (a) I ;ability. 7be Permittee agrees to assume full and complete responsibility for all liability to any person or persona, including employees, as a resuh of its control of the area described in Paragraph 2 of this permit, and all improvements thereon (which area and improvements are hereinafter referred to as"the premises"), and to hold the Permittor free and harmless for civil or other liabilities of any kind during the time the Pernittee is in control of the premises pursuant to this permit. Personal Property and Damage. All personal property of any kind or description whatsoever located on the premises shall be there at the Pe:matte's sole risk. Assignment or Transfer. This permit may not be transferred or assigned except as provided in Section 910-15 of the V.I. R&REGS. tel:M11011S-DiSZklbti A placard evidencing the permit shall be posted in a conspicuous place at the project site during the entire work period. Reliance on information and Data. The Pcnnittce affirms that the information and data which it provided in connection with its permit application are true and accurate, and act= wledges that if subsequent to the effective date of this permit such information and data prove to be false or inaccurate, the permit any be modified, suspended or revoked hi whole or in part, and that the Commissioner or the Committee may. in addition, institute appropriate legal action. 0) Development to be Commenced. Any and all development approved by this Coastal Zone Permit shall begin within twelve (12) months from the date this permit becomes effective and shall be continuous until completion. Failure to perform at least fifty (50%) percent of the work within such period and continuously construct thereafter until the completion of construction shall cause the permit to terminate automatically and render it null and void, unless the permittee requests an extension in writing and demonstrates to the satisfaction of the Committee that good cause exists for granting such extension. (g) Notificationof Completion Upon completion of any activity authorized or required by this Coastal Zone Permit, the Permittee shall promptly so notify the Director oldie Division of CZM and where the services of a professional engineer were required in undertaking the activity, a certification ofeompliance provided by the project engineer that the plans and specifications of the project and all applicable V.I. Code requirements have been met, shall be filed with said Director. 2 COW?) lnawaSemm dao7 T9198O1 67CR6T/ASV NJ 01-4A VAC anennirT EFTA01086697 (h) Inspection. The Commission, its Committee, the Commission or their authorized agents or represectatives shall have the power to enter at reasonable times during project working hours upon any lands or waters in the coastal zone for which this Coastal Zone Permit has been issuai The Permittee shall permit such entry for the purpose of inspection and ascertainbig compliance with the terms and conditions of said Coastal Zone Permit. The Pennittee shall provide access to such-records as the Commission, its Committee, or the Commissioner in the perfoimance of it or his duties under the CZM Act way require the Permittee to maintain. Such records may be examined, aril copies shall be submitted to the Commission, its Committee or the Commissioner upon request. (i) Conditions ses. The Development authorized by this permit shalt be maintained in a safe condition and in accordance with the description, plans, or drawings approved by the Commissioner or by the Committee, and all applicable V.I. L.aws. (k) Public Access to e. The Development shall be operated so as to assure optimum public irrrta to the shoreline. Restoration of Area. The Permitter, upon revocation or expiration of the permit, tha II upon order of the Committee or the Commissioner, and in their sole discretion, remove all structures authorized by the permit and/or comply with any directive of the Committee or the Commissioner in satisfying the original permit conditions in such time and manner as the Committee, or the Commissioner may direct. (1) Notices. All notices sent or required to be sent hereunder must be by certified mail, return receipt requested. If addressnd to the Permittor, same shall be sent to the Commissioner of the Department of Planning and Natural Resources, Cyril E. King Airpurt, Terminal Buildmg, 2' Floor, St. Thomas, 1.35 Virgin Islands 00802 or to such other place as the Permittor may hereinafter designate. If addressed to the Permittee, same shall be sent to MOE VI LIMITED PARTNERSHIP, No. 6142 Campbell Road, Suite 