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Lease LEASE AGREEMENT GOVERNMENT OF THE VIRGIN ISLANDS DEPARTMENT OF PROPERTY AND PROCUREMENT And COMMERCIAL INVESTMENTS, LLC. PREMISES: Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, United States Virgin Islands, consisting of a one (1) story building residing on 17,396 U.S. sq. ft. or 0.399 U.S. acre(s) of improved land more-or-less. Article I 1.01 1.02 Article II 2.01 2.02 2.03 2.04 Article III 3.01 3.02 3.03 3.04 Article IV 4.01 4.02 4.03 4.04 4.05 4.06 4.07 Article V 5.01 Article VI 6.01 6.02 6.03 6.04 6.05 Article VII 7.01 7.02 Article VIII 8.01 8.02 8.03 8.04 8.05 TABLE OF CONTENTS PLeMiSES ...........cesessssssssesessecseceseesseees 1 USE weeeesssssssssscsssssesscscscersscsees wl TOP 0.0... scccsesscscescesccsesscsscseessccsesssaseesceseesssssssssecsessecsscssnssnseneeneseeneenses wel OPTIONS 000... eeeeceeccsccssescecesccessesssscseescsssssscssssscsseseccsesensnssaseenseeseseesesseaesreasenses 1 Failure to Give Possession ...........sssssssssssesseserees wel Holding Over ..........ccssccscsscsssseccsnsecsessescecsscssceecesssoessesseseanees 2 Annual Rent .........csssessssssssesseeeeeees 2 Late Payment Charges ........ 2 Readjustment of Rent........ 3 Late Payment Charges ............sssssscssssssssssssssssscercesenseseesessecescerenseneeees 3 Improvements ............ 3 Title to Improvements .... 4 Location and Improvement .............ssccsssssssssssssssssssssseesesesess 4 Real Property Tax ..........ssssscssssesssecsccsssssssessssssssesssssssesesessasenes 4 Repairs by Lessee .........ccsscsscssesssrcecseecensesssscscssresscsecsesssssccscsscssnssessesssssssossoessnes 4 Failure of Lessee to Repair .........sssssssssssssssssececssssrsrssssssssosssseserssssssceresssnenseseees 5 Excavation and Sorting ..........sccsscsscssssscsssssesssssssssssssecssssoeeess 5 Mechanic’s Lien...........sssseeeeeee 5 Liability Insurance ...............cssecceseeessessecenseeeeesces 6 Indemnity .............sccssssscecessesessesseseeseees 6 Non-Liability....... scsccssesecssssessescacecsscssecsesssscsesesscsssscsseesesesssseseasesesess 6 Fire and Extended Coverage by Lessee ..............sssssssssssssssssssssssessssssssesesesssessseses 6 Environmental Limitation of Liability and Indemmity .............csssssscsssssseseeees 7 ACCESS tO PFOMiSS.........scssssessessecsoressscecseccescesecsssecsaceusecseseesessusessasscssssesessecsesees 7 Easement for Pipes and Water Storage Tank Facility ...........sssssssscecseseeeeseeeees 7 Notice of Condemmation .............sscssssssscersessssseessencensasees 7 Rights of Lessor and Lessee .............s:.sccsssessesessseccercerceees 8 Taking of Leasehold ...............ssccccseeeees 8 Total Taking ..........ccsssssssssessecsssssssssessssssscsessssssssecscsacessssssasscescasencscscsesscasenceces 8 Partial Taking..............ccscssssssssssssscesesssccecececcesssecsnsscsssscecessssesecsscesersececsseecerseeeees 8 TABLE OF CONTENTS (CONT’D) Article IX eoccccce 9.01 Cancellation . 9.02 Termination 9.03 Repossessing and Reletting POTTITITT ITT rrr) 9.04 Preer retire errr reir 10 Assignment and Transfer 10 9.05 Subleasing CO ee eee ereeee reese eeeeeeees eee OOOO EOOSeSDDOLEOOEEESEE PESOS ODES ISEDOOTOOOTOO EE EHOSOOEEOOOS OOO OOTO HS OOOTOD Article X 10.01 Notices .... evccccce PreeeP IIT 11 10.02 Non-discrimination Prrerrrererrrr reir rrr 11 10.03 Officials not to Benefit eecccccce 11 10.04 Agreement made in the Virgin Islands Preeerrrrerrere rer 11 10.05 Orrrerrrrrerrrririririitirriiiiriiiiiiiiiiii rr) 11 Counterparts 10.06 Cumulative Rights and Remedies eeeccccccccce 11 10.07 Interpretation Co recccccccccccerecesceceerscceccreseceereeeeeeeeseness wocccccccccce 12 10.08 Agreement made in Writing Peeccccccccccccccsscescces eeccee 12 10.09 Corre erenccesereeeeeeesreseeeeesseeseseeessseserees 12 Paragraph Headings 10.10 Invalidity of Illegality of Provisions eocee 12 10.11 Successors and Assigns ecccccvcece weccccccces 12 10.12 Broker Ce ecccececeececerceeereeseseeseceesssseeeeeseeesees eoccccce Oo eececccoccccoce 12 10.13 12 Approvals Required Pere rrrrrrerrrrr eerie 10.14 Entire Agreement.. ecececee Ovoccccevvvveccecece eevee 12 10.15 Conflict of Interest POO eVIPererrrrr errr iii ovecccce 12 10.16 Prrrrereri rer 13 10.17 Rights of Holder of the Leasehold Mortgage 14 Compliance with Laws POOeerPrer reer err rere rrr rire rrr) 10.18 Waiver Peer occ rercesereeeerrecsaaa esses ereeeeessereenesesereseses 14 10.19 Enforcement of Lease Terms eecccee 14 10.20 eecccccccccscce wocccee Prcccccccncvecs 15 Acknowledgement LEASE AGREEMENT THIS LEASE made this day of , 20___, by and between the GOVERNMENT OF THE VIRGIN ISLANDS, acting through its Commissioner of the Department of Property and Procurement, (hereinafter “Lessor” or “Government”) and Commercial Investments, LLC whose mailing address is P.O. Box 9626 Charlotte Amalie, St. Thomas, U.S. Virgin Islands 00801, (hereinafter “Lessee”). WITNESSETH: In consideration of the mutual covenants and agreements herein set forth, it is hereby agreed: ARTICLET PREMISES AND USE 1.01 1.02 Premises: The Lessor hereby leases to the Lessee and the Lessee hires and takes from the Lessor Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, United States Virgin Islands, consisting of a one (1) story building residing on 17,396 U.S. sq. ft. or 0.399 U.S. acre(s) of improved land more-or-less, which is zoned I-2 for “Light Industry” (hereinafter the “Premises”). The aforesaid Premises is shown on P.W. File No. D9-1425- T78, a copy of which is attached and made a part hereof as Exhibit “A.” Use: The Lessee shall use the hereby Premises for a logistics storage warehouse and for other related purposes. Said use is contingent on the Lessee obtaining and maintaining the required permits, licenses, and any required rezoning of the Premises to a zoning designation compatible to the operation of same, as required in Paragraph 10.17. ARTICLE I TERM 2.01 2.02 2.03 Initial Term: The term of this Lease shall be for a period of thirty (30) years (“Initial Term”’) commencing on the first (1*) day of the month following approval by the Legislature of the Virgin Islands (“Commencement Date”). Options: If Lessee is not in default in the performance of any material condition of this Lease at the expiration of the Initial Term, Lessee shall have the option to renew this Lease for two (2) additional terms of ten (10) years each (each a “Renewal Term”) at the rent provided for in Paragraph 3.03 hereof by giving written notice of such renewal at least thirty (30) days prior to the expiration of the Initial Term in the case of the first (1*') renewal or at least thirty (30) days prior to the expiration of the Renewal Term in the case of the second renewal. Failure to Give Possession: The Lessor shall not be liable for failure to give possession of the Premises upon the Commencement Date by reason of the fact that the Premises are not ready for occupancy, or due to prior lessee wrongfully holding over or any other person Lessee's Initials Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 2.04 3.02 wrongfully in possession of the Premises; in such event, the rent shall not commence until possession is given or is available, but the term herein granted shall not be extended. Holding Over: If Lessee remains in possession of the Premises after expiration of the Initial Term or any Renewal Terms hereof, without Lessor’s express consent and without any distinct agreement between Lessor and Lessee, Lessee shall become a month-to-month Lessee and there shall be no renewal of this Lease by operation of law. During the period of any such holding over, all provisions of this Lease shall be and remain in effect except the rent provisions. The rent during this hold-over period shall be two hundred percent (200%) of the rent payable for the last calendar month of the term of this Lease, including renewals or extensions. The inclusion of the preceding sentence in this Lease shall not be construed as Lessor’s consent for Lessee to hold-over. ARTICLE Ii Annual Rent: The Lessee shall pay to the Lessor an Annual Rent of Sixty Thousand Dollars and Zero Cents ($60,000.00) payable in equal monthly installments of Five Thousand Dollars and Zero Cents ($5,000.00) during the term of this Lease. The Annual Rent shall commence on the first (1°) day of the month after the Construction Period of twelve (12) months or less has expired, as described in Paragraph 4.01 herein. Payment of Annual Rent and Construction Period Rent shall be made in equal monthly installments in advance on the first (1*') day of every month during the term thereof, without any previous demand by Lessor, provided, however, if possession of the Premises is granted to the Lessee at a date after the first (1°) of the month, then in such event the rent for such first (1*) month shall be prorated. Construction Period Rent: Lessee shall be required to pay reduced rent during the Construction Period of twelve (12) months, the Construction Period is hereinafter defined in Paragraph 4.01, and Lessee shall be required to make reduced rent payments as follows: A. Lessee shall be required to pay One Thousand Dollars and Zero Cents ($1,000.00) per month, for months one through twelve (1-12) of this Lease. The Construction Period Rent will not be available or extended beyond the Construction Period of twelve (12) months. Should all the improvements stated in Paragraph 4.01 be completed prior to the time allotted for the Construction Period, the Annual Rent in Paragraph 3.01 will commence in the month immediately following the completion of improvements. The Annual Rent and Construction Period Rent shall be paid at Lessor’s office at 8201 Submarine Base Suite 4, St. Thomas, U.S. Virgin Islands 00802, together with any other sum due as additional rent as provided herein. Lessee's Initia Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 3.03 3.04 Readjustment of Rent: The rent payable under this Lease shall be adjusted after the second (2"*) year of the Initial Term, and every year thereafter, including any Renewal Term, in accordance with the increase of the Consumer Price Index (“CPI”) as established by the U.S. Department of Labor, Bureau of Labor Statistics for “All Items, All Urban Consumers (1967-100%)” as follows, provided, however, no adjustments in rent for any year shall be increased more than three percent (3%) over any preceding year. i. The CPI after the second (2") year of the Initial Term and as of the first (1*) month of each subsequent Lease year shall be the base price index and the CPI as of the month immediately preceding the first (1*) month of any Lease year after the first (1*) Lease year of the Initial Term shall be the current price index. ii. | The current price index shall be divided by the base price index, and the quotient thereof shall be multiplied by the annual rent of the prior year. iii. | The resulting product shall be the annual base rent for the current year. In no event shall any rent determined in the above manner be reduced below the annual rent of Sixty Thousand Dollars and Zero Cents ($60,000.00). Late Payment Charges: Lessee acknowledges that late payment by Lessee to Government of rent and all other charges provided for under this Lease will cause Government to incur costs not contemplated by this Lease, the exact amount of such costs includes, without limitation, processing and accounting charges. Therefore, if any installment of rent or any other charge due from Lessee is not received by Government within ten (10) days of the due date, Lessee shall pay to Government an additional ten percent (10%) of the amount owed for monthly rent or any other charges, including but not limited to repair costs and attorney’s fees, as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the costs that the Government will incur by reason of the late payment by Lessee. Acceptance of any late charge shall not constitute a waiver of Lessee’s default with respect to the overdue amount, nor prevent Government from exercising any of the other rights and remedies available to Government. ARTICLE IV IMPROVEMENTS 4.01 Improvements: As a part of the consideration for this agreement, the Lessee shall provide at its own cost and expense the following improvements (“Improvements”) owned by the Lessee at an approximate cost of Five Hundred Thousand Dollars and Zero Cents ($500,000.00) which is subject to the prior written consent obtained in each and every case Lessee's Inti Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 4.02 4.03 4.04 4.05 from the Commissioner of the Department of Property and Procurement; in addition to whatever other licenses or permits are deemed necessary. Improvements to be made to the Premises are as follows: LIST OF IMPROVEMENTS Demolish and rebuild the interior office; Repair or replace roof, exterior metal wall panels, and insulation; Replace or upgrade plumbing and electrical, and HVAC systems; Replace rollup doors; Install exterior lighting and perimeter fencing; Install a security and surveillance system; Container loading dock; and Installation of an emergency generator & optional solar panels with battery system. . SIAR WN The improvements shall be completed no later than twelve (12) months of the Commencement Date of this Lease (“Construction Period”). Lessee agrees to keep the said Premises and appurtenances as repaired, in a clean, sightly, and tenantable condition, and to return said Premises to Lessor upon the expiration or other termination of this Lease, in as good condition as it was since the last repairs were made, less reasonable wear and tear from intervening use. Title to Improvements: At the conclusion of this Lease or if renewed, any