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Project Name : Padgett Creek LLC Conservation Easement DEED OF CONSERVATION EASEMENT THIS GRANT OF CONSERVATION EASEMENT is made this day, by PADGETT CREEK LLC, whose address is c/o Ray Smith , 4776 Old Dixie Highway, Vero Beach , Florida 32967 ("Grantor") , in favor of INDIAN RIVER COUNTY, a political subdivision of the State of Florida , c/o Community Development Department, 1801 27th Street, Vero Beach , Florida 32960 ("Grantee"). The terms "Grantor" and "Grantee " shall include the singular and the plural, and the heirs, successors and assigns of Grantor and Grantee, and the provisions of this easement shall be binding upon and inure to the benefit of Grantor, Grantee and their heirs, successors and assigns. RECITALS A. Grantor is the sole owner in fee simple of certain real property in Indian River County, Florida , more particularly described in Exhibit A attached hereto and incorporated by reference ( hereinafter, the 'Property") . B . Grantor and the Grantee mutually recognize the special character of the Property and have the common purpose of conserving certain values and character of the Property by conveyance to the Grantee of a perpetual conservation easement on , under, over, and across the Property, to conserve the character of the Property, continue certain farming , ranching and low density residential uses existing at the time of this conservation easement and identified in the baseline documentation or as reserved by Grantor herein that that do not significantly impair the character of the Property, and prohibit certain further development activity on the Property. C . The specific conservation values of the Property are documented in the "Baseline Inventory Report for the Padgett Creek, LLC Conservation Easement Tract in Indian River County, Florida", dated ('Baseline Documentation "), which consists of reports , maps, photographs, and other documentation that the parties agree provide, collectively, an accurate representation of the Property at the time of this grant, and which is intended to serve as an objective information baseline for monitoring compliance with the terms of this grant. The Baseline Documentation is maintained in the offices of the Indian River County Community Development Department and is incorporated by this reference. A copy of the Baseline Documentation will be provided to Grantor at closing and will be available from Grantee on request. Exhibit "B" is a copy of a map of the Property as contained within the Baseline Documentation .