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I <br />JUL 141982 - �o 50 ;: <br />•3. The PROJECT SPONSOR will construct, or cause to be <br />constructed, certain recreational facilities upon such real pro- <br />perty described in Exhibit "A" which facilities shall be designed <br />and constructed in accordance with the project elements described <br />herein substantially in accordance with project plans as shown <br />and described in Exhibit "B" attached. The following shall be <br />considered the project elements: <br />i <br />Access road and parking, dune walkways, restrooms, <br />observation shelters, picnic shelters,_lifeguard <br />stands, utilities related site improvements. <br />4. The PROJECT SPONSOR agrees to operate and maintain the <br />project, to the DEPARTMENT',S satisfaction, for a minimum period <br />of twenty-five (25) years from the date of project completion <br />specified in paragraph 7 of this agreement and will pay all such <br />expenses as a PROJECT SPONSOR expense. The project shall be open <br />for public use at reasonable hours and times of the year; shall <br />be maintained so as to appear attractive and invitingto•the <br />public; shall be maintained in accordance with applicable health <br />standards and shall be kept reasonably safe for public use. Pro- <br />ject facilities and improvements shall be kept in reasonable re- <br />pair to prevent undue deterioration and to encourage public use. <br />The PROJECT SPONSOR convenants that it has full legal authority <br />and financial ability to operate and maintain said facilities. <br />5. The DEPARTMENT shall pay, on a reimbursement basis, to <br />the PROJECT SPONSOR 66 2/3Percent of the eligible costs for the <br />development of the project or $ 185,000.00 whichever is <br />less. These funds may be released in no more than three (3) in- <br />stallments, at the discretion of the DEPARTMENT, upon the request <br />of the PROJECT SPONSOR'S duly authorized agent, whose name and <br />title shall be submitted to the DEPARTMENT prior to commencebent <br />of the project. The DEPARTMENT shall retain $ 18,500.00 <br />until completion of the project and until the required project <br />termination documentation has been received by the DEPARTMENT <br />2 of 6 - <br />Form 42-058 _ <br />