renewal, title to any structure or improvement by Lessee which is attached to the realty shall vest in the Lessor. Furniture or other personal items, if not removed from the Premises prior to termination, shall become the property of the Lessor. Location and Improvements: The above-mentioned improvements are located at Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands. Real Property Tax: Upon the completion of any improvements constructed on the Premises, Lessee shall notify Lessor, who shall notify the Tax Assessor for the purpose of making an assessment of the value of the improvements. Lessee hereby agrees to pay any and all taxes, assessments, and other charges of any description levied or assessed during the term of this Lease by the Office of the Lieutenant Governor, Tax Assessor, on or against any improvements constructed by Lessee or other equipment or fixtures installed by Lessee on the Premises. Assessments shall only apply to those improvements owned by Lessee during the term of this Lease. Repairs by Lessee: Lessee shall, at its own cost and expense, make all repairs, structural or otherwise, to the interior and exterior of said Premises. “Repairs,” as used herein, shall mean all repairs, replacements, renewals, alterations, additions, improvements, and Lessee's Initia Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 4.06 4.07 betterment. The provisions of this Paragraph shall not apply in the case of damage or destruction by fire or other insured casualty or by eminent domain, in which event the obligations of the Lessor and Lessee shall be controlled as hereinafter provided. Failure of Lessee to Repair: In the event the Lessee, after it shall have been given a twenty (20) day notice (except in a case of emergency in which event reasonable notice under the circumstances shall be sufficient), refuses and neglects to make any repair for which it is responsible, or if repair is necessitated by reason of the Lessee’s negligent acts or omissions, then the Lessor may make such repairs. Lessor shall not be responsible for any loss, inconvenience, or damage resulting to Lessee because of Lessor’s repair. The cost of such repairs by the Lessor, together with interest at the rate provided in Paragraph 3.04, shall be paid by the Lessee as additional rent. Excavation and Sorting: If any excavation shall be made or contemplated to be made for building or other purposes upon property or streets adjacent to or nearby the Premises, Lessee either: a. shall afford to the person or persons causing or authorized to cause such excavation the right to enter upon the Premises for the purpose of doing such work as such person or persons shall consider to be necessary to preserve any of the walls or structures of the improvements on the Premises from injury or damage and support the same by the proper foundation, or b. shall, at the expense of the person or persons causing or authorized to cause such excavation, do or cause to be done all such work as may be necessary to preserve any of the walls or structures of the improvements on the Premises from injury or damages and to support the same by proper foundations. Lessee shall not by reason of any such excavation or work, have any claim against Lessor for damages or indemnity or for suspension, diminution, abatement, or reduction of rent under this Lease. ARTICLE V MECHANIC’S LIEN 5.01 Mechanic’s Lien: Nothing contained in this Lease shall be deemed, construed, or interpreted to imply any consent or agreement on the part of Lessor to subject Lessor’s interest or estate to any liability under any mechanic’s lien. Should any notice of intention to file a lien under Title 28, Chapter 12 of the Virgin Islands Code or any mechanics or Lessee's Initi Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement other lien be filed against the property of the Lessor, for any work, labor, services, or materials performed at or furnished to the Premises for or on behalf of the Lessee or anyone holding any part of the Premises through or under Lessee, Lessee shall cause the same to be canceled and discharged of record by payment, bond or order of a court of competent jurisdiction within thirty (30) days after notice by Lessor to Lessee. If Lessee fails to discharge said lien, then the Lessee shall forthwith reimburse the Lessor the total expenses incurred by the Lessor in discharging the said lien as additional rent hereunder. ARTICLE VI INSURANCE AND INDEMNITY 6.01 6.02 6.03 6.04 Liability Insurance: Lessee shall, during the term thereof, keep in full force and effect a policy of public liability and property damage insurance in which the limits of public liability shall be no less than One Million Dollars ($1,000,000.00) property damage, One Million Dollars ($1,000,000.00) for one (1) person injured or killed and One Million Dollars ($1,000,000.00) for any number of persons injured or killed in any one accident. All of said insurance shall be in a form satisfactory to Lessor and shall provide that it shall not be subject to cancellation, termination, or change, except after thirty (30) days prior written notice to Lessor, Lessee shall furnish Lessor, or Lessor’s designee, with a certificate of insurance evidencing the coverage required hereunder on the day Lessee commences occupancy or work in or about the premises herein leased. All such policies shall name the Lessor as additional insured for the full insured amount. Indemnity: Lessee agrees to indemnify and hold Lessor harmless from and against any and all claims and demands (unless resulting from the negligence of the Lessor, its agents, contractors, servants, or employees) for or in connection with, any accident, injury or damage whatsoever caused to any person or property arising, directly or indirectly, out of the business conducted on the Premises leased herein or occurring in, on or about said Premises or any adjacent area under the control of the Lessee or arising directly or indirectly, from any act or omission of Lessee or subtenant or their respective servants, agents, employees, or contractors, and from and against any and all costs, expenses, and liabilities incurred in connection with any such claim or proceeding brought thereon. Non-Liability: Lessor shall not be responsible or liable to Lessee for any loss or damage that may be occasioned by the acts or omissions of persons occupying any property adjacent to or adjoining the Premises, or any part thereof, or for any loss or damage resulting to Lessee or its Premises from water, gas, steam, fire, or the bursting, stoppage, or leaking of pipes, provided such loss or damage is not occasioned by the negligence of Lessor or its agents, contractors, or employees. Fire and Extended Coverage by Lessee: Lessee shall keep all buildings on the Premises insured against loss or damage by fire and earthquake with the usually extended coverage endorsements, in amounts not less than eighty percent (80%) of the full insurable value Lessee's Initi Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 6.05 thereof, above foundation walls. A copy of all insurance policies shall be delivered to the Lessor within twenty (20) days of receipt of its Occupancy Certificates for the Premises. All policies shall name the Lessor as the loss payee. Environmental Limitation of Liability and Indemnity: Under no circumstances shall Lessee be held responsible for any hazardous materials or contamination that existed on the Premises prior to Lessee’s occupancy or which are caused by the negligence of Lessor or its employees, agents, or contractors. Lessor shall indemnify, defend, and hold Lessee harmless to the fullest extent permitted by applicable law from and against all damages, claims, causes of actions, fines, penalties, including without limitation costs of remediation, which result from hazardous materials or contamination of any kind which existed on the Premises prior to Lessee’s occupancy or which are caused by the negligence of Lessor or its employees, agents, or contractors. The indemnification obligations of Lessor created by this section shall survive the expiration or termination of the Term or any Option Term herein. ARTICLE VII ENTRY BY LESSOR 7.01 7.02 Access to Premises: Lessor or Lessor’s agents shall have the right to enter upon the Premises at all reasonable times to examine the same and to show them to prospective purchasers, lenders, or lessees. Easement for Pipes and Water Storage Tank Facility: Lessee shall permit Lessor or its designees to erect, use, maintain, and repair pipes, water storage tank facility, cables, and wires, on or through the Premises as and to the extent that Lessor may or hereafter deem to be necessary or appropriate. All such work shall be done, so far as practicable, in such manner as to avoid interference with Lessee’s use of the Premises. ARTICLE VIII CONDEMNATION 8.01 Notice of Condemnation: The party receiving any notice of the kind specified below which involves the Premises shall promptly give the other party notice of the receipt, contents, and date of the notice received, which shall include: Lessee's Ini Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 8.02 8.03 8.04 8.05 a. Notice of Intent of Taking. b. Service of any legal process relating to condemnation of the Premises for improvements. c. Notice in connection with any proceedings or negotiations with respect to such a condemnation. Rights of Lessor and Lessee: Lessor and Lessee shall each have the right to represent its respective interest in each proceeding or negotiation with respect to a taking or intended taking and to make full proof of its claims. No agreement, settlement, sale, or transfer to or with the condemning authority shall be made without the consent of both parties. Lessor and Lessee each agree to execute and deliver to the other any instrument that may be required by the provisions of this Lease relating to the condemnation. Taking of Leasehold: Upon the total taking, Lessee’s obligation to pay rent and other charges hereunder shall terminate on the date of taking, or possession is given, whichever is earlier, but Lessee’s interest in the leasehold shall continue until the taking is completed by deed, contract, or final order of condemnation. Total Taking: Upon a total taking, all sums, including damages and interest awarded for the fee, leasehold, or both, shall be distributed and disbursed as Lessor and Lessee may agree, or in the absence thereof, in accordance with the laws of the Virgin Islands. Partial Taking: Upon a partial taking, all sums, including damages and interest awarded for the fee, leasehold, or both, shall be distributed and disbursed to Lessor and Lessee as they may agree or, in the absence thereof, in accordance with the laws of the Virgin Islands. Upon a partial taking, Lessee shall have the option of terminating this Lease upon thirty (30) days’ notice to Lessor. ARTICLE IX CANCELLATION, TERMINATION, ASSIGNMENT, AND TRANSFERS 9.01 Cancellation: This Lease shall be subject to cancellation by Lessor in the event Lessee shall: A. Be in arrears in the payment of the whole or any part of the amount agreed upon hereunder for a period of forty-five (45) days after the Lessor has notified the Lessee in writing that payment was not received when due. B. File in court a petition in bankruptcy or insolvency or for the appointment of a receiver or trustee for all or a portion of Lessee’s property. C. Make any general assignment for the benefit of creditors. Lessee's Initi Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 9.02 9.03 D. Abandon the Premises by not occupying the Premises for a period of ninety (90) days without notice to the Lessor and failing to pay rent during that ninety (90) day period. E. Default in performance of any of the covenants and conditions required herein (except rent payments) to be kept and performed by Lessee, and such default continues for a period of forty-five (45) days after receipt of written notice from Lessor to cure such default unless, during such forty-five (45) day period, Lessee shall commence and thereafter diligently perform such action as may be reasonably necessary to cure such default. If default by Lessee in the performance of its obligations hereunder is precipitated in whole or in part by activities for which Lessor is solely responsible, the period herein established to commence a cure for the said default will be extended for a reasonable period to account for the effect of Lessor’s activities. F. Be adjudged bankrupt in involuntary bankruptcy proceedings. G. Be made a party of any receivership proceeding in which a receiver is appointed for the Premises or affairs of Lessee, where such receivership is not vacated within sixty (60) days after the appointment of such receiver. H. Fail to pay the outstanding assessed real property taxes for two (2) years on improvements Lessee constructed upon the Premises. In any of the aforesaid events, Lessor may take immediate possession of the Premises and remove Lessee’s effects, to the extent permitted by law, without being deemed guilty of trespassing. Failure of Lessor to declare this Lease terminated upon the default of Lessee for any of the reasons set out shall not operate to bar or destroy the right of Lessor to cancel this Lease by reason of any subsequent violation of the terms of this Lease. Termination: This Lease shall terminate at the end of the Lease term or last exercised Renewal Term. Repossessing and Re-letting: In the event of default by Lessee hereunder, which shall remain uncured after the required notices have been given pursuant to this Lease and for such time as provided herein, Lessor may at once thereafter, or at any time subsequent