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REVISED CONSERVATION EASEMENT <br />(Wait Disney World Hospitality & Recreation Corporation Parcel B Only) <br />-y <br />a <br />This Grant of Conservation Easement is made this �_ day of, 2006, by and between <br />WALT DISNEY WORLD HOSPITALITY & RECREATION CORPORATION, 1375 Buena Vista Drive, Lake <br />Buena Vista, Florida 32830 (hereinafter referred to as "Grantor"), and INDIAN RIVER COUNTY, a political <br />subdivision of the State of Florida and BOARD OF TRUSTEES OF THE INTERNAL IMPROVEMENT <br />TRUST FUND OF THE STATE OF FLORIDA ("BOARD OF TRUSTEES") (hereinafter referred to as <br />"Grantees"): <br />WITNESSETH <br />WHEREAS; subject to an estate in Disney Vacation Development, Inc. for a term of years ending on <br />January 31, 2042, Grantor is the fee simple owner of certain real property situated in Indian River County, <br />Florida, which is currently undergoing development for residential resort use; and <br />WHEREAS, the establishment of a Conservation Easement is required by Indian River County Code <br />Section 929.05 with respect to nativeplant communities which occur on-site, and by FDEP Permit IR -457 with <br />respect to the beach/dune system; and <br />WHEREAS, the Conservation Easement described above was established and recorded at OR Book <br />1039; Page 2590, Public Records of Indian River County, Florida, on November 17, 1994, on Parcels A and B <br />as described therein (the "Original Conservation Easement); and <br />WHEREAS, the design of the development for Parcel B has been modified from that originally <br />contemplated in 1994, and the Grantor and Grantees agree that it will be of mutual benefit to revise the Original <br />conservation Easement by deleting Parcel B in its entirety from the Original Conservation Easement and, in lieu <br />and in place thereof, enter into this Revised Conservation Easement with respect to Parcel B only; and <br />WHEREAS, Grantor desires to preserve the Property in its natural condition in perpetuity; <br />NOW, THEREFORE, in consideration of the above and the mutual covenants, terms, conditions and <br />restrictions contained herein, and pursuant to the provisions of section 704,06, Florida Statutes, Grantor hereby <br />voluntarily grants and conveys to Grantees aconservation easement in perpetuity over the Property of the nature <br />