2000, Dallas TX 7524875, or to such place as the Permittee may hereinafter designate by certified trail return receipt requested. (m) Non Waiver. One or more waivers by the Permittor of any covenant or condition of this permit shall not be construed as a waiver of a further breach of the covenant or condition. The consent or approval ofthe Permit tor to or of any acts by the Permitre requirbig the Permittofs consent or approval shall not be construed as approval of any subsequent similar act by the Permittec. (O) Revocation. It is specifically understood that all the foregoing covenants and agreements, as well as other tars and special conditions hereby agreed to by the Permitter, are to be well and faithfully kept by Pemtittee and that any failure by Permit-tee to keep same will result in revocation of this permit. 3 t03ct lna=aSnunx auoz In1960D PI:Seri/0PC flI 6T 60 S0F 00/90:71 Ignaggatione nearailea. EFTA01086698 (o) Other Approval. I fihe development covered tinder this permit requires separate and distinct approval from the United States Government or any agency, department, comrnissinn or bureau thereof, then no development or occupancy is allowed under this permit until such permits or approvals have been obtained. (p) (q) ..••••••• (r) Abandonment. If the Permittee abandons, deserts or vacates the premises or discontinues its operation at the premises for a period totaling sue (6) consecutive months, the permit will terminate automatically and be rendered null or void. 5inatunapo the Permit Document. The applicant shall sign and return the permit document to DPNR within slimy (60) days of receipt thereof Failure to return the signed permit within the tine period specified herein will be considered a rejection of the terms and conditions of the permit and will render the offer of the permit null and void, unless the applicant request a written extension and DPNR grants the written extension canine and Revair o(flgrniaaPesenbcd in Pangaea 2. In the event of damage to or destruction of the premises described in paragraph 2 hereof repair work may be done only after the permittee has notified DPNR in writing. 6). 5PKIAL CONDITIONS a). Items 6(e), 6(I), 6(m), 6(q), 6(w). 6(y), 6(dd) of approved CZM permit No. CZT-82-87W shall remain in Rill force and effect. b). Item 6 (0): Fire fighting equipment appropriate for the docking facilities shall be made available at the dock at an times. 7). FEES Pursuant to V.I.R& REGS Titk12, Section910-5(e) 8, the Conmus'sioaer of the Department of Planning and Natural Resources negotiated the following fees to be paid by the Permian. a). An annual fee of twenty-five thousand dollars (S25.000.00) per year was negotiated. Said annual fee is for the 10 foot wide boardwalk (10,700 sq.II.) occupying the submerged lands. b). The first payment of the annual fees in paragraph 9 (a) above, shall be made payable to DPNR within five (5) days after the legislature ratifies this permit. c). The annual fees payable under this permit shall be adjusted at the commencement of the second (21 year of the permit term, and every year thereafter until the sixth (6th) year in accordance with the increase of the Consumer Price Index as established by the U.S. Department of labor, Bureau of Labor Statistics for "All Items, All Urban Consumers (1967-100%), (the "CPI") as follows, provided, however, that in no event shall the annual fee under any yearly adjustment be greater than 150% of the 525,000 annual fee during the initial sixty (60) months of the term of the permit term_ 4 SOOZ iaanaaoaep OUOZ T0191303 tZeetTLOPC IYd dT:60 NOR 00/90/II EFTA01086699 The CPI as of the first (I') month of the second (2" year of the term of the permit and the first (I") month of each subsequent year of the permit shall be the "base price index" and the CPI as of the month immediately preceeding the commencement of the second (2id) year of the permit term and the coremenceroett of each subsequent year ofthe permit term until the sixth (6*) year of the permit term shall be the "current price index". (it). The current price index shall be divided by the base price index and the quotient thereof shall be multiplied by the sum of the annual fee of the prior Year. (lit). The resulting product shall be the Annual Base Fee for the current Aar. (iv). At the end of the fifth (5°) year of the permit term, the annual fees shall be renegotiated. In no event shall any fee determined in the above manner be reduced below an annual fee of $25,000.00 5 9ootijj viamagenug anoy Te39803 tZSATTLATC TV4 AZ:RO cnu nn/gout EFTA01086700 IT IS EXPRESSLY UNDERSTOOD by the parties hereto that the title to all submerged or filled land which is altered or occupied on the basis of this permit is in the Government of the Virgin Islands, and the Permittee shall have no right or interest therein, of any kind whatsoever, other than such rights as are expressly set forth herein, and that this instrument is not a lease. Lti TESTLMONY WHEREOF, the parties herein have hereunto set their hands and seals on the days and years appearing herein below ST. THOMAS COMMITTEE OF THE VIRGLN ISLANDS CZM COMMISSION Pemiittor Albert Paiewonsky, Chairman, St. Thomas CZM Committee vers Se r Vice President, MOF VI, LTD. 9- 1. 