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40 <br />40 <br />FLORIDA INLAND NAVIGATION DISTRICT <br />PROJECT AGREEMENT <br />PROJECT NO. IR -00-31 <br />This PROJECT AGREEMENT wade and entered into this 24th day of <br />October , 200 Olby and between the Florida Inland Navigation District <br />(hereinafter the "DIS'T'RICT"), and the Indian River Coin (hereinafter the "PROJECT <br />SPONSOR"). <br />in consideration of the inutual promises and covenants contained herein, the <br />parties agree as follows: <br />1. PROJECT - Subject to the provisions of this Agreement and Rule 6613-2 of the <br />Florida Administrative Code (Exhibit "A"), the DISTRICT has deterinined to provide <br />assistance funding to the PROJECT SPONSOR in furtherance of an approved project <br />("PROJECT") consisting of the Jungle Trail Shoreline Stabilization — Phase I. Said <br />project is more specifically described in the PROJECT SPONSOR'S Waterways <br />Assistance Application, which is on file at DISTRICT headquarters. <br />Any modifications to [lie PROJECT sliall require advance notice to and the prior <br />written approval of the DISTRICT. <br />2. TERM - The PROJECT SPONSOR shall not consmence work on the <br />PROJECT prior to the execution of this Agreement unless specifically authorized by the <br />DISTRICT Board and shall complete the PROJECT and submit All required payment <br />reimbursement information on or before September 1, 2002, unless the PROJECT <br />period has been extended with the prior written approval of the DISTRICT. In no event, <br />however, shall the PROJECT period extend beyond three (3) years from the October 1, <br />2000. The PROJECT SPONSOR acknowledges there are no provisions to carry over the <br />DISTRICT assistance funding under this Agreement beyond September 30, 2003, and <br />