during the existence of such breach or default: A. Enter into and upon the Premises or any part thereon and repossess the same, expelling therefrom Lessee and all personal property of Lessee (which property may be removed and stored at the cost of and for the account of Lessee), to the extent permitted by law. Lessee's Initi Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 9.04 9.05 B. Either cancel this Lease by notice or, without canceling this Lease, re-let the Premises or any part thereof upon such terms and conditions as shall appear advisable to Lessor. If Lessor shall proceed to re-let the Premises during any month or part thereof, at less than the rent due and owing from Lessee during such month or part thereof under the terms of this Lease, Lessee shall pay such deficiency to Lessor upon calculation thereof, provided Lessor has exercised good faith in the terms and conditions of re-letting. Payment of any such deficiencies shall be made monthly within ten (10) days after receipt of the deficiency notice. If any suit or action is brought by Lessor against the Lessee to enforce any of the provisions of this Lease, the Lessor shall be entitled to collect reasonable costs and attorney’s fees in the action or proceeding. Assignment and Transfer: Lessee will not assign or transfer this Lease or any interest therein, without the prior written consent of Lessor, which shall not be unreasonably withheld. Any consent of any assignment shall not be deemed consent to any subsequent assignment. Subleasing: Lessee shall not sublet the Premises in whole or in part without Lessor’s advance written consent, which shall not be unreasonably withheld, delayed, or conditioned. Lessee shall present all subleases to Lessor for its written consent; however, if Lessor fails to disapprove any sublease in writing within five (5) business days, then such sublease shall be deemed consented to by Lessor without Lessor’s written consent. If Lessor disapproves of any sublease, Lessor shall advise Lessee with reasonable specificity of the reasonable grounds upon which Lessor is withholding its consent. Lessor's consent does not release Lessee from any of its obligations under this lease. In the event that the Lessor consents to sublease the Premises or any part thereof, as a part of the consideration for the Lessee’s Improvement to the premises in this agreement, Lessee shall pay to the Lessor an additional amount of: a. Five percent (5%) of all base rent actually collected monthly by Lessee per month, from the first (1°) year through the fifth (5") year of the Initial Term. b. Ten percent (10%) of all base rent actually collected monthly by Lessee per month, from the sixth (6") year through the tenth (10") year of the Initial Term. c. Fifteen percent (15%) of all base rent actually collected monthly by Lessee per month, from the eleventh (11") year through the fifteenth (15") year of the Initial Term. d. Twenty percent (20%) of all base rent actually collected monthly by Lessee per month, from the sixteenth (16") year through the twentieth (20) year of the Initial Term. Lessee's Ini Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement Page Il e. Thirty percent (30%) of all base rent actually collected monthly by Lessee per month, after the twentieth (20") year and continuing through the renewal terms. This additional rent shall be due and payable on the next rent day after such subletting rent becomes due from the subtenant in the following manner: ARTICLE X GENERAL TERMS AND CONDITIONS 10.01 Notices: All notices provided to be given under this Lease shall be given by certified or registered mail, return receipt requested, postage fully prepaid, addressed to the proper party at: LESSOR: Department of Property and Procurement 8201 Subbase, Suite 4 St. Thomas, Virgin Islands, 00802 LESSEE: Commercial Investments, LLC P.O. Box 9626 Charlotte Amalie St. Thomas, Virgin Islands, 00801 The address of either party may be changed from time to time by giving written notice to that effect. 10.02 Non-discrimination: Lessee, in exercising any of the rights or privileges granted by this Lease, shall not, on the grounds of race, color, creed, sex, or national origin, discriminate or permit discrimination against any person. 10.03 Officials not to Benefit: No member of the U.S. Congress or the Territorial Legislature, no official or officer of the United States or the Virgin Islands Government, or any of their instrumentalities shall be admitted to any share of this Lease or any benefit of value that may arise therefrom. 10.04 Agreement made in the Virgin Islands: The laws of the U.S. Virgin Islands shall govern the validity, performance, and enforcement of this Lease. 10.05 Counterparts: This document is executed in one part, which shall be deemed an original. 10.06 Cumulative Rights and Remedies: All rights and remedies of Lessor here enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law. Likewise, the exercise by Lessor of any remedy provided for herein or allowed by law shall not be to the exclusion of any other remedy. Lessee's Ini Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 10.07 10.08 10.09 10.10 10.11 10.12 10.13 10.14 10.15 Interpretation: Words of gender used in this Lease shall be held to include the singular, plural, and vice versa unless the context otherwise requires. Agreement Made in Writing: This Lease contains all agreements and conditions made between the parties hereto and may not be modified orally or in any manner other than by agreement in writing signed by the parties hereto or their respective successors in interest. Paragraph Headings: The table of contents of this Lease and the captions of the various articles and paragraphs of this Lease are for convenience and ease of reference only and do not affect the scope, content, or intent of this Lease or any part or parts of this Lease. Invalidity or Illegality of Provisions: The invalidity or illegality of any provisions shall not affect the remainder of this Lease. Successors and Assigns: All terms, provisions, covenants, and conditions of this Lease shall inure to the benefit of and be binding upon Lessor and Lessee and their successors and assigns. Broker: Lessee covenants, warrants, and represents that there was no broker instrumental in consummating this Lease and that no conversations or prior negotiations were had with any broker concerning the renting of the Premises. Lessee agrees to hold harmless Lessor against any claims for brokerage commission arising out of any conversation or negotiation had by Lessee with any broker. Approvals Required: This Lease will not become effective unless approved by the Governor and the Legislature of the Virgin Islands. Entire Agreement: This Lease constitutes the entire agreement of the Parties relating to the subject matter addressed herein. This Lease supersedes all prior communications or agreements between the Parties with respect to the subject matter herein, whether written or oral. Conflict of Interest: Lessee covenants that it has no interest and will not acquire any interest, direct or indirect, which would conflict in any manner or degree with the performance of its obligations under this Lease. a. Lessee further covenants that it is: I. not a territorial officer or employee (i.e., the Governor, Lieutenant Governor, member of the Legislature, or any other elected territorial official; or an officer or employee of the Legislative, Executive, or Judicial branch of the Government or any agency, board, commission, or independent instrumentality of the Government, whether compensated on a salary, fee, or contractual basis); or Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 2. a territorial officer or employee and, as such, has: i. familiarized itself with the provisions of Title 3 Chapter 37, Virgin Islands Code, pertaining to conflicts of interest, including the penalties provisions set forth in Section 1108 thereof; ii. not made, negotiated, or influenced this contract, in its official capacity; and iii. no financial interest in the contract as that term is defined in Section 1101 of said Code chapter. 10.16 Rights of Holder of the Leasehold Mortgage: Notwithstanding anything to the contrary herein contained, Lessor agrees that in the event that Lessee secures a leasehold mortgage and thereafter defaults in the performance, of any of the terms and conditions of this Lease, Lessor will give notice of such default to any holder of the leasehold mortgage (where Lessor has been notified of the identity of the leasehold mortgagee) and a like notice of the default to the Lessee. The Lessee or the holder of the leasehold mortgage shall have the right to remedy any such default within a period of forty-five (45) days from the date the notice is mailed by registered or certified mail, return receipt requested, to the holder of the leasehold mortgage and the Lessee. In every case where the holder of the leasehold mortgage elects to acquire possession of the Premises or to foreclose the leasehold mortgage, such holder shall, prior to the acquiring possession or the foreclosing of the leasehold mortgage, (i) give Lessor the right of first refusal to purchase and assume Lessee’s leasehold mortgage interest and obligation, or (ii) to provide a purchaser for Lessee’s leasehold mortgage interest and obligation. The Lessor shall exercise the rights herein set out within one hundred twenty (120) days from the date the Lessor is notified by the holder of the leasehold mortgage that these rights may be exercised. In the event that this Lease is terminated, Lessor may enter into a new lease of the Premises with the holder of the leasehold mortgage, or its designee, within thirty (30) days after receipt of such request, which new lease will be effective as of the date of such termination of this Lease and shall run for the remainder of the same term, and subject to the same covenants, conditions, and agreements; provided that the holder of the leasehold mortgage, or its designee, (i) contemporaneously with the delivery of the such request, pay to the Lessor all the installments of basic rent and all other items of additional rent which would have been due for the Lessee had the Lease not been terminated and (ii) all sums due from the date of termination to the date of execution of the new lease. Lessee's | Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement 10.17 10.18 10.19 Compliance with Laws: Lessee shall comply with all laws and regulations of the U.S. Government and the Government of the Virgin Islands, including but not limited to zoning, Coastal Zone Management (CZM), building codes, environmental, and the American Disabilities Act (ADA). The Lessee shall obtain all licenses, permits, and any required re- zoning of the Premises and to do business in the Virgin Islands as required. Waiver: Waiver by Lessor of any breach of any term, condition, or covenant of this Lease shall not be deemed to be a waiver of any subsequent breach of the same or any other terms, conditions, or covenants of this Lease. No delay or omission to exercise any right or power hereunder shall impair any right or power of the Lessor; every right and remedy conferred under this Lease may be exercised from time to time and as often as may be deemed expedient by the holder of such right or remedy. Enforcement of Lease Terms: Waiver by either party of any breach of any term, condition, or covenant of this Lease, during the term of this Lease, shall not be deemed to be a waiver of any subsequent breach of the same or any term, condition, or covenant of this Lease. No delay or omission to exercise any right or power shall be construed to be a waiver of any such right or power, and every right and remedy conferred under this Lease may be exercised from time to time and as often as may be deemed expedient by the holder of such right or remedy. [INTENTIONALLY LEFT BLANK - SIGNATURES FOLLOW] Lessee's Initi Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement IN WITNESS WHEREOF, the parties herein have hereunto set their hands and seals on the day and year first above written. WITNESSES: LESSEE: Strten ai LtpAn Uc BY: (B; herma Perez-Ferdinand Member ACKNOWLEDGEMENT Territory of the Virgin Islands ) District of St. Thomas/St. John ) ss: Before me personally appeared Judy Sherma Perez-Ferdinand, Member of Commercial Investments, LLC, to me well known, or proved to me through satisfactory evidence to be the individual(s) described in and who executed the foregoing instrument for the purposes therein contained. WITNESS my hand on this _| wn day Sec ptembi-a.D. 2095 RY PUBLIC ission Rxp.: June 23, 2029 ymmission # NP.910-25 St. Thomas/St, Juhi, USVI District Commercial Investments, LLC Parcel No. 30 Submarine Base, No. 6 Southside Quarter, St. Thomas, U.S. Virgin Islands Multi-Year Agreement GOVERNMENT OF THE VIRGIN ISLANDS WITNESSES: Mla HAG DAL BOE h- HORAKLE pie 782 . Alejandro, Commissioner (Print) Department of Property and Procurement PS Lf ; ps 2 atilodu f° Yorun— Date: a Za (Al P / . Sign) APPROVED AS TO LEGAL SUFFICIENCY Gordon C. Rhea, Esq., Attorney General BY: I Me MOLT ines Date: [Ald] Peas” Assistant Attorney General APPROVED ) L.