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time frame is approved by the Indian River County Board of County Commissioners at a regularly scheduled meeting thereof. 1.2. With respect to the Lots, Applicant shall, consistent with SHIP program Rule 63-37, Florida Administrative Code ("F.A.C.") verify the income of all original and subsequent applicants/renters and qualify only those applicants/renters whose incomes conform to SHIP approved low-income, very -low-income, or extremely -low-income household criteria. 1.3. The rental amounts for each rental unit to be built on any Lot shall not exceed the maximum rent amount for Indian River County as identified in the most recent Rent Schedule by Number of Bedrooms in Unit published by the Florida Housing Finance Corporation ("FHFC"). 1.4. By April 1 st of each year during the term of this Agreement, Applicant shall submit an annual report to the County Community Development Department indicating progress on utilization of the Lots. Once the rental units/homes are constructed and occupied, the annual report shall provide information as to the name of the tenant renting each unit; the total number of household members occupying the unit; the gross household income per rental unit; and the amount of rent that is charged. 1.5. All appropriate building permits must be obtained for construction of rental housing units on the Lots [each such Lot as improved with the residential rental dwelling herein referenced as "Property"]. County agrees to use its best efforts to expedite the review and permitting of affordable housing rental units being built by Applicant. 1.6. County shall convey each Lot to Applicant by County Deed. Prior to conveyance, County will record covenants running with the land /deed restrictions to ensure that the Lots and each Property are permanently used for affordable rental housing, as such term is defined in Florida Statutes section 420.0004(3). The deed restrictions will also prohibit any Property from being rented: (a) at a rent that causes the household's monthly housing costs to exceed thirty percent (30%) of the annual Adjusted Gross Income for a household that is Extremely - Low -Income, Very -Low -Income, or Low -Income (as such terms are defined in Florida Statutes section 420.0004); or (b) to a renter who is not eligible due to his or her household income exceeding the thresholds set forth in Florida Statutes section 420.0004 for Extremely - Low -Income, Very -Low -Income, or Low -Income (as such terms are defined in Florida Statutes section 420.0004) households. The Applicant acknowledges and agrees that the Lots are, by statute, intended to be used for the construction of permanent affordable rental housing and the deed restrictions may be released only by a written instrument in recordable form, as more specifically set forth in such deed. The Applicant shall pay the costs of: (a) documentary stamps on the deed of conveyance, and (b) recording the deed of conveyance. 1.7. Applicant shall ensure that appropriately licensed persons, as applicable, construct or supervise the construction of the rental housing units built on the Lots. Applicant shall hold County harmless from any claim of lien filed under Chapter 713, Florida Statutes by any contractor, subcontractor or any other person or entity performing work or supplying materials on behalf of Applicant. 1.8. Applicant expressly acknowledges and agrees that: (a) it has inspected the Lots and accepts the same As Is, Where Is in the condition existing as of the Effective Date, together with all defects, latent and patent, if any; (b) County has made no representations or warranties of any nature whatsoever regarding the Lots, including, without limitation, title, the physical conditions of the Lots; any improvements located thereon; the availability of utilities; 2 1 � F:\Community Development\COUNTY OWNED LANDS\20MAGREEMENT BETWEEN IRC AND EDHAP.do