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1929357 RECORDED IN THE RECORDS OF JEFFREY K BARTON , CLERK CIRCUIT COURT INDIAN RIVER CO FL , BK : 2272 PG : 1035 , 06 / 16 /2008 12 : 41 PM This document prepared by: Kristen L. Coons, Esq. Florida Communities Trust Department of Community Affairs 2555 Shumard Oak Blvd. Tallahassee, FL 32399 FLORIDA CONDAUNITIES TRUST FF7 AWARD #07-030-FF7 FCT Contract #0&CT=C 1 -07-17741 -030 FELLSMERE TRAILHEAD PRESERVE DECLARATION OF RESTRICTIVE COVENANTS THIS AGREEMENT is entered into by and between the FLORIDA COMMUNITIES 'TRUST ("FCT"), a nonregulatory agency within the State of Florida Department of Community Affairs, and the CITY OF FELLSMERE, a local government of the State of Florida ("Recipient") , THIS AGREEMENT IS ENTERED INTO BASED ON THE FOLLOWING FACTS : WHEREAS, the intent of this Agreement is to impose terns and conditions on the use ofthe proceeds of certain bonds, hereinafter described, and the lands acquired with such proceeds, as described in Exhibit "A" attached hereto and made a part hereof("Project Site"), that are necessary to ensure compliance with applicable Florida law and federal income tax law and to otherwise implement the provisions of Sections 259. 105, 259. 1051 and Chapter 380, Part III, Florida Statutes, WHEREAS, Chapter 380, Part III, Fla. Stat. , the Florida Communities Trust Act, creates a non-regulatory agency within the Department of Community Affairs ("Department") that will assist local governments in bringing into compliance and implementing the conservation, recreation and open space, and coastal elements of their comprehensive plans or in conserving natural resources and resolving land use conflicts by providing financial assistance to local governments and nonprofit environmental organizations to carry out projects and activities authorized by the Florida Communities Trust Act; WHEREAS, FCT is funded through either Section 259. 105(3Xc), Fla. Stat. of the Florida Forever Act, which provides for the distribution of twenty-two percent (225/6), less certain reductions, of the net Florida Forever Revenue Bond proceeds to the Department, or any other revenue source designated by the Florida Legislature, to provide land acquisition grants to local governments and nonprofit environmental organizations for the acquisition of community-based projects, urban open spaces, parks and greenways to implement local comprehensive plans; WHEREAS, the Florida Forever Revenue Bonds are issued as tax-exempt bonds, meaning the interest on the Bonds is excluded from the gross income of bondholders for federal income tax purposes; DRC107-030-FF7 4 / 8 / 2008 1