™ Date: a us onorable Atbért Bryane? =~ te. Governor of the U.S. Virgin Islands APPROVED Date: \ Honorable Milton E. Potter President of the 36" Legislature of the U.S. Virgin Islands Exhibit A \ \ \ ] { - { se / % \ / \ / * / ~ Sw PRE) MOGI rd ~ gt ~s rd yr “ea . _ oe , a on vt aa me . on aan ne om “wn ist Pr we \ hy _ — aoe we al Ww on Pa ‘ \ ’ Oo ae \ wanes a \ \ \ \ \ Aig \ ~~ | ay ~N § Mn, ch ™ a . . > WAREHOUSE Billie a Fee ~ PARCEL Mo Be ~, (yl Sq. SOMO LUN EH PROGRAM = EDUERTION DEPT ~y / 2) ~ (SU DOWNER) \ yi . < CSIECL G CONCRETE BLOCKS) d / / Q x Fe FOOLS bas ee /° | ir Ab Rbk a 7396" @ 62. Pot > (MEARE BENE ALA aH) AREA oF Sasi GE sg Ft, ith pt oe pas vy FM ECE. Mo GE A BUDDING ih y PARCEL Nee G7 \ in re & AREA = $062:56 sofe\ AN oo ~ tegen Gee Bo.” ~ : . | meer ae a Ba Cap (PL aceD) Ben ag" ae a a our) cane a } _ — “ PORTION OFF SUBMARINE dBASE COMLIIY 1 ded ED AREA = 5391-63 sofe He 8 pp po 206 Sy PORTION OFS ” \ SUBMARINE BASE % (ONDIVIDED) See THIS MAP GUPEIASEDES P pit) FILE MOS” DIG MOB POE E fpom hse TY GQ-2I29.- LGB ST THOMAS VIRGIN Teh MRS RELERENCE! PWD lek Me: L&OVARD WN: AL AWRENCE BEGQSTE RED LA ie Sak VE 7OR, “SR VE Mil: hahow DRAWMW -6L | DapCELS Nos 30, GS GSA EOGT y FRACMEDO + hd. LOA. | DATE: 8-24-79 SUBMARINE SB ASE | LCA had S J 2 BO" Mo: 6 SOUTH EIDE QUAICTER PEM Fille Wo-\ ST THOMAS, VIRGIN LSLANRS D9 -SALET 8. Mls, Zoning Certification Division of Comprehensive and Coastal Zone Planning GOVERNMENT OF THE VIRGIN ISLANDS OF THE UNITED STATES --------0-------- DEPARTMENT OF PLANNING AND NATURAL RESOURCES 4611 Tutu Park Mall 45 Mars Hill, Frederiksted Suite 300, 2nd Floor St. Croix, VI 00840 St. Thomas, VI 00802 (340) 773-1082 (340) 774-3320 dpnr.vi.gov ZONING CERTIFICATION This will certify that Parcel No. 30 Submarine Base/Estate Nisky, No. 6 Southside Quarter, St. Thomas is zoned I-2 (Light Industry) as per Act No. 3373 (attached). The proposed use of the premises for a logistical storage warehouse and for other related purposes is permitted in the I-2 district under “Warehouse & Storage Services (General).” The list of permitted uses and development provisions for the I-2 zoned district can be found in Virgin Islands Code, Title 29, Chapter 3, Subchapter 1, §228 and 229 (https://legvi.org/vi- code). GOVERNING AUTHORITY: Department of Planning and Natural Resources Government of the U.S. Virgin Islands Researched and Certified By: _______________________________________ Name: Leia LaPlace Title: Territorial Planner Date: May 29, 2025 Phone: 340-773-1082 ext. 2215 Email: leia.laplace@dpnr.vi.gov ea Act No. 3371 VIRGIN ISLANDS SESSION LAWS 1972 (BILL 5659) No. 3871 (Approved February 8, 1973) To Amend Act No. 3329 (Bill No, 5633) “An Act To Provide Appropriations From the Virgin Islands Conservation Fund for the Fiscal Year July 1, 1972, to June 30, 1973”. Be it enacted by the Legislature of the Virgin Islands: Section 1. Act No. 3329 (Bill No: 5633), An Act To Provide Appropriations From the Virgin Islands Conservation Fund for the Fiscal Year July 1, 1972, to June 30, 1973, is amended by the addition of a new section as follows: “Section 2. The funds appropriated herein shall remain avail- alie until expended.” Approved February 8, 1973, (BILL 5661) : No. 3372* (Approved February 8, 1973) To Amend Title 3, Virgin Islands Code, Section 712(a) Relating to Death Benefits Provision for Government Employees. Be it enacted by the Legislature of the Virgin Islands: Section 1. Title 3, Virgin Islands Code, section 712(a) is amended by deleting from the second clause of the first sentence thereof immediately preceding the word annuity, the word “an”, and sub- stituting in licu thereof the word “no”, Approved February 8, 1973. (BILL 5662) = No. 3373* (Approved February 8, 1973) M0 Amend Act No, 3284, the Zoning Law for the Virgin Islands. Be it enacted by the Legislature of the Virgin Islands: * Enacted as part of the Sixth Special Session, AGE 1972 REGULAR SESSION Act No, 3374 Section 1. Zoning District Maps STZ-4 and STZ-5 are hereby amended by removing from the I-1, Heavy Industry Zones Parcels 1, 3, 4, 5, 5a, 6a, 19, 22, 24, 25, 26, 30, 30a, 36, 65, 94, 95, 97, 110, 123, 129, 133, and 134 and such other vacant land which falls within the newly designated southern and western boundaries of the I-$ Zone, now shown on Maps STZ-4 and STZ-5, and placing em in the I-2, Light Industry Zone. Section 2. Zoning District Map STZ-10 is hereby amended to include the remainder of Parcel 41-5, Frydenhoj in the W-1, Water- front Pleasure Zoning District. Section 3. For purposes of this Act only, a determination having been made by the Legislature that all interested persons have been notified and given an opportunity to appear and testify at a hearing held in the Virgin Islands Planning Office and that the testimony at such hearing was strongly in favor of the zoning amendments con- tained in sections 1 and 2 of this Act, the provisions and require- ments of Title 29, chapter 3, sections 238 and 239, Virgin Islands Code, are hereby waived. Approved February 8, 1978. (BILL 5670) No. 3374** (Approved February 8, 1973) To Approve the Workable Program Certification in Accordance With the Provisions of the Federal Housing Act of 1946, as Amended. WHEREAS the Housing Act of 1946, as amended, requires as a condition of Federal financial assistance in renewal and housing programs, the submission of a workable program for community improvement, which shall include an official plan of action for effectively dealing with the problem of urban slums. and blight within the community and for the establishment and preservation of a well-planned community; and WHEREAS the aforesaid Housing Act requires further that the aforesaid workable program be approved by the Governing Body and the Chief Executive of the Community; Now, Therefore, CORPORATE DOCUMENTS [x] Business License Expires: 2/28/2026 [N/A] Tradename Registration Expires: N/A [x] Certificate of Good Standing Expires: 6/30/2026 [N/A] Insurance Expires: N/A [x] Resolution Dated: 3/26/2025 [x] Articles/ Equivalent [ ] Incorporation [x] Organization [ ] Limited Partnership/ Limited Liability Partnership/ Limited Liability Limited Partnership Mailing Address COMMERCIAL INVESTMENTS, LLC Physical Address CHARLOTTE AMALIE ST. THOMAS VI 00801 ST. THOMAS VI 00802 #6 SOUTHSIDE QTR 67336 License No: 1-67336-1L Licensee: COMMERCIAL INVESTMENTS, LLC PARCEL #30 SUBMARINE BASE P.O. BOX 9626 CHARLOTTE AMALIE Trade Name: Business No: THE GOVERNMENT OF THE VIRGIN ISLANDS DEPARTMENT OF LICENSING AND CONSUMER AFFAIRS BUSINESS LICENSE That, in accordance with the applicable provisions of Title 3 Chapter 16 and Title 27 V.I.C. relating to the licensing of businesses and occupations, and compliance having been made with the provisions of 10 V.I.C. Sec. 41 relating to the Civil Rights Act of the Virgin Islands, the following license is hereby granted. KNOW ALL BY THIS PRESENT As provided by law, the authorized licensing authority shall have the power to revoke or suspend any License issued hereunder, upon finding, after notice and adequate hearing, that such revocation or suspension is in the public interest; provided, that any persons aggrieved by any such decision of this office shall be entitled to a review of the same by the Territorial Court upon appeal made within (30) days from the date of the decision; provided, further, that all decisions of this office hereunder shall be final except upon specific findings by the Court that the same was arrived at by fraud or illegal means. Rental of Commercial Space Types of License(s) 2025 If a renewal is desired, the holder is responsible for making application for same without any notice from this office. It is the responsibility of the Licensee to notify the Department in writing within (30) days, when a license is to be cancelled or placed in inactive status. Failure to do so will result in the assessment of penalties as authorized by law. Valid from 02/04/2025 Printed on St. Thomas,V.I. Issued at 130.00 Fee Commissioner, Department of Licensing and Consumer Affairs THIS LICENSE MUST BE PROMINENTLY DISPLAYED AT PLACE OF BUSINESS 02/04/2025 until 02/28/2026 H. Nathalie Hodge 081420250310 Witness my hand and the seal of the Government of the United States Virgin Islands, on this 14th day of August, 2025. Tregenza A. Roach Lieutenant Governor United States Virgin Islands Entity Type: Domestic Limited Liability Company Entity Status: In Good Standing Registration Date: 01/21/2025 Jurisdiction: United States Virgin Islands, United States Wherefore, the aforementioned entity is duly formed under the laws of the Virgin Islands of the United States, is duly authorized to transact business, and, is hereby declared to be in good standing as witnessed by my seal below. This certificate is valid through June 30th, 2026. I, the undersigned Lieutenant Governor the United States Virgin Islands, do hereby certify that has filed in the Office of the Lieutenant Governor the COMMERCIAL INVESTMENTS, LLC requisite annual reports and statements as required by the Virgin Islands Code, and the Rules and Regulations of this Office. In addition, the aforementioned entity has paid all applicable taxes and fees to date, and has a legal existence not having been cancelled or dissolved as far as the records of my office show. To Whom These Presents Shall Come: CERTIFICATE OF GOOD STANDING Government of The United States Virgin Islands -O- Office of the Lieutenant Governor Division of Corporations & Trademarks Business Entity No. DC0131551 a COMMERCIAL INVESTMENTS, LLC RESOLUTION OF UNANIMOUS WRITTEN CONSENT |, Covey Charles, Commercial Investments, LLC, a limited liability company duly organized in the Virgin Islands and in good standing, hereby certifies that by Unanimous Written Consent of the officers of Commercial Investments, LLC in lieu of a meeting, the officers have adopted the following resolution, which has not been modified or rescinded: RESOLVED, that Commercial Investments, LLC is authorized to enter into a Lease Agreement with the Government of the Virgin Islands Department of Property and Procurement (DPP) for Parcel No. 30 Submarine Base, #6 Southside QTR, St. Thomas, Virgin Islands. RESOLVED, that the Corporation hereby authorizes Judy Sherma Perez —Ferdinand manager to sign the Lease Agreement, submit all required documents, and take all such other steps as may be necessary to effectuate said Lease Agreement with Department of Property and Procurement (DPP) Covey Charles Member Date: 3Peles~ Subscribed and sworn to before me this ALe day of Ma Nh 3025 “ae Pa Cc Charl Nt bic ovey Charles ap Publ Notary Public _ St Thomas USVI, U.S. Virgin Islands NP-557-22 My Commission Expires 10/19/2026 Members are not liable Members Liability Member Managed Managed By 1,000.00 Amount of Capital RENTAL OF COMMERCIAL SPACE Additional Purpose Details: Other, Other Nature of Business/Purpose Perpetual Term P.O. Box 9624, Charlotte Amalie, United States Virgin Islands, 00801, United States Mailing Address #18b-2 Lindberg Bay Estate, St Thomas, United States Virgin Islands, 00802, United States Principal Office or Place of Business COMMERCIAL INVESTMENTS, LLC No Select a Reserved Name Limited Liability Company Type of Limited Liability Company Delayed Effective Date Standard Processing Handling Option USVI Lieutenant Governor Filed: January 21, 2025 11:49 AM BID: DC0131551 Articles of Organization COMMERCIAL INVESTMENTS, LLC (DC0131551) General Details Proposed Company Name Business Addresses Physical Address Mailing Address Business Details THE UNITED STATES VIRGIN ISLANDS Generated on January 21, 2025 12:09 PM 1 of 4 P.O. Box 9624, St Thomas, United States Virgin Islands, 00801, United States Mailing Address #18b-2 Lindberg Bay Estate, St Thomas, United States Virgin Islands, 00802, United States Physical Address Active Status Covey CHARLES Name Individual Resident Agent Consent Form P.O. Box 9624, St Thomas, United States Virgin Islands, 00801, United States Mailing Address #18b-2 Lindberg Bay Estate, St Thomas, United States Virgin Islands, 00802, United States Physical Address Covey CHARLES Name Individual Resident Agent Type Resident Agent Resident Agent in USVI Commercial Investments.pdf01/21/2025 11:22 AM Principals Organizers Organizer 1 Managers/Members Generated on January 21, 2025 12:09 PM 2 of 4 Yes I DECLARE, UNDER PENALTY OR PERJURY, UNDER THE LAWS OF THE UNITED STATES VIRGIN ISLANDS THAT ALL STATEMENTS CONTAINED IN THIS APPLICATION, AND ANY ACCOMPANYING DOCUMENTS, ARE TRUE jaysperezenterprises@gmail.com Email (1) 340-642-3131 Telephone Mrs. JUDY SHERMA PEREZ FERDINAND Name Yes I DECLARE, UNDER PENALTY OF PERJURY, UNDER THE LAWS OF THE UNITED STATES VIRGIN ISLANDS, THAT THIS OFFICER HAS AGREED BY RESOLUTION TO THE CHANGES MADE IN THIS APPLICATION. Date Organizer Position COVEY CHARLES Name Member Position P.O. Box 9624, St Thomas, United States Virgin Islands, 00801, United States Mailing Address #18b-2 Lindberg Bay Estate, St Thomas, United States Virgin Islands, 00802, United States Physical Address Active Status Covey CHARLES Name Individual Manager/Member Signature(s) Daytime Contact January 16 2025 Generated on January 21, 2025 12:09 PM 3 of 4 AND CORRECT, WITH FULL KNOWLEDGE THAT ALL STATEMENTS MADE IN THIS APPLICATION ARE SUBJECT TO INVESTIGATION AND THAT ANY FALSE OR DISHONEST ANSWER TO ANY QUESTION MAY BE GROUNDS FOR DENIAL, SUBSEQUENT REVOCATION OF REGISTRATION, OR OTHER FINES AND PENALTIES PURSUANT TO THE FRAUDULENT CLAIMS STATUTE AS SET FORTH IN 14 V.I.C. § 843. Generated on January 21, 2025 12:09 PM 4 of 4 Business Plan COMMERCIAL INVESTMENTS, LLC RECOVERY LOGISTICS Executive Summary Overview: Commercial Investments, LLC (Recovery Logistics) a locally owned business proposes to enter into a long-term lease agreement with the Government of the US Virgin Islands for Parcel No. 95 Subbase, for the renovation and repurposing of a undermaintained building into an upgraded logistics and distribution center. Strategically located in Subbase, St. Thomas this facility will meet an ever-growing demand for logistical services, secured climate-controlled storage and distribution capacity -driven by hurricane disaster recovery reconstruction. Specifically, to