7 - oc) Date MOT: VI LIMITED PARTNERSHIP Permittee PPROVED V/7721,) Date 27///0 Governor of the Virgin Islands Da • RATIFIED Legislature of the Virgin Islands President of the Legislature Date Chairman Or if the Legislature is not in session Committee On Ong & Environmental Protection Date 2000 EFTA01086701 I. Mr. John Powers, Senior Vice President of MOF VI LIMITED PARTNERSHIP do hereby certify that as Senior Vice President of MOF VI LIMITRD PARTNERSHIP, I am duly authorized and empowered to sign this it on behalf of MOF VI LIMITED PARTNERSHIP. John Po enior Vice President SWORN AND SUBSCRIBED before me this fi Day of 0)4 2000 J. Daryl Dodson LtIP 99-15 Commission E sprit s: January 31. 2003 7 Date °AMA Illainesomtal otIOZ Pra5v03 letSOTLOtC IYd OZ:00 NON 00/ 90 /11 EFTA01086702 est GOVERNMENT OF THE VIRGIN ISLANDS OF TI1E UNITED STATES DEPARTMENT OF PLANNING AND NATURAL RESOURCES Division ofCoastal Zone Management Cyril E. King Airport, Terminal Building Second Floor St. Thomas, Virgin Islands 00802 Fax: (3-10) 775.5706 December 4, 2000 • Mr. John Powers Senior Vice President MOF VI Limited Partnership No. 6142 Campbell Road. Suite 2000 Dallas. TX. 7524875 Tel: (34tI ) 774-3320 RE: Request for Modification of Coastal Zone Management (CZM) Major Permit Nos. CZT-4-99W & CZT-53-85SL: MOF VI LIMITED PARTNERSHIP Dear Mr. Powers:: On December 4, 2000. the St. Thomas Committee of the V.I. CZM Commission met to act on your request fur modification of CZM Permit Nos. CZf-4.99W & CZT-53-85SL. The proposed modifications consist of the following: CZT-4-99W: Section 2. "SCOPE" delete in its entirety and insert the following, 'This permit approves the use and occupancy of ft I led lands consisting of .64 I acres or 27,921.96 square feet. located at Parcel No. 18- W. Estate Smith Bay, No. I, 2, & 3, East End Quarter. St. Thomas. U.S. Virgin Islands." Section 3. "TERM". after the last sentence in this section, the following language shall be inserted. "For financing purposes. this permit shall be deemed to be a lease of Parcel No. I8-W. Estate Smith Bay. No. I, 2, & 3, East End Quarter. St. Thomas, U.S. Virgin Islands." Section 7 (a). FEES, delete in its entirety and insert the following language, "An annual fee of thirty- one thousand, five hundred and twenty two dollars, and twenty two cents ($31. 522.22 ) per year was negotiated. Said annual fee is for the use and occupancy of .641 acres of filled lands located at Parcel No. I 8-W. Estate Smith Bay, No. I , 2. & 3, East End Quarter, St. Thomas. U.S. Virgin Islands." EFTA01086703 CZT-53-85SL: Section 2.SCOPE, delete in its entirety and insert the following language, "This permit approves the use and occupancy of five docks, of which three are "T" shaped docks, twenty-eight (28) finger piers, a ten (10) foot wide boardwalk connecting the docks and a rock armor wall that runs parallel to the boardwalk on its landward side. The total square foot area of the structures occupying the submerged land is approximately 11, 194 square feet. This permit also approves the use and occupancy of approximately 130,000 square feet of submerge area surrounding the structures that are listed above. This development is located seaward of Parcel No. I 8-W, Estate Smith Bay, No. 1, 2, & 3, East End Quarter. St. Thomas, U.S. Virgin Islands." Section 71a) FEES, delete in its entirety and insert the following language,"An annual fee of thirty thousand , &ay nine dollars, and sixty-nine cents (S30,059.69) per year shall be charged for the use and occupancy of the submerged land area occupied under this permit. Said fee is composed of the stun ofsix thousand, one hundred and fifty dol tars (S6,150.00)for th e structures occupying submerged lands, seventeen thousand, nine hundred and seven dollars, and seventy three cents (S17,907.73) for the use of the mooring area around the structures, and a 25% increase pursuant to Section 7(d) of CZT-53.85SL." It