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1 . Paragraph 8 ( e ) of the Conservation Easement is amended in toto to read <br /> as follows : <br /> 8 . Permitted Uses <br /> (e ) . Single family residential . A total of two ( 2 ) single -family <br /> residences (each , a " Residence " and collectively herein referenced as the <br /> " Residences ") one on five (5 ) acres and the second on six and twenty- six <br /> hundredths (6 . 26 acres may be located on the Property . The Residences <br /> shall be located on a one five ( 5 ) acre parcel and on a one six and twenty-six <br /> hundredths (6 . 26 ) acre parcel described on Exhibits " E " and " E4' and <br /> reflected on Exhibit " C " ( each , a " Residence Parcel " and collectively herein <br /> referenced as the " Residence Parcels " ) . The parties acknowledge and <br /> agree that , with the prior written approval of Grantee , one or both of the <br /> Residence Parcels may be relocated on the Property . In such event , the <br /> Grantor shall prepare and provide to the Grantee a revised legal description <br /> of the relocated Residence Parcel (" Revised Exhibit " E " or Revised Exhibit <br /> " E - V , as applicable ) , and the Revised Exhibit E " or Revised Exhibit " E4 ' , <br /> as applicable , shall be recorded as an allowed amendment to this <br /> Conservation Easement . The parties acknowledge and agree that the <br /> Residence Parcels may be submitted separately at any time to Indian River <br /> County for approval under this Conservation Easement . Each Residence <br /> Parcel is subject to approval by Indian River County in accordance with all <br /> then applicable subdivision requirements for parcels of five (5 ) acres . Each <br /> Residence shall be subject to all then applicable development , building , and <br /> zoning requirements and restrictions . Uses related and accessory to any <br /> Residence may be established , provided such uses comply with all then <br /> applicable development , building , and zoning requirements and restrictions . <br /> Upon the Grantor notifying the Grantee of the decision to build a <br /> Residence , Grantee shall release two ( 2 ) acres of the applicable Residence <br /> Parcel from this Conservation Easement encumbrance without additional <br /> charges or compensation . If required by the Indian River County Property <br /> Appraiser, Grantor shall provide a sketch and legal description of the <br /> applicable released two ( 2 ) acres . Thereafter , a Residence Parcel may be <br /> conveyed by Grantor, with two (2 ) acres released from the Conservation <br /> Easement ( " Released Parcel ") and the remaining three ( 3 ) acres or more , <br /> subject to the Conservation Easement (" Encumbered Parcel ") . The parties <br /> acknowledge and agree that there will be two ( 2 ) Released Parcels and two <br /> ( 2 ) Encumbered Parcels hereunder. The parties intend that a Released <br /> Parcel could be used for the home site with appurtenant structures within <br /> the entire applicable Residence Parcel . A pond can be dug within the area <br /> of an Encumbered Parcel if allowed by applicable Indian River County <br /> Codes in effect at the time application is made . No other single family <br /> residences may be located on the Property other than the Residences <br /> 2 <br />