support contractors during hurricane recovery construction adds a strong social and economic mission to the project. This project will renovate an undermaintained building into a logistics warehouse to serve as a critical hub for disaster recovery and construction supply staging. Objectives: • Renovate and modernize the approximately 7,000 sq. ft. structure. • Equip the facility with a sustainable and scalable warehousing systems. • Lease or operate as a multi-client logistics hub. • Reach full operational capacity within 12-18 months. Funding Requirement: Total estimated Equity investment: $1.2 million Company Overview Company Name: Commercial Investments, LLC (an eventual DBA name: Recovery Logistics) Legal Structure: Limited Liability Company Founded: 2025 Location: St. Thomas, US Virgin Islands Team: Contractors, Industry experts in logistics and Project Management. Mission: To revitalize undermaintained and underutilized real estate and transform it into critical logistics infrastructure for the disaster recovery supply chain. Market Opportunity Market Demand: • Increasing local logistics demands. • logistics hubs are in short supply. • Increasing pressure on existing distribution networks. Target Market: • Recovery Contractors • Third-party logistics (3PL) providers • Satellite distribution points • Cold storage and freight forwarding firms (optional expansion) Location Advantage: • Close proximity to highway, airports & seaports, or the island center. • Reduced last-mile delivery costs for tenants or operators. Project Description Current Status: • Derelict building acquired/lease agreement is under negotiation. • Structurally sound but requires major roofing, electrical, plumbing and HVAC upgrades. • Site has favorable zoning and logistics access. Renovation Plan Includes: • Full structural restoration (roof, rollup doors, fireproofing) • Installation of modern racking system • IT infrastructure: Smart inventory system • Security & Surveillance system • Exterior Lighting and Fencing • Exterior improvement for vehicle access and parking • Container loading dock • Emergency Generator (and optional Solar panels with battery) installation Estimated Renovation Timeline: 12–24 months Contractors & Partners: General Contractors, Freight Forwarder, Customs Broker Financial Plan Budget Overview: Category Estimated Cost Structural Renovation $600,000.00 Equipment & Infrastructure $600,000.00 Contingency (20%) $400,000.00 Category Estimated Cost Total $1.6M Revenue Streams: • Long-term contracts (anchor clients) • Short-term flexible space rentals • Value-added services (inventory management, cross-docking) • Custom Brokerage services • Freight handling, Trucking and Delivery Services Projections (First 3 Years): • Year 1: $620k revenue / Net loss (due to capex) • Year 2: $1M revenue / $200k profit • Year 3: $2M revenue / $500k profit (ROI expected within 6–8 years) Competitive Advantage • Unique location in underserved logistics zone • Customization for client specific needs • Scalable operations model • Sustainable and tech-forward infrastructure • Flexibility: long-term lease agreement + agile space for seasonal surges Risk Analysis & Mitigation Risk Mitigation Strategy Renovation Delays Pre-approved contractors, buffer in timeline Cost Overruns 20% contingency, experienced project managers Business Slowdown Aggressive pre-agreements, multiple market segments Regulatory Hurdles Experienced local consultants and legal oversight Conclusion Commercial Investments, LLC (Recovery Logistics) presents an opportunity to create lasting value by repurposing this underutilized real estate into a high-demand logistics facility. With strong market fundamentals, a capable team, and a clear roadmap, the project is positioned for sustainable success. GVI Proof of Ownership QUITCLAIM DEED Tais QUITCLAIN DGED, made this 77 ee Oe —Lebussreg= -_, 1967, by and between the United States of Anerica, acting by and through the Secretary of the Interior, and the Govexnument of the Virgin Islands, WITNESSETI: WHEREAS, the Government of the Virgin Islands has requested the Secretary of the Interior to convey the lands hereinafter described to the Govermment of the Virgin Islands, pursuant to the Territorial Submerged Lands Act, TT Stat. 338, 48 U.S.C. 1701 (1963), for specific econouic development purposes; and WHEREAS, pursuant to Section 1(c) of the said Act, oa December 13, 1966, an explanatory statement was submitted to the Commitvees on Interior and Insular Affairs of the Senate and House of Representatives of the United States Congress; and WHEREAS, by letter dated January 5, 1967, the Chairman of the House Committee on Interior end Insular Affairs and by letter dateu December 16, 1966, the Chairman of the Senate Comittee on interior and Insular Affairs have informed the Secretary of the Interior that vhey wish to take no action with respect to the proposed conveyance; anc e WHEREAS , notice of this conveyance of the lands hereinarver dcocsived has been published in the Virgin Islands in tho mauner aud for wequired by Section 1(e) of the said Act; NOW, THEREFORE, the United States does hereby transfer ana convey unto the Government of the Virgin Islands, in accordance with and suoject to the said Act, and the terms and conditions hereo?, all its vight, title and interest in the following described lands: . -TRACT (4+) SECTION (1) FORMER NAVAL SUBMARINE BASE, ST. THOMAS, V.I. neierence P.W.Drawing No.A3-97-T664. Beginning at point "A" located North 7 degrees OO minutes West, a distance of 255.0 feet, from the northwest corner of the tender pier, the line runs: North 24 degrees 30 minutes East, a distance of 600.0 feet, to a point; thence North 1 degree 45 minutes West, a distance of 100.0 feet, to a point; thence South 55 degrees 30 minutes East, a distance of 190.0 feet, to a point; thence North 34 degrees OO minutes East, a distance of 200.0 feet, to a point; thence North 56 degrees 00 minutes East, a distance of 175.0 feet, to a point; thence South 35 degrees 30 minutes West, a distance of 640.0 feet, to ajpoint; thence South 49 degrees 25 minutes East, a distance of 175.0 feet, to a point; thence South 26 degrees 37 minutes West, a distance of 77.8 feet, to a point; thence North 58 degrees 50 minutes West, a distance of 170.0 feet, to a point; thence South 34 degrees 15 minutes West, a distance of 400.0 feet, to a point; thence South 56 degrees 30 mimutes East, a distance of 100.0 feet, to a point; thence South 41 degrees 30 minutes West, a distance of 55.0 feet, to a point; thence North 59 degrees 10 minutes West, a distance of 100.0 feet, to the point of beginning. The area is 2.80 acres Ail distances are in U.S. Feet. TRACT (4) SECTION (2) FORMER NAVAL SUBMARINE BASE, ST. THOMAS, V.I. Boginniay at Point "X" located on the shoreline and being the southeasy corner of tract 3 (U.D.2. training facilities) the line runs: South 37 degrees 18 minutes West, a distance of 55.0 feet to & point; thence North 52 degrees 40 minutes West, a distance of 252.5 feet, to a point; thence South 37 degrees 18 minutes West, a distance of 110.0 feet, to a point; thence North 2° degrees 00 minutes West, a distance of 30.0 feet, to @ point; thence bale North 37 degrees 18 minutes East, a distance of 370.0 feet, to a point; thence North 52 degrees 42 minutes West, @ distance of 115.0 feet, to @ point; thence South 6S degrees 18 minutes West, a distance of 156.0 feet, to a point; thence South 60 degrees 38 minutes West, a distance of 30.0 feet, to a point; thence North 43 degrees 20 minutes East, a distance of 6.0 feet, to a point; thence North 63 degrees 30 minutes East, a distance of 190.0 feet, to a point; thence North 69 degrees 40 minutes East, a distance of 250.0 feet, toa point; thence North 51 degrees 10 minutes East, a distance of 200.0 feet, to a point; thence South 85 degrees 05 minutes East, a Gistance of 16.0 feet, to a point; thence South 7l degrees OO minutes East, a distance of 110.0 feet, to alpoint; thence North 66 degrees 10 minutes East, a distance of 95.0 feet, to @ point; thence South 37 degrees 18 minutes West, a distance of 50.0 feet, to a point; thence Along the shore line passing pier "C" and pier "B", to the point of beginning. The area is 6.47 acres Ali distances are in U.S. feet TRACT (4) SECTION: (3) FORMER NAVAL SUBMARINE BASE, ST. THOMAS, V.I. Beginning at point "C" located North 85 degrees 30 minutes East, 6 distance of 760.0 feet, from V.I. Corporation, Monument 2, the line runs: North 51 degrees 15 minutes East, a distance of 90.0 feet, to a point; thence North 57 degrees 00 minutes East, a distance of 110.0 feet, to & point; thence North 77 degrees 00 minutes East, a distance of 45.0 feet, to @ point; thence South 43 degrees 40 minutes East, a distance of 130.0 feet, to a point; thence South 12 degrees OO minutes East, & distance of 90.0 feet, to a point; thence South 23 degrees 30 minutes West, a distance of 340.0 feet, toa point; thence South 40 degrees 00 minutes West, a distance of 125.0 feet, to a point; tuence 7 Sour. 168 degrees 00 minutes West, a distance of 110.0 feet, to a point; then South 4 degrees O5 minutes West, a distance of 170.0 feet, to a point; thence ‘South LT degrees 30 minutes West, a distance of 60.0 fect, to a point on the shore line; thence Along the shoreline in a general northerly direction, to the point of veginning. The area is 1.54 acres ’ All distances are in U.S. Feet TRACT (4) SECTION (4) FORMER NAVAL | SUBMARINE BASE, ST. THOMAS, V.I. Reference: Y & D Drawing No. 839 062 also P.W.Drawing No.AB-97-TSé. Beginning at a point located North 87 degrees 00 minutes East, a distance of 100.0 feet, from V.I. Corp. Monument 2, the line runs: South 75 degrees 45 minutes West, a distance of 100.0 feet, to a point; thence South & degrees 45 minutes West, a distance of 280.0 feet, to a point; thence South 17 degrees 00 minutes East, a distance of 170.0 feet, to a point; thena South 61 degrees 50 minutes East, a distance of 100.0 feet, to a point; thenc: South 49 degrees 15 minutes East, a distance of 150.0 feet, to a point; thenc South 64 degrees 20 minutes East, a distance of 95.0 feet, to a point; thence South 3 degrees 45 minutes West, a distance of 135.0 feet, to a point; thenc South 16 degrees 30 minutes West, a distance of 140.0 feet, to a point; thence North 29 degrees 15 minutes West, a distance of 130.0 feet, to a point; thence North 5 degrees 15 minutes West, a distance of 120.0 feet, to a point; thence North 37 degrees 00 minutes West, a distance of 95.0 feet, to a point; thence North 71 degrees 50 minutes West, a distance of 145.0 feet, to a point; thenc North 17 degrees 45 minutes West, a distance of 100.0 feet, to @ point; thenc North 33 degrees 45 minutes West, a distance of 60.0 feet, to a point; thence bok ~ North 9 degrees 45 minutes East, a distance of 160.0 feet, to a point; thence North 12 degrecs 15 minutes West, a distance of 95.0 fect,.to a point; thence North 20 degrees OO minutes East, a distance of 130.0 feet, to a point; thence North 49 degrees 45 minutes East, a distance of 50.0 feet, to & point; thence South 79 degrees 20 minutes East, a distance of 87.3 feet, to the point of beginning. The area is 1.37 acres All distances are in U.S. feet As required by Section 1(e) of the Territorial Submerged lands Act, this conveyance is made without the; power or right to _~ reconvey vitle to the subject lands. The United States excepts and veserves all deposits of oil, gas, and other minerals, but the term "minerals" shall not incluée sand, gravel, or coral. TO HAVE AND TO HOLD the same unto-and to the use of the Goverment oF Virgin Islands eee: . IN WITNESS WHEREOF, the/Secretary of the Interior has signed and sealed this deed in behalf of the United States on the Gay and year first above written. UNITED STATES OF AMERICA FEB 9,- 195 undet Secretary of the interior in the presence of: OF RECEIVED ACKNOWLEDGMENT DISTRICT OF COLUMBIA) 8s CIgY OF WASHINGION ) Oa this vA Lhe day of Pielrueas ZL m th aT / a Z 73 p yee 7 & .ovary ? ? ing 7 Ss e tu mmet ng | ins _ “DISTRICT OF COLUMBIA To uu Wuox Tuzse Parsenss Sutatt Come, Greerine: 4 Centiry tatar Seeocanciae MARYS M._BROWN whose name is subscribed to the apa <8 Sees ubs accompa: instrumont, was at the time of signing ibe aaa i Notary Pu 3 S34 {othe Diet of Columb aad duly cocimingon nisdonod cad eushorized by the laws of said Datars Ou to © Aci ace iotramente in writing to be recorded in said Dis ‘and to tenements, or hereditaments, and oth District, administer oaths; ate Iam well acquainted wit tai of said No Public and verily believe that the af ture and impression of sea!’ ti Stic, ther Stiparion wil again aad Tapeeie fetes NE Od is ene ix Wirwess Wxeazor, the Secretary to the Boand of Commissio ioners of the District of Columbia, has hereunt : sans the Seal of the Distt of Cosi to be nised'at Bend, °f, lumbis, fas bere 20 day of FEBRUARY OBZ naa annee (D.0, SEAL) Ze ae 12 copra: 1 whiny. Te 2 GLEE, ROTARY PUBL Eee ee) = o —_— uw we —_ i, ‘ www? es o=a ee Lo S. eS os — = 2 c S 9 s % AMENDMENT TO QUITCLAIM DSED This AMENDMENT made this /3TR day of April, 1967, vy anc between the United States of America, acting through the Under Secretary of the Interior, and the Government of the Virgin Islands, acting through oa dotamant or the Virgin Islands, WITNESSETH: WHEREAS, by quitclaim deed dated February 9, 1967, a coxy of which is attached hereto and made a part hereof, the United States os Azerica acting through the Secretary of the Interior, conveyed vie lands described therein to the Government of the Virgin Islands purstant to the Territorial Submerged lands Act, T7 Stat. 336, ~w U.S.C.;3 and WHEREAS, the Government of the Virgin