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BK : 2272 PG : 1036 WHEREAS, Rule 9K-7.009( 1 ), Florida Administrative Code ("F.A.C. "), authorizes FCT to impose conditions for funding on those FCT applicants whoseprojects have been selected for funding; WHEREAS , FCT has approved the terms under which the Project Site was acquired and the deed whereby the Recipient acquired title to the Project Site. The deed shall contain such covenants and restrictions as are sufficient to ensure that the use of the Project Site at all times complies with Section 375 .051 , Florida Statutes and Section 9, Article XII of the State Constitution and it shall contain clauses providing for the conveyance of title to the Project Site to the Board of Trustees of the Internal Improvement Trust Fund C'Trustees') upon the failure of the Recipient to use the Project Site acquired thereby for such purposes, and WHEREAS, the purpose of this Agreement is to set forth the covenants and restrictions that are imposed on the Project Site subsequent to disbursing FCT Florida Forever funds to the Recipient for Project Costs. NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, FCT and the Recipient do hereby contract and agree as follows: I. PERIOD OF AGREEMENT 1 . This Agreement shall begin upon execution by both parties. The covenants and restrictions contained herein shall run with the Project Site and shall bind, and the benefit shall inure to, FCT and the Recipient and their respective successors and assigns. II. MODIFICATION OF AGREEMENT 1 . Either party may request modification of the provisions of this Agreement at any time. Changes which are mutually agreed upon shall be valid only when reduced to writing and duly signed by each of the parties hereto. Such amendments shall be incorporated into this Agreement. III. RECORDING AND APPROVAL OF DECLARATION OF RESTRICTIVE COVENANTS 1 . Upon execution by the parties hereto, the Recipient shall cause this Agreement to be recorded and filed in the official public records of Indian River County, Florida, and in such manner and in such other places as FCT may reasonably request. The Recipient shall pay all fees and charges incurred in connection therewith. 2 . The Recipient and FCT agree that the State of Florida Department of Environmental DRC107-030-FF7 4 / 8 / 2008 2 I