was determined that the proposed modification does not change the nature, scope or characteristics of your approved Major CZM Permit Nos. CZT-4-99(W) & CZT-53.85SL. Therefore. your request for the modification, as described above, is hereby Approved. If you have arty questions or concerns, please feel free to contact Ms. Janice D. Hodge. Director of CZM at (340) 774-3320. Sincerely. /rat • Le--<4. hineOa Austin Monsanto Acting Chairman. St. Therms CZM Cora:Wit:cc cc: Dean C. Plaskett. Esq.. Commissioner Janice D. Hodge. Director. CZM Julita de Leon, Legal Counsel file A. James Casner EFTA01086704 EXHIBIT B COASTAL ZONE MANAGEMENT PERMIT NO. CZT-8I -87(L) EFTA01086705 EXHIBIT 3 MAJOR COASTAL ZONE PERMIT O. CST-91-87i A. AUTHORITY. This permit is issued by the Department of Planning and Natural Resources of the Government of the 'lirgin Islands (hereinafter "The Department") on behalf of the coastal Zone Management Commission pursuant to Title .2, Chapter 21, virgin Islands Code. As herein, "Permittorµ is the Government of the Virgin Islands and "Permittee'' is American Yacht Harbor Associates SCcPE. This permit allows the Permittee to demolish twelve (12) of the existing 14 builds, renovation of the two (2) remaining structures and the construction of four (4) new structures. The existing gas station will be relocated. One hundred fifty nine (159) parking spaces will be provided. This facility will be located at Parcels ::(3.18A-1. 199. 18B-1 Estate Smith Say, St. Thomas. Virgin :slands. 7. TERM. This permit :s effective upon its signing by the Chairman of the Committee of the Coastal Zone Management commission, pursuant to v. I. Code, Title 12. Chapter 21. Authorization for construction under this permit snail expire if the Permittee fails to commence work within twelve (12) months from the date this permit becomes effective. 4. DOCUMENTS INCORPORATED BY REFERENCE. Exhibit A Letter of application to the Commissioner, dated march 29, 1987. exhibit 2 - CZH permit application, dated March 29, 1987. Exhibit C - Major Environmental Assessment Report. 3 Exhibit D - Public Works Department Map No. A9-44-fg5. 7e Exhibit Project drawings. :57 N.) GENERAL CONDIT/DNS. V, Cal Liability. The Pernittee agrees to assume full and complete responsibility for all liability to any person or persons, including employees, as a result of its control of the area described in oaragraph Z of this permit, and all improvements thereon (which area and improvements are hereinafter referred to as "the premises"), and to hold the Permittor free and harmless for civil or other liability to any kind during the time thp PPrmiFt.no EFTA01086706 COASTAL ZONE PERMIT NO. cZT-01-97L Page -2- S. CONDITIONS f_) (3) Personal Property and Damage. All personal property of any kind or description whatsoever located on the premises shall be there at the Permittee's sole risk. (c) Assigned or Transfer. This permit may be transterrea or assigned as provided in section 910-15 of the Regulations of the Coastal Zone Management Act. (d) Permit to be Displayed. A placard evidencing the permit snail be posted in a conspicuous place at the project site during the entire period of work. (e) Reliance on information and Data. The Permittee affirms that the information and data which it provided in connection with its permit application is true and accurate, and acknowledges that if subsequent to the effective date of this permit such information and data proves to be false or - inaccurate. the permit may be modified, suspended or revoked in whole or in part, and that the Commissioner or the Committee may, in addition. Institute appropriate legal action. (f) Development to be Commenced. Any and all development approved by this Coastal Zone Permit shall be commenced within twelve (12) months from the date this permit becomes effective. Failure to perform substantial work within such period and thereafter until the completion of construction shall cause the permit to lapse and render it null and void unless an extension is granted by the Committee. (q) Notification of completion. upon ,:ompletion of any activity authorized os required by this Coastal Zone Permit, the Permittee shall promptly so notify the District Director of the Division of Permits Office of Coastal Zone Management ("The Director") and, where the services of a professional engineer where required in undertaking the activity, a certification of compliance provided by the project and all applicable Virgin Islands Code required have been met, shall be filed with the Director. EFTA01086707 COASTAL ZONE PERMIT nO. CZT-81-87L ?age -2.