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AGREEMENT RE MAINTENANCE - GRAND HARBOR ESTUARY SYSTEM f7- ;5 -'HIS AGREEMENT entered into this 6th day of January 19 87 �, by and between GRAND HARBOR, INC., a Florida corporation and GRAND HARBOR PROPERTY OWNER'S ASSOCIATION, INC., a Florida corporation, (hereinafter "OTrmers") and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (hereinafter "County"). WHEREAS, GRAND HARBOR, INC., is the owner and developer of a Development of Regional Impact known as GRAND HARBOR, which development is subject to a Development Order entered by County on October 23, 1985, being Resolution 85-128; and WHEREAS, on October 20, 1986, the Indian River County Board of County Commissioners granted Conceptual Planned Residential Development Plan Approval to GRAND HARBOR, INC., and, at the same meeting, granted approval of the Estuarine Plan in accordance with Condition Number 8 of the Development Order; said approval of the Estuarine Plan was subject to conditions, amongst which was the requirement that GRAND HARBOR, INC. submit an Operation Plan for future maintenance of the estuarine waterway and rotary ditch system. WHEREAS, said Operation Plan has been submitted by GRAND HARBOR, INC., and is attached hereto as Exhibit A; and WHEREAS, the purpose of this Agreement is to have all parties acknowledge the existence of said Operation Plan and their relative obligations thereunder and to provide further assurances to County that said obligations will be met in a timely manner by Owners. FOR AND IN CONSIDERATION OF THE COVENANTS EXPRESSED HEREIN, THE PARTIES AGREE AS FOLLOWS: 1. MANAGEMENT PLAN: County acknowledges the submission of the Operation Plan attached hereto as Exhibit A. 2. OBLIGATION_ TO MAINTAIN: Owners, jointly and severally, agree that as maintenance of the estuary system becomes necessary, that said maintenance shall be performed in a timely manner by them at no expense to County, all in accordance with the Operation Plan. 3. FAILURE BY OWNERS: Should County determine that maintenance contemplated by the Operation Plan is required, but said maintenance is not being performed by Owners in a timely manner, then County shall give written notice to Owners (certified mail, return --receipt requested) specifying the nature of the maintenance to be performed and specifying a time (not less than 10 days) within whi^.h the Owners must perform such maintenance work or other activity. Should Owners fail to perform such work or other act.:4.vity within said time limit, then the County shall have the right to undertake such maintenance work or other activity, and the cost of same shall be chargeable to Owners. 4. BUDGET: The GRAND HARBOR PROPERTY OWNERS ASSOCIATION, INC., agrees that it shall prepare an Annual Budget, which, when adopted, shall provide for sufficient assessments to fund annual maintenance activities as may be reasonably anticipated, and to fund reserves for such extraordinary maintenance as may be reasonably anticipated.