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3 t � 06 RIGHT-OF-WAY AGREEMENT BETWEEN 0-0 D " U d J� INDIAN RIVER COUNTY, FLORIDA AND CRF PANTHER Il, LLC . FOR CR512 IMPROVEMENTS, SITE ACCESS, STORMWATER MANAGEMENT AND RIGHT-OF-WAY ACQUISITION THIS AGREEMENT, entered this 14th day of March , 2006, by and between INDIAN RIVER COUNTY, FLORIDA apolitical subdivision of the State of Florida, 1840 25t" Street, Vero Beach, Florida, 32960 hereafter called COUNTY and CRF Panther II, LLC, a Florida limited liability company, 500 South Florida Avenue, Suite 700, Lakeland, Florida 33801 , hereafter referred to as the DEVELOPER. WITNESSETH WHEREAS , the DEVELOPER has plans to develop a commercial development on approximately 13 . 5 acres (as described in the attached Exhibit "A" and incorporated herein by reference, and which shall hereinafter be referred to as the "Commercial Development") and has sold approximately 42 .47 acres of the original parent parcel for residential development. The Commercial Development and Residential Property, which constitutes the original parent parcel of approximately 55 .97 acres, may hereinafter be referred to as the "Property. " All of the Property has been annexed into the City of Sebastian; and WHEREAS , the COUNTY and DEVELOPER share mutual concerns with respect to right- of-way acquisition, driveway access, drainage, roadway improvements for CR512 for the Property; and WHEREAS, the County is currently planning to improve and expand CR 512 along the Property; and WHEREAS, both the COUNTY and DEVELOPER can mutuallybenefit from a joint effort that will provide for right-of-way acquisition, driveway access, drainage and improvements to CR512 . NOW, THEREFORE, in consideration of the mutual tenns, conditions, promises, covenants and premises hereinafter, the COUNTY and DEVELOPER agree as follows : 1 . The above recitals are affinned as being true and correct and are thereby incorporated herein. 1 1:\CENTURY\$ebastian\Indian River CountyTevelopment Agreement TC 030606.doc