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EXHIBIT B 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 three ( 3 ) year time frame is approved by the Indian River County Board of County Commissioners at a regularly scheduled meeting thereof . 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 verydow- income and low- income households . 9 . 1 . Applicant acknowledges that the County is donating the Lots pursuant to Florida Statutes section 125 . 379 for the construction of permanent affordable rental housing . Accordingly , the parties acknowledge and agree that the County' s remedy for breach of this Agreement by Applicant shall be as follows : ( a ) Any use of any Lot and/or any Property by Applicant in violation of this Agreement shall result in reversion of the Lot to the County and Applicant shall , immediately upon request of County , execute and record a Quitclaim Deed conveying such Lot to the County ;