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5 -0� COST SHARE AGREEMENT C o o BETWEEN INDIAN RIVER COUNTY, FLORIDA AND OLD SAVANNAH PROPERTY OWNER'S ASSOCIATION, INC. THIS COST SHARE AGREEMENT ("Agreement") dated this 2nd day of May , 2006, is by and between INDIAN RIVER COUNTY, a political subdivision of the State of Florida, 1840 25th Street, Vero Beach, FL 32960 (the "County") and OLD SAVANNAH PROPERTY OWNER'S ASSOCIATION, INC., a Florida non-profit corporation, 3885 20th Street, # 202, Vero Beach, FL 32960 ( the "POA"). BACKGROUND RECITALS: A. The POA, representing the homeowners within the 49 lot Old Savannah subdivision located on 27.84 acres between 16th Street and 18th Street, west of 43rd Avenue in Indian River County, and recorded in Plat Book 17, Page 35 of the public records of Indian River County has requested that the County furnish, install and connect a complete back-up 30 KW generator power system to serve the wastewater lift station within the Old Savannah subdivision (all of the foregoing hereinafter referenced as the "Generator System"). B. In furtherance of the request by the POA for the Generator, the POA has agreed to pay seventy-five percent (75%) of the cost of the Generator System, on the on the terms and conditions set forth below. C. The County, by and through its Utility Department, has a program to retrofit key wastewater lift stations throughout the County with emergency generators, funded as part of the County's annual capital budget. D. The County recognizes that the various subdivisions within Indian River County may wish to have a generator for a subdivision in advance of the time that the County may provide a back-up generator to any such subdivision. E. The County has established a policy whereby a subdivision represented by a duly formed homeowners' or property owners' association may enter into an agreement with the County to cost share the cost of such back-up generator on a 75 percent (75%) basis with the County funding the remaining 25 percent (25%) cost of such back-up generator. F. The County agrees, on the terms and conditions set forth below, to pay 25 percent (25%) of the cost of the Generator System. NOW, THEREFORE, for and in consideration of the mutual promises set forth herein and other good and valuable consideration, the COUNTY and the POA agree as follows: 1. Stand -By Generator System. The County shall competitively bid, award, and supervise the furnishing, installation, and connection of the Generator System upon receipt