- 5. GENERAL CONDITIONS (h1 Inspection. The Commission, its Committee, the Commissioner or their authorized agents or representatives shall have the power. to enter at reasonable times during project working hours upon any lands or waters in the coastal zone for which this Coastal zone Permit has been issued. The Permittee shall permit such entry for the purpose of inspection and ascertaining compliance with the terms and conditions of said Coastal Zone Permit. The Permittee shall provide access to such records as the commission, its Committee. or the Commissioner in the performance of its or his duties under the Act may require the Permittee to maintain. Such records may be examined and copies shall be submitted to the Commission, its Committee or the Commissioner upon request. (i) Conditions of Premises. The development. authorized7by this permit shall be maintained in a safe. attractive and satisfactory condition and in accordance with the description, plans or drawings approved by the Committee. )j) Public Access to Shoreline. To be consistent with Section 910-1019) of Title 12, V. I. code, Chapter Zi Rules and Regulations, the development shall not be operated so as to unreasonably restrict public access to any recreational areas of the shoreline. (X) Restoration of Area. The Permittee, upon revocation or expiration of the permit, shall upon order of the Committee or the commissioner, and in their sole discretion, remove all structures authorized by the permit and restore the area to its original condition. and/or modify such structures, and/or comply with any directive of the Committee or the Commissioner in satisfying the original permit condition in such time and manner as the committee. or the Commissioner may direct. (1) Notices. All notices sent or required to be sent hereunder must be certified mail. return receipt requested. If addressed to the Permitter, same shall be sent to the Commissioner of Department of Planning and Natural Rnotrittre-ae. et._ EFTA01086708 COASTAL ZONE PERMIT NO. CZT-31-87L ?sae -4- 5. GENERAL CONDITIONS (Cont'dl . or to such other place as the Permittor, may hereinafter designate by certified mail. If addressed to the Permittee, same shall be sent to American Yacht Harbor Associates. . Box 11550, St. Thomas. 0O801 or to such other place as the Permittee may hereinafter designate by certified mail, return receipt receipt requested. cm) Nonwaiver. One or more waivers by the Permittor of any covenant or condition of this permit shall not be construed as a waiver of a further breach of the covenant or condition, and the :onsent or approval of the Permittor to cr of any acts by the Permittee reauiring the Permittor's consent or approval shall not be construed as approval of any subsequent similar act by the Permittee. in) Revocation. It is specifically understood that all the foregoing covenants and agreements, as well as other terms and special conditions hereby - agreed to by Permittee and that any failure by Permittee to keep same will result in revocation of this permit. (o) Other Approval. If the development covered under this permit requires separate and distinct approval from tLe United States Government or any agency, department, commission or bureau thereof, then no development is allowed under this permit until such permits or approvals have been obtained. (p) Abandonment. If the Permittee abandons, deserts or vacates the premises for a period totalling six (6) consecutive months without written notification to the Director and receipt acknowledged, then the permit will terminate automatically and be rendered null and void. 6. SPECIAL C^11DITZOIIS. (a) All necessary federal and territorial permits shall be obtained prior to construction, unless otherwise noted. (b) Three (3) complete sets of drawings shall be submitted to EFTA01086709 COASTAL ZONE PERMIT no. czt-el-an Page -::- SPECIAL CONDITIONS approval prior to commencement of construction. (c) Filling will be allowed in accordance with the revised sate plan dated August 21. 