Islands wishes to <sansfer certain of the lands thus conveyed to it to the Virgin islencs Water and Power Authority; and WHEREAS, pursuant to section i(c) of the said Act, on Moreh 31, 1957, an explanatory statement was submitted to the camittees on Interior and Insular Affairs of the Senate and House QQ vu? Repeesentatives of the United Steves Congress; and WHEREAS, by letter dated April 10, 1967, the Chairnan of wae House heaves on Interior and Insular Affairs and by letter ated April 10, 1967, the Chairman of the Senate Committee on interior and Insular Affairs nave informed the Secretary of the Interior that <heir respective Committees have no objections to the proposed transfer; - and WHEREAS, notice of proposal to amend the February 9, 1967, cuitclain deed by adding language permitting such transfer has been pudlisnea in the Virgin Islands in the manner and form required by section l(c) of said Act; NOW, THEREFORE, in consideration of the premises it is mutually agreed that the quitclaim deed dated February 9, 1967, by and between the United States of America (grantor), acting whrough the Gacveters of the Interior, and the Government of the Virgin Isleads (grantee) be and it hereby is amended by adding thereto after the paragraph at page 5 thereof which reads as follows: As required by section l(e) of the Territorial Submerged Lands Act this conveyance is made without the power or right to reconvey the suoject lands. whe Zollowing proviso: Provided, however, that the Government of the Virgin Islands may convey to the Virgin Islands Water and Power Authority in fee simple absolute that portion of the former naval submarine base known as Tract (4), Section (4) as more particularly described in Public Works Drawing No. A3-97-T66 and which metes and bounds description has been published as aforesaid and that such conveyance shall be without cost to the Virgin islands Water and Power Authority. Tais AMENDMENT to the quitclaim deed will be recorded by she Government of the Virgin Islands eat the same time and together with zs deed of conveyance to the Virgin Islands Water and Power Authority. IY WITNESS .WHEREOF the United States of America, acting through the Secretary of the Interior, and the Government of the 72, Vargin Islends, acting through the Governor of the Virgin Islands, aave cifixed their hands and seals on the year and day first above Wracten. UNITED STATES OF AMERICA Under Secre of the Interic In the presence of: Brevoskee C Leng . Sr. GOVERNMENT OF THE VIRGIN ISLANDS SET or: ee: << fers Br bas ~ Che fests ‘ ing ACKNOWLEDGMENT DISTRICT OF COLUMBIA) ss Cray 2 WASHINGTON Oa this /GZZ day of , in the year 1967, before ne LSotrecen (HY XhLizz _, @ Notary Pdlic, personally appeared Charles F. Luce, who acknowledged himself? to ve the Under Secretary of the Department of the Interior, and that he, as such officer, being authorized so to do, executed the foregoing instrument Por the United States of America. In Witness Whereof I hereunto set my hand and seal. ’ ~ - otary Lic By Coreryeciog <catres 2953, es mene eee, te are AY -— J - ———] —_—— ie eclerw fr yf —_—s-_ > J — 5 I a —- J \} S) ——— \ A —— NN lg — ral ) a ri SS Cer lp < =— < te ~~ tae) SY | L SSS SS ~S C% —— ment enn om eeseertt SS YL li M ) “iv ——J | % \'% Att? Lay ui if 2> 24 (\2s to 4 bs \ LEGEND INS SS [ i! \g vit iY Ss | N MAYOUECE WILL a Se —— sr —- —— ——4 ; pe DRA MEOROLA HNL — \ LY — “ovr REGIS POT SUBMARINE BASE, NET DEPOT ¢ SECTION BASE — | N terry ol 18 | 1@ 20) 21 pas MAP OF \ U.S.NAVAL STATION es Pail od RS ST. THOMAS, V.T. °F U. S.A. =< SHOWING CONDITION S ON pce” Nore. Amen Gare) sew ED. JUNE 30,1945 - et Steere LATO see om ms SCALE OF FEET BL we Covness nae oe. a —— —_ ! . URVTENANT Cc. € s/ tus m% 6 = “eo tt ia 1s ia is fie RETR AGES COTORER 20,1078 BY P|. MYLNER, CAPTAIN Us 610-8. CHET — — 1 Tagen 1968 FIFTEENTH SPECIAL SESSION Act No, 2375 (Bill 3863) No. 2375. To Create the Virgin Islands Port Authority; To Authorize the Issuance of Bonds for the Port Authority, and for Other Purposes. Be it enacted by the Legislature of the Virgin Islands: Section 1. A new chapter 9 is added to Title 29 of the Virgin Islands Code, as follows: Chapter 9. Virgin Islands Port Authority Subchapter I. Declaration of Policy and Definitions § 501. Declaration of policy (a) The powers conferred by this chapter are for public uses and purposes and are proper governmental functions for which public money may be expended, private property may be acquired, by eminent domain or otherwise, property may be exchanged, leased, mortgaged, assigned, sublet, or sold, and bonds or other obligations may be issued pursuant to section 8{b) of the Revised Organic Act of the Virgin Islands, as amended, or any other such authority as may hereafter be conferred by Federal Law, or by the laws of the Virgin Islands. (b) The provisions enacted in this chapter are hereby declared to be necessary in the public interest, and the facilities herein au- thorized are declared to be public improvements and publi takings. § 502. Definitions (a) The term “Authority” shall mean the Virgin Islands Port Authority created by this chapter. (b) The term “Board” shall mean the Governing Board of the Authority. (c) The term “Bonds” shall mean the bonds, temporary bonds, refunding bonds, debentures, notes, interim bonds, receipts, cer- tificates, or other evidences of indebtedness or obligations which are authorized to be issued by this chapter, but shall not include the debts or accounts incurred in the usual course of business for expenses of the Authority. 389 Act No. 2375 VIRGIN ISLANDS SESSION LAWS 1968 (d) The term “Holder of bonds” or “Bondholders” or any similar term shall mean any person who shall be the bearer of any out- standing bond or bonds registered to bearer, or not registered, or the registered owner of any outstanding bond or bonds which at the time shall be registered other than to bearer. (e) The term “Federal agency” shall mean the United States of America, the President or any department thereof, or any corpora- tion, agency or instrumentality heretofore or hereafter created, designated, or established by the United States of America. (f) “Air terminals” shall mean developments consisting of run- ways, hangars, control towers, ramps, buildings, structures, park- ing areas, improvements, facilities or other real and personal prop- erty necessary, convenient or desirable for the landing, taking off, accommodation and servicing of aircraft of all types, including but not limited to airplanes, airships, dirigibles, helicopters, gliders, amphibians, seaplanes, or any other contrivance now or hereafter used for the navigation of or flight in air or space, operated by carriers engaged in the transportation of passengers or cargo, or for the loading, unloading, interchange or transfer of such passen- gers or their baggage, or such cargo, or otherwise for the accom- modation, use or convenience of such passengers, or such carriers or their employees or of the persons visiting the airports, or for the landing, taking off, accommodation and servicing of aircraft owned or operated by persons other than carriers, as well as prop- erty acquired by the Government of the Virgin Islands to be used for air facilities. (g) “Marine terminals” shall mean developments consisting of one or more public piers, wharves, docks, bulkheads, slips, basins, sidings or other buildings, structures, equipment, facilities or im- provements, or other real or personal property, necessary or con- venient to the accommodation of steamships, tugs, freighters, boats or other sea going vessels and their cargoes or passengers. (h) “Industrial, commercial, residential and recreational develop- ment” shall mean developments, consisting of warehouses, quarries, cement block plants, sewage disposal plants, public dumps, park- ing areas, wholesale and retail outlets, hotels, motels, apartments, guesthouses, restaurants, office buildings, and related activities. (i) “Facility” shall mean an air terminal, marine terminal or an industrial, commercial, residential and recreational development, or or any two or more of them collectively. 390 1968 FIFTEENTH SPECIAL SESSION Act No. 2375 (j) Words importing the singular number shall include the plural number and vice versa, and words importing persons shall include firms, partnerships of all kinds and corporations. Subchapter II. Virgin Islands Port Authority § 503. Creation of Virgin Islands Port Authority (a) The Governor of the Virgin Islands, the Director of the Budget, three members to be appointed by the President of the Legislature, and four other persons, not more than two of whom shall be employed by the Government of the Virgin Islands or by the Government of the United States, are hereby established a body corporate and politic constituting a public corporation and auton- omous governmental instrumentality of the Government of the Virgin Islands, by the name of the “Virgin Islands Port Authority.” (b) Three of the members shall be appointed by the President of the Legislature, not more than two such members shall be a resident of the same District. The term of office of each such member shall be two years and each shall be eligible for reappoint- ment. Any person appointed to fill a vacancy occurring prior to the expiration of the term for which a predecessor was appointed shall be appointed only for the remainder of such term. (c) The four persons, at least two of whom shall not be em- ployed by the Government of the Virgin Islands or by the Govern- ment of the United States, shall be appointed by the Governor with the advice and consent of the Legislature, and two shall be residents of the District of St. Thomas-St. John, and two shall be residents of the District of St. Croix. Such persons shall be appointed for a term of three years, except that an Yr i occurring prior to the expiration of the term for which a prede- cessor was appointed shall be appointed only for the remainder of such term. Each such appointed member shall serve until the ap- pointment and qualification of his successor. (d) Governmental members of the Authority shall be entitled to no compensation for their service as members. Nongovernmental members shall be entitled to compensation at the rate of $20.00 per day or fraction thereof spent in the work of the Authority. All members shall be entitled to reimbursement for, or per diem in lieu of, necessary travel expenses. (e) The Authority hereby created is and shall be a govern- mental instrumentality subject, as provided for herein, to the 291 Act No. 2375 VIRGIN ISLANDS SESSION LAWS 1968 control of the aforementioned members, acting in their capacity as members of the Governing Board thereof, but it is a corporation having legal existence and personality separate and apart from the Government and the officers controlling it. The debts, obligations, contract, bonds, notes, debentures, receipts, expenditures, accounts, funds, facilities, and property of the Authority shall be deemed to be those of said Authority and not to be those of the Government of the Virgin Islands, or any office, bureau, department, agency, com- mission, municipality, branch, agent, offices or employee thereof. § 504. Governing Board and other personnel of Authority * (a) The powers of the Authority shall be exercised by a Govern- ing Board consisting of the members of the Authority acting as a board. Within one hundred and twenty (120) days after this chapter becomes effective, the Board shall meet at the call of the Governor and organize, elect a Chairman, Vice Chairman, and, as soon as practicable, shall appoint an Executive Director of the Authority who shall be authorized to attend all meetings of the Board but shall not be entitled to vote. (b) Five members of the Board shall constitute a quorum for the purpose of organizing the Authority and conducting the business thereof and for all other purposes, and all action shall be taken by a vote of the majority. (c) The Board shall appoint in addition to the Executive Director of the Authority, an Assistant Director for Marine Activity, an Assistant Director for Airport Facilities, and an Assistant Director for Industrial Development, and may appoint such other officers, agents, or employees, permanent or temporary, and by contract Se een = ese ee eee 1968 FIFTEENTH SPECIAL SESSION Act No. 2375 shall be removable by the Board but only for cause and after notice and an opportunity to be heard. § 505. Powers of Authority The purposes of the Authority shall be to establish, acquire, construct, develop and improve, own, operate and manage any and all types of air terminals, marine terminals and industrial, com- mercial, residential and recreational developments, and to make available the benefits thereof in the widest economic manner, thereby promoting the general welfare and increasing commerce and prosperity. The Authority is granted and shall have and may exercise all rights and powers necessary or convenient for carrying out the aforesaid purposes, including but without limiting the gen- erality of the foregoing,.the following: (1) to have perpetual existence as a corporation; (2) to adopt, alter, and use a corporate seal which shall be judicially noticed ; (3) to make, and from time to time modify, and repeal, bylaws, rules and regulations, not inconsistent with this chapter, pro- viding for the internal organization and management of the Authority, for the administration of its affairs and operations, and for carrying into effect the powers and purposes of the Authority; (4) to sue and be sued in its corporate name; (5) to make contracts and to execute all instruments necessary or convenient in the exercise of any