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, AGREEMENT BETWEEN INDIAN RIVER COUNTY O AND EVERY DREAM HAS A PRICE , INC . FOR DONATION OF SURPLUS COUNTY OWNED LANDS This Agreement for Donation of Surplus County- Owned Lands ( "Agreement " ) is made and entered as of this 2nd day of June , 2009 ( " Effective Date " ) , by and between Indian River County , a political subdivision of the State of Florida ( " County " ) , and Every Dream Has A Price , Inc . , a Florida not-for- profit corporation ( "Applicant " ) . BACKGROUND RECITALS . WHEREAS , County , pursuant to the requirements of Section 125 . 379 Florida Statutes , prepared a list of County- owned land appropriate for the provision of affordable housing ; and WHEREAS , County , on June 19 , 2007 , following a duly noticed public hearing , adopted Resolution 2007 - 068 , finding that ten ( 10 ) County- owned parcels , as set forth therein , were appropriate for the provision of affordable housings and WHEREAS , County agreed to donate the parcels to non - profit housing organizations for the construction of homes and /or rental units for very- low- income and low- income households ; and WHEREAS , Applicant is a Florida non - profit corporation and a corporation organized exclusively for charitable , religious , literary , scientific , and educational purposes as set forth in section 501 ( c) ( 3 ) of the Internal Revenue Code of 1986 , as amended ( " Section 501 ( c) ( 3 ) Entity " ) , and specifically organized for the purpose of building , rehabbing , and revitalizing homes and /or rental units for very- low- - income and low- income households ; and WHEREAS , Applicant has formally requested that the County donate the parcels shown in Exhibit "A " attached hereto and made a part hereof ( each such parcel herein referenced as a " Lot" ) to Applicant for the construction of rental units for very- low- income and low- income households . NOW, THEREFORE , for good and valuable consideration , the receipt and sufficiency of which is hereby acknowledged , County and Applicant agree as follows . ARTICLE 1 GENERAL REQUIREMENTS 1 . 1 . Applicant shall construct and complete , through the receipt of a Certificate of Occupancy , one or more affordable housing rental units on each Lot as permitted by the zoning of each Lot , within three ( 3 ) years of the date of the deed of conveyance of the Lots to Applicant . Applicant and County acknowledge and agree that one ( 1 ) of the Lots has the capacity to be subdivided into multiple Lots and each such subdivided Lot shall have one ( 1 ) single family residence on it and all such subdivided lots are , for all purposes herein , collectively included within the terms Lot and Lots . If a Certificate of Occupancy is not issued for any of the single family residences on any Lot within the referenced 3 year timeframe , the title to any such Lot shall revert to the County unless an extension of the 1