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WHEREAS, the parties desire to enter into this Agreement relating to the annexation of the Real Property in order to achieve the Development of the Real Property permitted under Article III of this Agreement and all in the promotion of the public health, safety, welfare, economic order, and aesthetics of the City; and WHEREAS, this Agreement has been found to be consistent -with the City's Comprehensive Plan and amendments pending adoption thereto; and WHEREAS, on December 14, 2022, the City Council of the City of Sebastian adopted Ordinance No. 0-22-07 approving this Agreement and directing the City Manager to execute this Agreement as provided in Section 3.04(g) of the Charter of the City of Sebastian; and WHEREAS, it is the intent of the parties hereto to Develop the Real Property based on the terms of this Agreement; and WHEREAS, all parties hereto have, without duress, voluntarily entered into this Agreement. NOW, THEREFORE, in consideration of TEN and 00/100 Dollars ($10.00) and certain other valuable considerations, each to the other paid in hand, the sufficiency and receipt all of which be and the same is hereby acknowledged, the parties desiring to be legally bound hereby agree as follows: ARTICLE I RECITALS; DEFINITIONS Section 1.1. Recitals; Properties Sublect to Agreement. The Real Property shall be held, transferred, sold, conveyed, occupied, annexed, and Developed subject to this Agreement. Each and all of the foregoing recitals (the "WHEREAS" clauses above) are hereby declared to be true and correct and are incorporated herein. Section 1.2. Definitions. In this Agreement, unless the context otherwise indicates, the terms set forth below are defined as follows: (a) "Affordable Housing" as defined by the Federal Department of Housing and Urban Development (HUD) and Chapter 420, Florida Statutes, means that monthly rents or monthly mortgage payments including taxes, insurance, and Utilities do not exceed 30 percent of the amount which represents the percentage of the median adjusted gross annual income for the households. (b) "Agreement" means and refers to this Annexation Agreement and as the same may be amended from time to time. (c) "City" means and refers to the City of Sebastian, a Florida Municipal Corporation. (d) "Commercial Use" means the portions of the Real Property intended to be Developed with professional Office or retail Commercial Development. There may be one or more Commercial Parcels which are predominantly connected with the sale, rental and distribution of products, or performance of services. (e) "Compatibility" or "Compatible" is defined as the characteristics of different uses or activities or design which allow them to be located near or adjacent to each other. Some elements affecting compatibility include the following: height; scale; mass and bulk of structures; pedestrian or vehicular traffic, circulation, access and parking impacts; landscaping; lighting; noise; odor; and architectural style. Sebastian/Annexation 15.Agt Final Draft Clean 01/19/2023 9of71 286