BETWEEN:

THIS AGREEMENT dated the th day of » 1986

IN PURSUANCE OF THE LAND TRANSFER FORM ACT R.S.B.C. 1979, Chapter 221.

THE CORPORATION OF THE CITY OF PORT COQU! TLAM
2272 McAllister Avenue

Port Coquitiam, British Columbia:

V3C ZA8

(the "City")

POCO BMX ASSOCIATION

P.0, Box 670

Port Coquitlam, British Columbia
V3B 6H9

(the Lessee")

WHEREAS Section 542 of the Municipal Act R.S.B.C. 1979, c. 290 provides that

' Counct! may by bylaw absolutely lease any real property held or owned by the

municipality for any term or terms, including an option for renewal not
exceeding in the aggregrate 99 years;

AND WHEREAS the Lessee being a non profit Society incorporated. under the
provisions of the Society Act R.S.B.C. 1979 ¢ 390 desires to lease the Lands
herein defined for the purpose of operating and maintaining a bicycle moto
cross racing track, testing and running grounds;

AND WHEREAS the City agrees to lease the lands herein defined to the Lessee
and the terms and subject to the conditions set out herein;

NOW THEREFORE in consideration of the premises and of the payment of the sum
of One ($1.00) Dollar from each party to the other, the parties hereto agree
as follows:

The Lessee shal! pay to the City the sum of «te ($1.00) Dollar of lawful
currency of the Dominion of Canada on the 13th day of July, 1986.

The City does demise unto the Lessee from the I3th day of July, 1986 unti!
the 13th day of July, 1987 (the "Term") that certain parcel or tract of land
situate, lying and being in the City of Port Coquitlam, and more
particularly known and described in the manner set out in Schedule "A"
hereto and as shown outlined on the sketch in Schedule "8" hereto; both of
which said Schedules are attached and form part of this Lease, to have and
to hold for the Term for the purpose of operating and maintaining a bicycle
motor cross racing track, testing and running grounds.

The Lessee covenants and agrees that it shall:
(a) pay rent;

(b) pay all taxes that may be imposed against the Lands and improvements;