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FLORIDA INLAND NAVIGATION DISTRICT PROJECT AGREEMENT PROJECT NO. IR-07-40ER Itb- This PROJECT p AGREEMENT made and entered into this �O day of Noyem� E c , 200'_� by and between the Florida Inland Navigation District (hereinafter the "DISTRICT"), and the Indian River County, (hereinafter the "PROJECT SPONSOR"). In consideration of the mutual promises and covenants contained herein, the parties agree as follows : 1 . PROJECT - Subject to the provisions of this Agreement and Rule 66B-2 of the Florida Administrative Code (Exhibit "A"), the DISTRICT has determined to provide assistance funding to the PROJECT SPONSOR in furtherance of an approved project ("PROJECT") consisting of the Derelict Vessel Removal. Said project is more specifically described in the PROJECT SPONSOR'S Waterways Assistance Application, which is on file at DISTRICT headquarters . Any modifications to the PROJECT shall require advance notice to and the prior written approval of the DISTRICT. 2. TERM - The PROJECT SPONSOR shall not commence work on the PROJECT prior to the execution of this Agreement unless specifically authorized by the DISTRICT Board and shall complete the PROJECT and submit all required payment reimbursement information on or before September 1 , 2009, unless the PROJECT period has been extended with the prior written approval of the DISTRICT. In no event, however, shall the PROJECT period extend beyond three (3) years from October 1 , 2007. The PROJECT SPONSOR acknowledges there are no provisions to carry over the DISTRICT assistance funding under this Agreement beyond September 30, 2009, and that any extension of funding beyond this date shall be at the sole discretion of the DISTRICT. Any request for extension of funding beyond the date set forth in the preceding paragraph shall require submittal by the PROJECT SPONSOR of a request for extension to the DISTRICT