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<br />AGREEMENT OF LEASE <br /> <br />THIS AGREEMENT OF LEASE, made this <br /> <br />day of January, 2009, between <br /> <br />City of Portsmouth, a political subdivision of the Commonwealth of Virginia, hereinafter <br /> <br />referred to as the "City," and the Railroad Museum of Virginia, Inc., hereinafter referred to as the <br /> <br />"Railroad Museum." <br /> <br />WIT N E SSE T H: <br /> <br /> <br />WHEREAS, the City owns the following property in the City of Portsmouth, Virginia as <br /> <br />shown on attached Exhibit A ("Property"); and <br /> <br />WHEREAS, the Railroad Museum desires to lease said Property from the City for use as <br /> <br />a permanent public exhibit of railroad cars and associated other items related to our rail heritage; <br /> <br />and <br /> <br />WHEREAS, the City is willing to lease the property for such use. <br /> <br />NOW, THEREFORE, in consideration of One Dollar ($1.00) paid by the Railroad <br /> <br />Museum to the City and of the mutual covenants set forth herein and other good and valuable <br /> <br />consideration, the receipt and sufficiency of which is hereby acknowledged, the City hereby <br /> <br />leases the Property to the Railroad Museum, and the Railroad Museum leases the Property from <br /> <br />the City, upon the following terms and conditions: <br /> <br />1. Term. This Lease shall commence effective December 10, 2008 and continue for a <br /> <br />five-year term, i.e, through December 9,2013. Either party hereto may terminate this Lease at <br /> <br />the end of said term by giving written notice of termination to the other prior to May 1,2013. In <br /> <br />the absence of such written notice to terminate, the lease shall automatically renew for <br /> <br />-1- <br /> <br />Draft 6 <br />