of its powers; (6) to acquire by any lawful means (except by exercise of the power of eminent domain), own, hold, develop, improve, redevelop, = or otherwise may employ such consulting engineers, superin- tendents, managers, fiscal, legal and other technical experts, as it may deem necessary, and shall determine their qualifications, duties, tenure and compensation without regard to 3 V.LC. chapter 25. The bylaws of the Authority may provide for the delegation to its Executive Director or its other officers, agents or employees of such of the powers and duties of the Authority as the Board may deem proper. (d) The Executive Director shall be appointed by the Board exclusively upon the basis of merit as determined by technical training, skill, experience, and other qualifications best suited to carrying out the purposes of the Authority. The Executive Director 892 PTE enlarge, extend, repair, maintain, use and operate any property or interest therein; and to sell, lease, exchange, transfer, assign, mortgage, pledge or otherwise dispose of, or encumber, such prop- erty or any interest therein. In no case shall the Authority have the power to sell, lease, assign, mortgage, pledge or otherwise dispose of or encumber, any real property without the approval of the Legislature; (7) to acquire through condemnation real property and any other property or rights necessary for carrying out the purposes of the Authority when the approval of the Governor and the Legis- lature has been obtained prior to bringing any action for con- demnation ; 393 Act No. 2375 VIRGIN ISLANDS SESSION LAWS 1968 (8) to borrow money, make and issue bonds of the Authority for any of its corporate purposes, and to give security therefor as provided for in subchapter III of this chapter ; (9) to make and issue bonds for the purpose of funding, re- funding, purchasing, paying, or discharging any of the outstand- ing bonds or obligations issued or assumed by it; (10) to accept grants or loans from, and enter into contracts, leases, agreements, or other transactions with, any Federal agency, the Government of the Virgin Islands, or political subdivisions thereof, and to expend the proceeds of any such grants or loans for any of its corporate purposes ; (11) to invest funds in United States obligations or other ge- curities approved for investment for the Government of the Virgin Islands; (12) to determine, fix, alter, charge, and collect reasonable rates, fees, rentals and other charges for the use of the facilities of the Authority, or other services or commodities rendered or furnished by it, which shall be at least sufficient, together with all other available moneys, revenues, income, appropriations, and receipts of the Authority from all sources, for the payment of the expenses of the Authority incurred in the conservation, develop- ment, improvement, extension, repair, maintenance, use and operation of its facilities and properties, for the payment of the principal of and the interest on its bonds and for fulfilling the terms and provisions of such covenants as may be made with, or for the benefit of, the purchasers or holders of any bonds of the Authority; Provided, That in fixing rates, fees, rentals, and 1968 FIFTEENTH SPECIAL SESSION Act No. 2375 deems the immediate effectiveness thereof to be necessary, then within a reasonable time after such changes are made, a public hearing shall be held with respect thereto before the Board or before such hearing officer or officers as the Board may designate to give interested persons an opportunity to advise the Board of their views and of evidence in support thereof, and upon such hearing the Board, pursuant to the powers, duties, and obligations vested in it by this chapter, may alter, suspend, or revoke such changes; . (18) to have complete control and supervision of facilities and properties constructed or acquired by it, including the power to determine the character of and necessity for all expenditures and the manner in which they shall be incurred, allowed and paid, and such determinations shall be final and conclusive for all purposes ; (14) to prepare, or cause to be prepared, plans, designs, speci- fications and estimates of costs for the acquisition, construction, reconstruction, extension, improvement, enlargement or repair of any facility, and from time to time to modify such plans, designs, specifications and estimates; (15) to acquire in accordance with subsection (6) hereof, pro- duce, impound, develop, treat, hold, use, transmit, distribute, sup- ply, exchange, sell, rent and otherwise dispose of equipment, and/or such other things, supplies and services as the Authority shall deem necessary, proper, incidental, or desirable in connection with its activities under this chapter; (16) to construct or reconstruct any facility, and any additions, improvements and extensions thereto, by contract or contracts and/or under, through, or by means of its officers, agents, and other charges, the Authority shall have in view the encouragement of the widest economically possible diversified use of its facilities consistent with sound fiscal management; and in this connection it is the intention of the Legislature that in fixing such rates, fees, rentals and other rges._the Authority shall take into account the respective expenses, as hereinbefore enumerated in this subparagraph, for the operations of its facilities; Provided, further, That initially, the rates, fees, rentals and other charges for the use of the facilities transferred hereunder existing and in force and effect on the effective date of this chapter shall continue in force and effect and that, thereafter, before changes in the general rate structure for the use of its facilities are made, or, in cases where the Board shall decide to make such changes and 394 employees ; ‘ (17) to do all acts or things necessary or desirable to carry out the powers granted to it by this chapter or by any other Act of the Legislature of the Virgin Islands; (18) to participate in the programs of any Federal agencies in the fields of its authorized activities and, consistent with this chapter, to do any and all things necessary to secure participation in such programs and the cooperation of such agencies in achieving the policies and purposes of this chapter. 395 Act No. 2375 VIRGIN ISLANDS SESSION LAWS 1968 Subchapter III. Bonds of the Authority § 506. Authorization of issuance; security, tax exemption; terms and conditions; ete. (a) By authority of the Government of the Virgin Islands under section 8(b) (i) of the Revised Organic Act of the Virgin Islands, as amended, which is hereby granted, the Authority may issue and sell bonds from time to time and have outstanding at any one time, exclusive of bonds issued solely for the purpose of exchanging the same in return for the cancellation of bonds either issued by the Authority or assumed by it, bonds not in excess of sixty-five million dollars, in aggregate principal amount, in addition to all sums that the Legislature of the Virgin Islands has authorized or may author- ize separately for particular purposes; Provided, however, That re- funding bonds of the Authority issued solely for the purpose of ap- plying the proceeds thereof to the payment for, or purchase of, bonds issued by the Authority or assumed by it, shall not be in- cluded in computing any such limitation until six (6) months after their sale; Provided, further, That of the total amount of bonds which may be outstanding at any one time hereunder, not less than thirty million dollars shall be available exclusively for facili 1968 FIFTEENTH SPECIAL SESSION Act No. 2375 immediately be subject to the lien of such pledge without any phys- ical delivery thereof or further act; and that the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contracts or otherwise against the Authority irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded. (c) In accordance with section 8(b) of the Revised Organic Act of the Virgin Islands, as amended, the bonds of the Authority shall be exempt as to principal and interest from taxation by the Govern- ment of the United States, or by the Government of the Virgin Is- lands, or by any state, territory, or possession, or by any political subdivision of any state, territory or possession, or by the District of Columbia. (d) Bonds of the Authority shall be authorized by resolution or resolutions of the Board, and shall cémply with all pertinent pro- visions of the Revised Organic Act of the Virgin Islands, as amended, or such other provisions of applicable Federal law as may be in effect at the time. Except as otherwise provided for by said Act or other Federal law, and all laws of the Virgin Islands, bonds of the Authority may be issued in one or more series and shall ties on the Island of St. Thomas, not less than thirty million dollars shall be available exclusively for facilities on the Island of St. Croix, and not less than five million dollars shall be available exclusively for facilities on the Island of St. John; and Still Further Provided, That before any facility shall be financed by the issuance of bonds hereunder such facility shall be authorized by Act of the Legislature. ne pce bear such date or dates, mature in such amounts and at such time or times, bear interest at such rate or rates not exceeding 6 per centum per annum, payable semi-annually, be in such denomina- tion or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed by such members or officers in such manner, be payable in such medium of payment, at such place or places (b) Payment of the bonds of the Authority may be secured by a pledge of or lien on all or any part of its properties, contracts, gross or net rates, fees, revenues, other income or bond proceeds to which the rights of the Authority then exist or may thereafter come into existence, or by pledge of or lien on any loan, grant, or contribution, or parts thereof, from any Federal agency, the Gov- ernment of the Virgin Islands or any other source. It is the in- tention hereof that any pledge of revenues or other monies, or of a revenue-producing contract or contracts made by the Authority shall be valid and binding from the time when the pledge is made; that the revenues, or other monies or proceeds of any contract or contracts so pledged and thereafter received by the Authority shall 396 may be declared or become due at such time before the maturity date thereof, may be authenticated in such manner and upon com- pliance with such conditions, and may contain such other terms and covenants as such resolutions or its trust indenture may provide. (e) The bonds shall be sold in such manner as permitted by the Revised Organic Act of the Virgin Islands, as amended or other applicable Federal laws or the laws of the Virgin Islands, at such price as the Authority may determine. (f) In case any of the members or officers of the Authority whose signatures appear on any bonds or coupons shall cease to be such members or officers before the delivery of such bonds, 397 Act No. 2375 VIRGIN ISLANDS SESSION LAWS 1968 such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such members or officers had remained in office until such delivery. Any provisions of any law to the con- trary notwithstanding, any bonds, issued by the Authority pur- suant to this chapter shall be negotiable for all purposes, subject only to the provisions of bonds for registration. (g) Neither the members of the Authority nor any person executing the bonds shall be liable personally on the bonds or be subject to any liability by reason of the issuance thereof. (h) In any suit, action or proceeding involving the validity or enforceability of any bond of the Authority or the security there- for, any such bond reciting in substance that it has been issued by the Authority to aid in financing a facility as defined in this chap- ter, shall be conclusively deemed to have been issued for such purpose, and the facility shall be conclusively deemed to have been undertaken, constructed or aquired in accordance with the provisions of this chapter. § 507. Powers of Authority with respect to bonds In any resolution or resolutions authorizing the issuance of bonds, the Authority may contract with the holders of the bonds to under- take and obligate itself of such commitments, as long as the bonds are outstanding and unpaid, as are deemed by the Board to be necessary and appropriate for the protection of the bondholders and the marketability of the bonds, and may specifically in addition to any other provisions— (a) covenant as to the disposition of the entire gross or net revenues and present or future income of the Authority including the pledging of all or any part thereoi to secure pay ¢ bonds and the interest thereon; (b) covenant against making, permitting or suffering any pledge or other lien on all or any part of its receipts, revenues or other income, or real or personal property, to which its right or title then exists or may thereafter come into existence; covenant with respect to limitations on any sale, lease or other disposition of the Authority or any part or parts thereof; and covenant as to what other or additional debts or obligations may be incurred by it; (c) covenant as to the bonds then or thereafter to be issued as to the issuance of such bonds in escrow or otherwise, as to the use and disposition of the proceeds thereof, and as to the limita- 398 1968 FIFTEENTH SPECIAL SESSION Act No. 2375 tions on the issuance of additional bonds ; covenant against extend- ing the time for the payment of its bonds or interest thereon; and covenant for redemption of the bonds and provide for the terms and conditions thereof; (d) covenant