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1 . The interest acquired by the Recipient in the Project Site shall not serve as <br /> security for any debt of the Recipient . <br /> 2 . If the existence of the Recipient terminates for any reason , title to the Project Site <br /> shall be conveyed to the Trustees unless FCT negotiates an agreement with another local <br /> government, nonprofit environmental organization , the Florida Division of Forestry, the Florida <br /> Fish and Wildlife Conservation Commission, the Department of Environmental Protection or a <br /> Water Management District who agrees to accept title and manage the Project Site . <br /> 3 . Following the reimbursement of Project Costs , the Recipient shall ensure that the <br /> future land use designation assigned to the Project Site is for a category dedicated to open space , <br /> conservation or outdoor recreation uses, as appropriate . If an amendment to the applicable <br /> comprehensive plan is required, the amendment shall be proposed at the next comprehensive <br /> plan amendment cycle available to the Recipient subsequent to the reimbursement of Project <br /> Costs . <br /> 4 . FCT staff or its duly authorized representatives shall have the right at any time to <br /> inspect the Project Site and the operations of the Recipient at the Project Site . <br /> XI. OBLIGATIONS OF THE RECIPIENT RELATING TO THE USE OF BOND <br /> PROCEEDS <br /> 1 . FCT is authorized by Section 380 . 510 , Fla. Stat. to impose conditions for funding <br /> on the Recipient in order to ensure that the project complies with the requirements for the use of <br /> Florida Forever Bond proceeds including, without limitation, the provisions of the Internal <br /> Revenue Code and the regulations promulgated thereunder as the same pertain to tax exempt <br /> bonds . <br /> 2 . The Recipient agrees and acknowledges that the below listed transactions , events , <br /> and circumstances , collectively referred to as the "disallowable activities , " may be disallowed on <br /> the Project Site as they may have negative legal and tax consequences under Florida law and <br /> federal income tax law . The Recipient further agrees and acknowledges that these disallowable <br /> activities may be allowed up to a certain extent based on guidelines or tests outlined in the <br /> Federal Private Activity regulations of the Internal Revenue Service : <br /> a . any sale or lease of any interest in the Project Site to a non-governmental <br /> person or organization ; <br /> b . the operation of any concession on the Project Site by a non-governmental <br /> person or organization ; <br /> C . any sales contract or option to buy or sell things attached . to the Project <br /> Site to be severed from the Project Site with a non-governmental person or <br /> organization; <br /> 05-038-FF5 <br /> October 13 , 2005 <br /> Reimbursement <br /> - 13 - <br />