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MEMORANDUM OF UNDERSTANDING BETWEEN THE WATERWAY VILLAGE HOMEOWNERS ASSOCIATION,INC. AND INDIAN RIVER COUNTY,FLORIDA This Memorandum of Understanding (hereinafter "MOU") is made and entered into by and between The Waterway Village Homeowners Association, Inc., a Florida not-for-profit corporation, and Indian River County,Florida,a political subdivision of the State of Florida. Recitals WHEREAS, DiVosta Homes, L.P. ("Developer") is in the process of developing a residential subdivision and Development of Regional Impact known as Waterway Village in Indian River County; and WHEREAS, the Developer, pursuant to a Developer's Agreement, installed enhanced landscaping along Waterway Village's 53rd Street frontage, including landscaping within the County's right-of-way; and WHEREAS,the main entrance to Waterway Village is from 53rd Street; and WHEREAS, the Waterway Village Homeowners Association, Inc. ("Association") desires to maintain the enhanced landscaping within the right-of-way along Waterway's 53`d Street frontage, for aesthetic purposes; and WHEREAS, the County agrees to permit the Association to maintain the enhanced landscaping within the right-of-way along Waterway's 53rd Street frontage; NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration,the Association and County hereby agree as follows: 1. The foregoing recitals are true and incorporated as if fully restated herein. 2. Association agrees to maintain all landscaping materials, fertilization, and irrigation furnished and installed by DiVosta Homes, L.P. along Waterway Village's 53rd Street frontage, including such landscaping in the County's right- of-way, at the Association's own cost and expense. 3. County agrees to permit the Association to perform the work described herein on an as-needed basis as determined by the Association, and County waives any 118