as to the rates, fees, rentals, and other charges to be fixed and collected, the amount to be raised each year or other period of time thereby, and as to the use and disposition to be made thereof ; (e) create or authorize the creation of special funds or reserves for moneys held for construction or operating costs, debt service, reserves, or other purposes; and covenant as to the use, disposition and investment of the moneys held in such funds; | (f) covenant as to the use, maintenance and replacement of any or all of its real or personal property, the amount and kind of insurance to be carried thereon and the use and disposition of in- surance moneys; (g) prescribe the procedure, if any, by which the terms of the bonds, resolution, or any other contract with the bondholders may be modified, the amount of bonds, the holders of which must con- sent thereto, and the manner in which such consent may be given; (h) covenant as to and prescribe the events of default and terms and conditions upon which any or all of its bonds shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its tonsequences may be waived; (i) covenant as to the rights, liabilities, powers and duties arising upon the nonperformance by the Authority or any of its covenants, conditions, or obligations, including the right and reme- fied in this chapter; (j) vest in a trustee or trustees the right to enforce the payment of the bonds or any covenants securing or relating to the bonds and the right, in the event of a default by the Authority, to take possession of and use, operate and manage the Authority or any part or parts thereof or any funds connected therewith, and to collect the rates, fees, revenues, or other income arising therefrom and to dispose of such moneys in accordance with the agreement of the Authority with the holders of the bonds; provide for the powers and duties of such trustee or trustees which may be a national banking association or a bank or trust company organized W ay VE agai O LO rea Pp 299 Act No. 2375 VIRGIN ISLANDS SESSION LAWS FIFTEENTH SPECIAL SESSION Act No. 2378 Section 4. All laws or parts of laws inconsistent or in co with any provisions of this Act are, to the extent of such inco tency or conflict, repealed. Section 5. This Act shall become effective immediately excep that the provisions of sections 1 and 3 shall become effective such date as shall be fixed by the Legislature by law afte approval of the creation of the Virgin Islands Port Authority by Secretary of the Interior pursuant to section 16(a) of the Revi: Organic Act of the Virgin Islands, as amended, is received. (BILL 3865) No. 2377 (Approved January 10, 1969) - To Further Amend the Composition of the Virgin Islands Law Enforcement Commission. Beit enacted by the Legislature of the Virgin Islands: Section 1. Section 2, Title 3 of the Virgin Islands Code is amend- d by changing subsection (c) (1) thereof, to read as follows: Approved December 24, 1968. “(c) The Board shall be composed of nineteen members as “(1) as ex officio members, the Attorney General of the Vir- gin Islands, who shall also serve as Chairman of the Board, the Commissioner of Public Safety, the Commissioner of Social Wel- are, the Commissioner of Education, the Presiding Judge of the lunicipal Court, the Chairman of the Virgin Islands Parole Board, he Executive Secretary of the Virgin Islands Commission on luman Resources, the Director of the Division of Special Projects ithin the Office of the Governor, established by 3 V.I.C. § 22, the xecutive Secretary of the Virgin Islands Commission on Youth, he Chief Probation Officer of the Virgin Islands (or the designee f any of the foregoing when such designation is approved by the overnor), and the respective Chairmen of the &t. Croix, ¢. Thomas and St. John Citizens Advisory Committees on Law orcement, and the persons elected by the highest number of (BILL 3864) No. 2376 (Approved January 8, 1969) To Authorize the Participation of the Virgin Islands of the U States in the Inauguration of President Richard M. N ixon, Make an Appropriation Therefor, and for Other Purpose Be it enacted by the Legislature of the Virgin Islands: Section 1. The Governor of the Virgin Islands and the Preside of the Legislature are hereby authorized to arrange for approp representation and participation of the Virgin Islands in th ~ to the Board of Education in St. Croix, St. John and t. Thomas, respectively, at the most recently conducted election; nd”. Approved January 10, 1969. ~~guration of President Richard M. Nixon on January 20, 1969.— Section 2. There is hereby appropriated out of the General Ft in the Treasury of the Virgin Islands, fiscal year July 1, 196 June 30, 1969, the sum of $17,000 for personal services, travel transportation, and all other expenses, including the constructio of an appropriate float, which sum shall be available to the Legi lature for payment of all necessary expenses to carry out the pro- visions of this Act. (BILL 3873) No. 2378 (Approved January 10, 1969) To Amend Act No. 2225 (Bill No. 3662), Seventh Legislature, Highth Special Session 1968, Relating to the Designation and Redesignation by Name of Public Facilities in the Virgin Islands. 411 Approved January 8, 1969. 410, ~~ ss Se Tt eee Pee ir a i Act No. 3056 VIRGIN ISLANDS SESSION LAWS 1971 council shall insofar as possible be geographical. No member of the council shall be a licensee under this chapter. The council shall organize, elect a chairman and thereafter meet upon call of the chairman through the Commissioner. The council shall counsel and advise with the Commissioner and make recommendations relative to the operation and regulation of the industry. Such advisory coun- cil members as are appointed by the Commissioner shall serve without pay; however, Government per diem and travel allowances may be claimed for attendance at arian called meetings of the council as provided. § 1324. Attorney General; enforcement The Attorney General shall be attorney for the Commissioner in the enforcement of this chapter and shall conduct any investiga- tions incidental to its enforcement. § 13825. Waiver of experience requirements The Commissioner shall waive the experience requirements spec- ified in section 1304 of this chapter in the case of any applicant for a license under this chapter if the applicant meets the other requirements of this chapter and if the applicant is conducting a private investigative agency or a watchman, guard or patrol agency on the effective date of this chapter. Section 2, The Act shall be effective August 1, 1971. Approved May 28, 1971. (BILL 5055) No. 3057 (Approved May 28, 1971) To Amend Title 29, Chapter 10, Relating to the Virgin Islands Port Authority. Be it enacted by the Legislature of the Virgin Islands: Section 1. Subsection (a) of section 541 of Title 29 is amended by striking out the phrase ‘“‘The Governor of the Virgin Islands and the Director of the Budget” and substituting therefor the follow- ing phrase: 214 a re = els = Wii 1971 REGULAR SESSION Act No, 3057 “Any two members of his cabinet designated by the Governor”. Section 2. Subsection (b) of section 541 of Title 29, Virgin Islands Code, is amended to read as follows: (b) The term of office of each member shall be three years and each shall be eligible for reappointment. Any person appointed to fill a vacancy occurring prior to the expiration of the term for which a predecessor was appointed shall be appointed only for the remainder of such term. Section 3. Subsection (c) of section 541 of Title 29, Virgin Islands Code, is amended to read as follows: (c) Of the said seven persons, three shall be residents of the Island of St. Thomas, three shall be residents of the Island of St. Croix, and one shall be a resident of the Island of St. John. Section 4. Subsection (c) of section 542 of Title 29, Virgin Islands Code, is amended to read as follows: (c) The Board shall appoint in addition to the Executive Direc- tor of the Authority, such other officers, agents, or employees, permanent or temporary, and by contract or otherwise may employ such consulting engineers, superintendents, managers, fiscal, legal and other technical experts, as it may deem necessary and shall determine their qualifications, duties, tenure and compensation. The bylaws of the Authority may provide for the delegation to its Executive Director or its other officers, agent or employees of such of the powers and duties of the Authority as the Board may deem proper. Section 5. The first sentence of section 543 of Title 29, Virgin Islands Code, as far as the first semicolon, is hereby amended to read as follows: The purposes of the Authority shall be to establish, acquire, construct, develop and improve, own, operate and manage any and all types of air and marine terminals; Section 6. The sentence at the end of subparagraph (6) of sec- tion 543 of Title 29, Virgin Islands Code, is amended to read as follows: In no case shall the Authority have the power to sell, lease, assign, mortgage, pledge or otherwise dispose of or encumber any real property without the approval of the Legislature (of the Commit- tee of the Whole of the Legislature when the Legislature is not in session), and the Governor; Provided, however, That leases for a term of one year or less shall not require such approval; & 215 Act No. 3057 VIRGIN ISLANDS SESSION LAWS 1971 Section 7. Subsection (a) of section 551 of Title 29 is amended by deleting therefrom the following provision: Provided, further, That of the total amount of bonds which may be outstanding at any one time hereunder, not less than thirty million dollars shall be available exclusively for facilities on the Island of St. Thomas, not less than thirty million dollars shall be available exclusively for facilities on the Island of St. Croix, and not less than five million dollars shall be available exclusively for facilities on the Island of St. John; Section 8. Section 561 of Title 29, Virgin Islands Code, is hereby amended by the deletion of subsection (b) thereof. Section 9. Subsection (c) of section 561 of Title 29 of the Vir- gin Islands Code, is amended by adding the following at the end thereof: Any of the real property which was transferred to the Authority pursuant to paragraph (a) of section 3 of Act No. 2875 (approved December 24, 1968) which does not constitute facilities related to the airport and/or marine activities of the Authority shall be retransferred to the Government of the Virgin Islands. Such trans- fer shall be effective as of July 1, 1971, and shall be evidenced by appropriate deeds of conveyance or other legal] instruments. Section 10. Section 576 of Title 29 of the Virgin Islands Code, is hereby repealed. Section 11. All activities of the Authority, its properties and personnel, other than that involving Marine and Aviation, and including housing units, beaches, real property leases, fire fighting units shall be transferred to the Government of the Virgin Islands effective July 1, 1971, provided that in the transferral of personnel employees currently holding positions with the Port Authority shall be given preference in appointments to the extent that such jobs are retained by the Government of the Virgin Islands. Section 12. Land in eastern St. Thomas which has been acquired for the development of a new airport shall not be used for any other purpose without the prior approval of the Governor and the Legislature of the Virgin Islands. Section 13. It is hereby declared that none of the foregoing amendments, separately or collectively, is intended to affect in any way ‘any obligation of the Authority arising out of its issuance of bonds, or any other evidence of indebtedness, or any contract, £216 1971 REGULAR SESSION Act No, 3058 lease or other obligation heretofore entered into by the Authority or its predecessors. - Section 14, There is hereby appropriated to the Virgin Islands Port Authority the sum of $700,000 out of any available funds in the Treasury of the Virgin Islands for fiscal year ending June 30, 1971, to remain available until expended. Approved May 28, 1971. (BILL 5069) No. 3058 (Approved May 28, 1971) To Amend Title 18 of the Virgin Islands Code, Pertaining to Elections; To Lower the Voting Age and Remove Literacy Requirements for Electors; and Provide Additional Opportunities for the Registration of Electors. Be it enacted by the Legislature of the Virgin Islands: Section 1. Section 261 of chapter 13 of Title 18, Virgin Islands Code, is hereby amended to read as follows: “Except as provided in this chapter, every resident of the Virgin Islands, who is a citizen of the United States and is 18 years of age or over, has the right to franchise, and shal] be entitled to vote at all elections if he or she has complied with the provisions of this title requiring and regulating the registration of its electors.” Section 2. Sections 1 and 4 of Act No. 2887 (Bill No. 4663), Eighth Legislature of the Virgin Islands, Regular Session 1970, are hereby repealed. Section 3. Subsections (d) and (e) of section 100 of chapter 5 of Title 18, Virgin Islands Code, are redesignated as subsec- tions (e) and (f), respectively, and a new subsection (d) is added to said section 100 to read as follows: “(d) If the applicant for registration shall allege inability to sign his name, then he shall be required to present affidavits, sub- scribed in person before a member of the board or the clerk, of two electors who are personally acquainted with the applicant and who know his qualifications as an elector. Each of said two electors shall state in his affidavit the applicant’s residence, his own resi- dence, his knowledge of the statement made by the applicant he * 217