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AGREEMENT FOR RETURN OF EQUIVALENT RESIDENTIAL UNITS THIS AGREEMENT, entered into as of this 12 t h day of April, 2011 by and between INDIAN RIVER COUNTY, FLORIDA a political subdivision of the State of Florida, 1801 27th Street, Vero Beach, 32960 ("County") and, PELICAN POINTE UMBRELLA ASSOCIATION, INC. , a not for profit master condominium association, 5885 Marina Drive, Sebastian, Florida, 32958 , ("Association") . WITNESSETH WHEREAS , in the 1980s, Pelican Pointe, Corp, a Florida corporation ("Developer") began developing Pelican Pointe Condominiums of Sebastian ("Pelican Pointe") on real property located in Sebastian, Florida. In connection with the development of Pelican Pointe, Developer purchased 123 sewer Equivalent Residential Units ("ERUs") from County in 1991 ; however, Developer only utilized 101 of the 123 ERUs in the actual development of the project; and WHEREAS, Developer was dissolved by the Florida Secretary of State on October 4, 2002 ; and WHEREAS, at some point before or after Developer' s dissolution, Developer turned over the final common elements of Pelican Pointe to Association. Neither County nor Association is aware of any documents in which Developer actually transferred the 22 unused ERUs to Association. Association was not aware of the unused ERUs, never made a decision to purchase or acquire the ERUs, never accepted a transfer of the ERUs from Developer, and never would have accepted a transfer of the ERUs, if Association had been aware of their existence; and WHEREAS, County continued to bill Developer for base facility charges related to the unused ERUs, which Developer did not pay, resulting in liens being placed on the common elements then owned by Association. In 2007 , three of the unused ERUs were redeemed by County in payment of accrued base facility charges . In 2009, County recorded another lien for newly accrued base facility charges, which lien remains unsatisfied as of the date of this agreement; and WHEREAS, none of the remaining real property within Pelican Pointe can ever be developed with additional condominium units, clubhouse structures, etc . , due to environmental, conservation and other factors . Accordingly, there is no possible use for the remaining 19 ERUs in CADocuments and SettingsUackie\Local Settingffemporary Internet Fi1eJ\0LK391Pe1ican Pointe HRU return agreement.doc