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This document was prepared by and should be returned to the County Attorney's Office 1801 27th Street Vero Beach, Florida 32960 3120200000612 RECORDED IN THE PUBLIC RECORDS OF JEFFREY R SMITH, CLERK OF COURT INDIAN RIVER COUNTY FL BK: 3266 PG: 2385 Page 1 of 4 1/62020 11:26 AM DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS This Declaration of Covenants, Conditions and Restrictions ("Declaration") is established by INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida, on behalf of itself, its successors, successors -in -title and assigns ("Declarant"). BACKGROUND STATEMENT Indian River County, pursuant to the requirements of Section 125.379 Florida Statutes, prepared a list of County -owned land appropriate for the provision of affordable housing, and on June 4, 2019, following a duly noticed public hearing, adopted Resolution 2019-40, finding that certain County -owned parcels, as set forth therein, were appropriate for the provision of affordable housing. Indian River County is desirous of donating three (3) properties described in the attached Exhibit "A" to Every Dream Has A Price, Inc. ("Grantee"), a non-profit corporation organized exclusively for charitable, religious, literary, scientific, and educational purposes as set forth in section 501(c)(3) of the Internal Revenue Code of 1986, as amended ("Section 501(c)(3) Entity"), and specifically organized for the purpose of building homes and/or rental units for extremely -low-income, very -low-income, and low-income households. Additionally Grantee has submitted its qualifications demonstrating its ability to construct affordable rental units. DECLARATION OF BINDING EFFECT Declarant, as the owner of the properties described in Exhibit "A" to this Declaration, hereby declares that this Declaration shall run with the title to the real property described in Exhibit "A". This Declaration shall govern the development and use of the real property and shall be binding upon the Declarant, Every Dream Has A Price,Inc., future owners, their respective successors, successors -in -title and assigns, and shall run with the land and touch and concern the property and any and all single family or multi -family residential dwelling rental units constructed. The property as improved with the single family or multi -family residential dwelling rental units is herein referenced as the "Property", and any one individual rental unit is herein referenced as a "Rental Property Unit". 1.Use of Property. Each Rental Property Unit shall be used solely for residential rental purposes. The Rental Property Unit may not be used for any non-residential purposes whatsoever, except for home office uses permitted by applicable zoning regulations. 2.Definitions. The following terms as used in this Declaration shall have the meanings given below: 2.1. "Rented" means execution of a Rental Agreement between the Grantee as landlord and the Tenant for one of the Rental Property Units at a Rent that is Affordable. 2.2 "Tenant' means the natural person who has or natural persons who have: (a) Rented the Rental Property Unit to use and occupy as the principal residence of the household; and (b) a household Adjusted Gross Income (as defined herein) that qualifies as Very -Low -Income or Low -Income (as such terms are defined in Florida Statutes section 420.0004). 2.3. "Adjusted for Family Size" means adjusted in a manner which results in an income eligibility level which is lower for households with fewer than four people, or higher for households with more than four people, than the base income eligibility determined as provided in Florida Statutes section 420.0004(1) based upon a formula as established by the United States Department of Housing and Urban Development. 2.4. "Adjusted Gross Income" means all wages, income from assets, regular cash or noncash contributions or gifts from persons outside the household, and such other resources and benefits as may be determined to be income by the United States Department of Housing and Urban Development, Adjusted for Family Size (as defined herein),