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Trustees. The Recippient hereby elects that title to the project site shag be vested in INDIRN RIVER COUNTY [Note: Insert either the name of Recipient or Board of Trustees of Internal improvement Trust Fund] If the Recipient elects that title shall vest in the Trustees, then all acquisition activities shall be administered by the Division of State Lands as specified in Section 253.025, F.S., and Rule 18-1, F.A.C. 3. The transfer of title to the Recipient for the project site shall not occur until the requirements for the acquisition of lairds, as specified in Section 380.507(l 1). F.S., and Rule Chapter 9K-6, F.A.C., have been fully complied with by the Recipient and FCT. 4. Any deed whereby the Recipient acquires title to the project site shall contain or be subject to such covenants and restrictions as are, at a minimum, sufficient to ensure that the use of the project site at all times complies with Section 375.045 and 375.051, F.S.; Section 9, Article XII of the State Constitution; the applicable bond indenture under which the Bonds were issued; and any provision of the Internal Revenue Code or the regulations promulgated thereunder that pertain to tax exempt bonds and shall contain clauses providing for the conveyance of title to the project site in the Board of Trustees of the Internal Improvement Trust Fund upon failure to use the project site conveyed thereby for such purposes. Such covenants and restrictions as are described in this paragraph shall be in the form of a Grant Award Agreement, prepared by FCT, executed by the parties to the Conceptual Approval Agreement and recorded at the time of closing of the project site. The recordable Grant Award Agreement shall restate the conditions that were placed on the project site at the time of project selection and initial grant approval. All statements contained in the recordable Grant Award Agreement are contained in this Conceptual Approval Agreement, with the exception of statements that do not survive the real estate closing of the project site. 5. 1The Grant Award Agreement containing such covenants and restrictions as referenced in paragraph 4 above and describing the real property subject to the Agreement shall be executed by the FCT and Recipient at the time of the conveyance of the project site and shall be recorded in the county in which the project site is located. 6. If any essential term or condition of the Grant Award Agreement is violated, and the Recipient does not correct the violation within 30 days of written notice of violation, title to all interest in the project site shall be conveyed to the Board of Trustees of the Internal Improvement Trust Fund. The dead transferring title to the project site to the Recipient shall set forth the executory interest of the Board of Trustees of the Internal Improvement Trust Fund. 7. The interest acquired by the Recipient in the project site shall not serve as security for any debt of the Recipient. 8. If the existence of the Recipient terminates for any reason, title to all interest in real property it has acquired with the PCT award shall be conveyed or revert to the Board of Contingent/Joint Acquishion/99-074-P9A 11/3011999 FINAL 10