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EXHIBIT "B" 1.1. Applicant shall construct and complete, through the receipt of a Certificate of Occupancy, one or more affordable housing rental units on each Lot as permitted by the zoning of each Lot, within three (3) years of the date of the deed of conveyance of the Lots to Applicant. Applicant and County acknowledge and agree that one (1) of the Lots has the capacity to be subdivided into multiple Lots and each such subdivided Lot shall have one (1) single family residence on it and all such subdivided lots are, for all purposes herein, collectively included within the terms Lot and Lots. If a Certificate of Occupancy is not issued for any of the single family residences on any Lot within the referenced 3 year timeframe, the title to any such Lot shall revert to the County unless an extension of the three (3) year time frame is approved by the Indian River County Board of County Commissioners at a regularly scheduled meeting thereof. 3.1. Applicant shall maintain its existence as a not-for-profit corporation under the applicable laws of the State of Florida and its qualification as a Section 501(c)(3) Entity during the term of this Agreement. Applicant acknowledges and agrees that, in the event (a) Applicant loses its status as Section 501(c)(3) Entity; or (b) Applicant dissolves its corporate existence, Applicant shall promptly notify County. If either of the foregoing events occur, prior to rental of any Property, then all right, title and Interest of Applicant in and to the Lots shall automatically terminate and be rendered null and void, and ail right, title and interest in and to the Lots shalt automatically vest in Indian River County, a political subdivision of the State of Florida. If either of the foregoing events occur after rental of any Property Applicant shall transfer title to the Property to another Section 501(c)(3) Entity specifically organized for the purpose of building, rehabbing, and revitalizing homes and/or rental units for very -low-income and low-income households. 9.1. Applicant acknowledges that the County is donating the Lots pursuant to Florida Statutes section 125.379 for the construction of permanent affordable rental housing. Accordingly, the parties acknowledge and agree that the County's remedy for breach of this Agreement by Applicant shall be as follows: (a) Any use of any Lot and/or any Property by Applicant in violation of this Agreement shall result in reversion of the Lot to the County and ,4pplicant shall, immediately upon request of County, execute and record a Quitclaim Deed conveying such Lot to the County; 263