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A <br />40 <br />CI <br />If to the Developer: de Guardiola Development, Inc. <br />222 Lakeview Avenue <br />171 Floor <br />West Palm Beach, Florida 33401 <br />Attention: George de Guardiola <br />Phone., (561) 655-1838 <br />Facsimile: (551) 655-5474 <br />Section 12. E f&ct of this Memarandum of Understanding <br />It is recognized by all parties that material terms and conditions remain to be negotiated and agreed <br />upon by the parties prior to the execution and delivery of the final Project Agreements. This Memorandum <br />of Understatmding contains recitals of the initial discussions and agreements setting forth the intent of the <br />parties hereto. The terms and conditions of this Memorandum of Understanding are subject to the final <br />terms and conditions set forth in any written contract evidencing the transactions contemplated herein. Any <br />breach of the terms of this Memorandum of Understanding shall be subject to the provisions of Section 9 <br />hereof, and no parry hereto shall have any claim an any other patty hereto other than as set forth in Section <br />4 hereof. <br />Page 12 of 12 <br />