1987. (d) Building A will be constructed as per the revised site plan dated August 21, 1987, and all new businesses housed therein shall be marine —oriented. iei The proposed observation tower is co be disallowed until plans are presented to DP-ocZM which demonstrate compliance with the height restrictions in the w-1 :one. ( f) (g) Other qualifications being equal. Virgin Islands residents as of the date of permit approval shall be given preference when positions become available during the building, preparation and - operation of the project. Additionally, an affirmative action officer shall be appointed the responsibility for preparation and monitoring of an annual affirmative action plan. A specific 1,Andscape plan for :he entire project shall be submitted to DP-OCCM for approval prior to construction. (h) Before construction or development commences, the Permittee shall deposit in escrow with the ❑epartment of Planning and Natural Resources, Division of Permits, the amount of S6.500 per annum to be held for the duration of the project from signing of this permit. These funds will be disbursed by the Commissioner for the purpose of monitoring the construction and development of this approved project. Any amount which remains in the escrow account at the end of the project shall be returned to the Permittee no later than ten (101 days after invoicing. (ii A plan nail be submitted prior to commencement of construction showing the number of access and egress points from Route 32 with minimal turning movements conflicts. This plan must be approved by the Department of PUblic Works. EFTA01086710 COASTAL :IONE PERMIT Q. -..-81-e71, Page -6- 6. sPEC:AL CONDITIONS ( ) . (j) DP-oCZM must be notified and properly acknowledged response documented by at least three (3) working days prior to commencement of construction activities and upon completion of the development. (k) An alternative erosion and sedimentation control plan shall be submitted to be approved by OP-OCZM prior to the initiation of construction. All erosion control devices installed shall be croperly maintained for effectiveness until the development is completed. (1) Any mangrove to be cut will be authorized and supervised by the OP-oCIM staff. (m) Permittee shall comply with Coast Guard. regulations regarding the use of holding tanks. (n) Permittee must submit a letter from the Department of Public Works to DP-OCZM staff authorizing the Permittee to hook-up their sewage system to the public sewage system. ; o I The Permittee shall obtain the required permits from the Division cf Environmental Protection for the installation and operation of the electrical generator, and shall submit a revised site plan showing the location of the generators prior to issuance of occupancy permit. (p) The Permittee shall provide 159 parking spaces before occupancy cf the new facility occurs. (q) The owners and/or managers of this proect, including those responsible for its future operations shall cooperate with the V.:. Department of Education, University of the Virgin Islands and otter agencies and Instrumentalities ,n their training programs for the hospitality industry, and other operational aspects of the industry. ( r) The Permittee shall obtain from the Department of Public Works a driveway permit. EFTA01086711 COASTAL :ONE PERHIT NO. CZT-81-87L Page -7- 5 SPECIAL CONDITIONS ma_ architect registered in the U. S. Virgin Islands, to provide the regulatory flood evaluation data pursuant to Title 29, V.I. Code, Chapter S. Section 294 (1,1(4)-3 and the structures designed accordingly. (t) The Permittee shall obtain the required permits from the Division of Environmental Protection for the installation and operation of a reverse osmosis desalination plant prior to issuance of occupancy permit:. (u) A specific landscape plan for the entire project shall be submitted to the DCZH for approval prior to commencement of construction. (v) A r.•elocation plan for the existing businesses at the project site shall be submitted to Division of Permits prior to commencement of construction. (wl During the operation of this facility, space shall be provided for any emergency vessel requiring temporary berthing. (x) A permit to construct a sidewalk from the western boundary —of the Ivanna Eudora Kean High School to the eastern boundary of the project site shall be obtained prior to commencement of construction of this project. (y) Tor the duration of this permit and any subsequent government leases which may supercede this :ermit, only marine -related businesses shall be allowed to operate on the site of this development. Prior to the issuance of a certificate of occupancy, Permittee shall submit a list of prospective tenants to the St. Thomas CZH Committee for review and approval. (Z) To ensure the opportunity for the established businesses at the development site to continue their business operations, any persons or entities operating under a lease or occupancy agreement will be given the right of first refusal to available space in Pilo %.