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or the suitability of the Lots for Applicant ' s intended use ; ( c ) Applicant is entering into this Agreement based on its own independent investigation of the Lots and has satisfied itself as to the general and local conditions , particularly those bearing on the availability of water , sewer , electric power , communications facilities , and road access ; and ( d ) the County assumes no responsibility or obligation to provide any facilities of any nature whatsoever at the Lots and /or in connection with the construction of the housing units to be constructed thereon . 1 . 9 . Applicant expressly acknowledges and agrees that it shall be solely responsible to obtain water , sewer , electric power , telephone , and television utilities for the Lots , including any associated security deposit or initial set- up charges . 1 . 10 . Applicant acknowledges and agrees that is has the sole responsibility to pay any and all ad valorem taxes levied or assessed against the Lots , while the Lots are owned by the Applicant including any special assessments imposed on or against the Lots and /or a Property for the construction or improvement of public works , and shall pay the same when due , unless exempt . ARTICLE 2 DEFINITIONS 2 . 1 . County and Applicant agree that the definitions in SHIP Program Rule 67 - 37 F . A . C ; Florida Statutes Chapter 420 ; and the County ' s Local Housing Assistance Plan , as any of the foregoing are amended from time to time , apply to terms used in this Agreement . Any term defined in the SHIP Program Rules and not otherwise defined in this Agreement shall have the meaning set forth in the foregoing Statutes and Rules or as amended by the State of Florida through SHIP Program memoranda . ARTICLE 3 COMPLIANCE WITH LAWS 3 . 1 . Applicant shall maintain its existence as a not-for- profit corporation under the applicable laws of the State of Florida and its qualification as a Section 501 ( c) ( 3 ) Entity during the term of this Agreement . Applicant acknowledges and agrees that , in the event ( a ) Applicant loses its status as Section 501 ( c ) ( 3 ) Entity ; or ( b ) Applicant dissolves its corporate existence , Applicant shall promptly notify County . If either of the foregoing events occur prior to rental of any Property , then all right , title and interest of Applicant in and to the Lots shall automatically terminate and be rendered null and void , and all right , title and interest in and to the Lots shall automatically vest in Indian River County , a political subdivision of the State of Florida . If either of the foregoing events occur after rental of any Property Applicant shall transfer title to the Property to another Section 501 ( c ) ( 3 ) Entity specifically organized for the purpose of building , rehabbing , and revitalizing homes and /or rental units for very- low- income and low- income households . 3 . 2 . Applicant shall comply with all applicable Federal , State and local laws in its performance under this Agreement , including , without limiting the generality of the foregoing , all regulations applicable to the SHIP Program found in Chapter 67 - 37 , Florida Administrative Code ; Section 420 Part VII , Florida Statutes ; and the Indian River County Local Housing Assistance Plan , as any or all of the foregoing are amended from time to time .