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i AGREEMENT for BEACH DUNE RESTORATION COST-SHARING THIS AGREEMENT for BEACH DUNE RESTORATION COST-SHARING ("Agreement") entered into this 19th day of August 2003 by and among INDIAN RIVER COUNTY, a political subdivision of the State of Florida ("County"); Marbrisa Homeowners Association, Inc., a not for profit corporation existing under the laws of the State of Florida ("Marbrisa"); and Baytree Condominium Association, Inc, a not for profit corporation existing under the laws of the State of Florida ("Baytree"). BACKGROUND RECITALS A. Indian River County maintains beach dune systems along the 22 miles of Indian River County Atlantic Ocean shoreline, including Indian River County Parks such as Seagrape Trail Park Beach Access Area, B. The beach dunes along the Baytree residential development, the Marbrisa residential development, and Seagrape Trail Park Beach Access Area have experienced severe erosion and are in need of sand restoration; C. The Florida Department of Environmental Protection has entered into DEP Agreement Number 031R1 (the "DEP Agreement"), attached hereto as Exhibit A and by this reference made a part hereof. The DEP Agreement is a grant agreement for the Wabasso Beach Restoration Project that has Indian River County as the local sponsor. As set forth in Task 2.0 of paragraph 6 of the DEP Agreement, the DEP has committed the sum of $50,000 ("DEP Funds") towards dune restoration along 2000 feet of shoreline that includes the Baytree and Marbrisa residential properties and the Indian River County Seagrape Trail beach access (for the purposes of this Agreement, the foregoing collectively is referenced as the "DEP Project"). D. Baytree, Marbrisa, and the County desire: i) to allocate the DEP Funds on a proportionate basis; ii) to fund DEP Project costs in excess of the DEP Funds on a proportionate basis; and iii) restore dunes along their respective Atlantic shoreline frontages, all on the terms and conditions set forth in this Agreement. E. Baytree and Marbrisa have retained a coastal engineering firm, and have caused the design and permitting of the DEP Project by such coastal engineering firm. NOW THEREFORE, in consideration of the mutual covenants and promises herein contained and other good and valuable consideration, and intending to be legally bound, the County, Marbrisa, and Baytree agree as follows: 1. The background recitals are true and correct and form a material part of this Agreement. 2. The County, in accordance with the DEP Agreement, shall competitively bid, award, and supervise the construction of the DEP Project, using the technical specifications provided by the referenced coastal engineering firm. 1