“214A__ EFTA01086712 COASTAL ZONE PERMIT NO. CZ T-81-87L Page -a- SPECIAL CONDITIONS (aa) The location of filled submerged lands and building A will conform to the siting and location as indicated on the revised site plan dated August Zl. 1987, which is an appendix to this permit. (bb) All dredge spoils transported from the development site will be transported in sealed. watertight tank trucks. An economic impact assessment shall be submitted to the OP-oczm staff for approval prior to commencement of construction. (dd) The dinghy dock shall maintain its present dimensions, and no restaurant be allowed thereon. (ee) (ff.) I cg) Fire fighting equipment appropriate for the docking facilities shall be made available at the dock at all times. Permittee shall consult with the Virgin Islands Fire Department to ascertain the necessary requirements. The Office of Coastal Lone Management shall be furnished an approved copy of the requirements prior to commencement of construction. The developer shall submit to OP-OCZR a detailed plan of the areas subjected to a 100 year frequency storm --both tidal and inland (rain induced) prior to construction. Account shall be taken of the wave effect for flooding. The plan shall show both flooding elevations and probable energy impacts due to wave action. In addition, special conditions 2 through J, of Permit No. T-137-81W, granted to Lagoon Marina Incorporated on September 9, 19871, shall remained in effect except where in conflict with this permit. EFTA01086713 CCAATAL ZONE PERMIT NO. cZT-S1-87L Page -9- IN TESTIMONY WHEREOF, the parties herein have hereunto set their hands and seals on the days and years appearing herein below. GOVERNMENT OF THE VIRGIN ISLANDS, Permittor By: ‘2/44fliC O4r......c — C airman, St. Thomas Committee Date coastal Zone Management Commission AMERICAN YACHT _ARBOR ASSOCZATEC Permictee .„ A. • 429 Carl Prayer Date EFTA01086714 COASTAL ZONE PERMIT HO. CZT-81-87L Page —10— I, Carl H. Freyer, dO hereby certify that I am the General Par tner of American tiCht .karrai Aiscciates, a United States Virg in Island Limited Par tner snip duly licensed and/or registered to do business in the U.S. Virg in Islands, that Carl ..Bever who signed this permit is General Par ' of said Limited 7ar tr.er :ant; , tr.at he is au thorized ty the agreement of Limited Par the r ship to execute this permit in the name of and in behalf of za id Limited partnership. I further certify that the making of .his permit is within the scope of the limited partnership's r.c.wer s. — Carl H. Freyer General Par tner rrioat: 70 AUD SUBSCRIBED pefcre me t day of -1\kaACI., 2 . • - -II • • 1 1 '~%I— .J Jotary Public Mr Camniasion Emus Mar. 31. 233 EFTA01086715 EXHIBIT C COASTAL ZONE MANAGEMENT PERMIT NO. CZT-53-85(SL) EFTA01086716 19,- • COASTAL El4NE PE-441IT 40. ar-m-asa. (ganetai of up o. n ; 216 and C7-1_37-81.10 1. ;.1.11TrICR/TY. This pee it issued by the 3epartment cif C.miserrat -fon and Calls:tn.-al Affairs of die boven' of the Virgin Islands (hereinafter 'The Oenar=errt ") on behalf of the Coastal Zane Management 'C=!aission ritual= to Title 12, Char-Ater 21, Virgin Islands Cade. As herein, "Peratittora Is the Geyer-rant of the Virgin Islands and '2ersitteen is the Lagoon Marina. Ur— This pert it supersedes Submerged Lands Permits, SLY No. 21 and 216, and C27-L37-4111. 2. SCOPE. This Permit is for the renewal af Sutsmirged Land Permits K4. 31 and 215 to conform with the rules and regulations af Act 4248, and to combine CT-12741W hereto. The Persittee is allowed to use, occany and sairstaln the 1..xisting :nartne facilities located on and seaward of Plats :41. 18-3. 18- 8-1 tarn Smith day, in. 1, 2 & 3 East End Quarter, St.. Thrsot, Sir in :stands. Said facilities consist of eight (8) piers of various lengths ive f„:1) of ',midi have finger piers attached; a boardwalk inter=rnecting dncx_ A ta 3, and C 0; ail with =ring pilds; ant. e are at-taw:ad an umumberect parmal af filled submerged lands 0.27 ! U.S. Ann The above, being described in Exhibit A & 3 are attached hereto and malt a par herwt. 3. TERM. This :emit is affective union its approval by the Carserissioner el theTe ent af Conservation and Cultural Affairs, the Governor, and ratification by the Legislature af the Virgin islams or by the Cainritt en Conservation, Recreation and Cultural Affairs if the Legislature is not in sass pursuant to title i2, Chapter 21, Virgin Islands Cade. Na cnstruction is authorized by *...te c=oining af SLY #31, 2.16 ana aT-137-83. 14 herein. This perait shall expire FifLaar(15) years attar its effective date, suoject to renesal pursuant to Title 12, Chapter 21, Section