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BK:00025 PG-0204 <br />renovate said property to meet its needs for general office use in such manner and to such <br />extent as it deems appropriate. <br />2. Title to the Summit Drive Property will be held by Lee County until any purchase <br />money loan obligations on said property are paid and /or satisfied in full. At that point in time, <br />upon written request by the Community College, Lee County will convey the Summit Drive <br />property to the Community College Board of Trustees, to hold for its benefit, free and clear of all <br />liens and encumbrances, except possible rights -of -way and easements of record. <br />3. At and before that time, and without interruption to Lee County's use, Lee County <br />will have the option to enter into a lease for the Summit Drive Property from the Community <br />College for a period of up to 5 years under the following terms: <br />A. Lee County will provide adequate maintenance and insurance on said <br />property; <br />B. Lee County will pay the Community College $1.00 per year for said lease <br />payable, in full, in advance at the time of execution of the lease. <br />C. Lee County will have the option to extend said lease for one additional 5 <br />year term, under the same terms and conditions as provided herein <br />above. <br />4. As to the Steele Street Property, upon acquisition of it, Lee County will repair and <br />rehabilitate the property for the continued use of its existing private tenants and for the use of <br />the Community College's Small Business Incubator Program in such manner and to such extent <br />as Lee County deems appropriate. <br />5. Until said time as all purchase money loan obligations are paid and /or satisfied in <br />full, Lee County will maintain ownership of the Steele Street Property and utilize the rental <br />income from any private tenants to offset its costs for the acquisition of the Summit Drive <br />Property and the rehabilitation, repair and maintenance of the Steele Street Property. <br />6. During the period of Lee County ownership of the Steele Street Property, the <br />