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covenants and restrictions as are , at a minimum, sufficient to ensure that the use of the Project Site at all times complies with Sections 375 . 051 and 380 . 510 , Fla . Stat . ; Section I I (e) , Article VII of the Florida Constitution; the applicable bond indenture under which the Bonds were issued ; and any provision of the Internal Revenue Code or the regulations promulgated thereunder that pertain to tax exempt bonds . The Declaration of Restrictive Covenants shall contain clauses providing for the conveyance of title to the Project Site to the Board of Trustees of the Internal Improvement Trust Fund ("Trustees") , or a nonprofit environmental organization or government entity, upon failure to comply with any of the covenants and restrictions , as further described in paragraph 3 . below . 2 . The Declaration of Restrictive Covenants shall also restate the conditions that were placed on the Project Site at the time of project selection and initial grant approval . The Declaration of Restrictive Covenants shall be executed by FCT and the Recipient at the time of reimbursement of Project Costs and shall be recorded by the Recipient in the county(s) in which the Project Site is located . 3 . If any essential term or condition of the Declaration of Restrictive Covenants is violated by the Recipient or by some third party with the knowledge of the Recipient, the Recipient shall be notified of the violation by written notice given by personal delivery , registered mail or registered expedited service . The recipient shall diligently commence to cure the violation or complete curing activities within thirty (30 ) days after receipt of notice of the violation . If the curing activities can not be reasonably completed within the specified thirty (30) day time frame , the Recipient shall submit a timely written request to the FCT Program Manager that includes the status of the current activity , the reasons for the delay and a time frame for the completion of the curing activities . FCT shall submit a written response within thirty (30 ) days of receipt of the request and approval shall not be unreasonably withheld . It is FCT ' s position that all curing activities shall be completed within one hundred twenty ( 120) days of the Recipient ' s notification of the violation . However, if the Recipient can demonstrate extenuating circumstances exist to justify a greater extension of time to complete the activities , FCT shall give the request due consideration . If the Recipient fails to correct the violation within either (a) the initial thirty ( 30) day time frame or (b ) the time frame approved by FCT pursuant to the Recipient ' s request, fee simple title to all interest in the Project Site shall be conveyed to the Trustees unless FCT negotiates an agreement with another local government , nonprofit environmental organization, the Florida Division of Forestry , the Florida Fish and Wildlife Conservation Commission, the Department of Environmental Protection or a Water Management District, who agrees to accept title and manage the Project Site . FCT shall treat such property in accordance with Section 380 . 508 (4) (e) , Fla. Stat . X. GENERAL OBLIGATIONS OF THE RECIPIENT AS A CONDITION OF PROJECT FUNDING 1 . The interest acquired by the Recipient in the Project Site shall not serve as security for any debt of the Recipient . 04-025-FF4 November 24, 2004 Reimbursement - 12 -