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40 <br />0 <br />WHEREAS, the Bonds were issued as tax-exempt bonds, meaning <br />� <br />that the interest on the Bonds is excluded from the gross income of <br />Bondholders for federal income tax purposes; <br />� <br />^ woDaoAa, Rule pu'«.ozn(o) (e)' r.x.c., authorizes rcT to impose <br />� <br />conditions for funding on those pCT applicants whose projects have <br />been selected for funding in accordance with Rule chapter 9K-4, <br />� <br />F.A.C./ <br />WHEREAS, the nCT has approved the terms under which the <br />Project Site was acquired and the rcT Recipient has acquired title <br />to the Project Site and the Project Site shall be aobjnoc to such <br />covenants and restrictions as are sufficient to ensure that the use <br />of the Project Site at all times complies with Section 375.051, <br />Florida Statutes and Section y, Article ozz of the State <br />Constitution and such covenants and restrictions shall contain <br />clauses providing for the 000vcyoocc of title to the Project Site <br />to the Board of Trustees of the Internal Improvement Trust Fund <br />upon the failure of the rCT Recipient to use the Project Site <br />acquired thereby for such purposes; and <br />WaoaouS, such covenants and oaatciotivuo shall be imposed by <br />an agreement which shall describe with particularity the zeal <br />property which is subject to the agreement and shall be recorded in <br />the county in which the real property is located; and <br />waonoaa' the purpose of this Agreement is to set forth the <br />covenants and restrictions that are imposed on the Project site <br />subsequent to its acquisition with nor Preservation znon Bond <br />Proceeds. <br />NOW rummEroos, in consideration of the mutual covenants and <br />undertakings set forth herein, and other good and valuable <br />000sideraxioo, the receipt and sufficiency of which is hereby <br />acknowledged, Fcrand nCr Recipient do hereby contract and agree as <br />follows: <br />I. oomoauL oomozrzomo. <br />z. Upon execution and delivery by the parties hereto, the <br />Fcc Recipient shall cause this Agreement to be recorded and filed <br />in the official public coonrda of Indian River County, Florida, and <br />in such manner and in such other places as pcT may reasonably <br />request, and shall pay all fees and charges incurred in connection <br />therewith. <br />GxA\98-057-paA <br />August su' 1999 <br />