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5. Creation of Beach Easement. Florida Tech agrees to execute and deliver to County, simultaneous with the execution of this Agreement, a Beach Easement creating a perpetual, non-exclusive easement for recreational and related purposes over, upon, across and through the Beach Easement Area described in Exhibit "J", attached hereto and incorporated herein by reference. The Beach Easement shall be in form and content as set forth in Exhibit "K', attached hereto and incorporated herein by reference. Florida Tech covenants and agrees to pay the cost of state documentary stamps and recording fees for the recording of the Beach Easement. 6. Covenants Running With the Land. The rights, agreements, duties, obligations and easements set forth in this Agreement shall run with the land and shall be binding upon and benefit the Owners as herein specified and their successors, assigns, legal representatives and successors-in-title. Any transferee of any portion of the County Parcel or the Florida Tech Parcel shall automatically be deemed, by acceptance of the title to said property, to have assumed all obligations of this Agreement relating thereto to the extent of its interest in said property, and the transferor shall upon the completion of such transfer be relieved of all further liability under this Agreement with respect to the property so conveyed except liability with respect to matters that may have arisen during its period of ownership of the property so conveyed. 7. Modifications. This Agreement may be amended only by a written instrument executed and acknowledged by the owners of all parcels benefiting from and burdened by the easement or easements, or rights or duties related thereto, being modified in any way by such amendment. 8. Attorneys' Fees. In the event of any litigation arising out of this Agreement, the prevailing party shall be entitled to reasonable attorneys' fees and costs (including attorneys' fees incurred at or before the trial level and in any appellate, bankruptcy or administrative proceeding). 9. Venue. The venue of any litigation arising out of the Agreement shall be in Indian River County, Florida. 10. Governing Law. The laws of the State of Florida shall govern this Agreement. Any provisions of this Agreement which shall prove to be invalid, void or illegal shall in no way affect, impair or invalidate any other provisions hereof. 11. Relationship of Parties. No express or implied term, provision or condition of this Agreement, considered without reference to any other or external agreement, shall be deemed to constitute County and Florida Tech as partners or joint venturers. 12. Termination of 1980 Agreement. County and Florida Tech agree that upon the execution and recording of this instrument the 1980 Agreement shall be terminated, void and of no further force of effect. [The remainder of this page is intentionally left blank. Signatures begin on the following page.] -3- 02073544.v2