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3 . The transfer of title to the Recipient for the Project Site shall not occur until the requirements for the acquisition of lands, as specified in Section 380 . 507 ( l 1 ) , F . S . , and Rule Chapter 9K- 8 , F . A . C . , have been fully complied with by the Recipient and FCT . 4 . Each parcel to which the Recipient acquires title in the Project Site shall be subject to such covenants and restrictions as are, at a minimum, sufficient to ensure that the use of the Project Site at all times complies with Section 375 . 051 and 380 . 510 , F . S . ; Section 11 (e), Article VII of the State 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 and shall contain clauses providing for the conveyance of title to the Project Site in the Board of Trustees of the Internal Improvement Trust Fund or another local government or nonprofit organization, upon failure to use the Project Site conveyed thereby for such purposes . 5 . A Grant Award Agreement containing such covenants and restrictions as referenced in paragraph 4 above and describing the real property subject to the Agreement shall be executed by the FCT and Recipient at the time of the conveyance of the Project Site and shall be recorded in the county(s) in which the Project Site is located . The Grant Award Agreement shall restate the conditions that were placed on the Project Site at the time of project selection and initial grant approval . All statements contained in the Grant Award Agreement are contained in this Agreement, with the exception of statements that do not survive the real estate closing of the Project Site . 6 . If any essential term or condition of the Grant Award Agreement is violated, and the Recipient does not correct the violation within 30 days of written notice of violation, title to all interest in the Project Site shall be conveyed to the Board of Trustees of the Internal Improvement Trust Fund . The deed transferring title to the Project Site to the Recipient shall set forth the executory interest of the Board of Trustees of the Internal Improvement Trust Fund . 7 . The interest acquired by the Recipient in the Project Site shall not serve as security for any debt of the Recipient . 8 . If the existence of the Recipient terminates for any reason, title to the Project Site shall be conveyed to the Board of Trustees of the Internal Improvement Trust Fund, unless FCT negotiates an agreement with another local government or nonprofit organization which agrees to accept title to all interest in and to manage the Project Site . 02-059-FF2 12/11 /2002 Joint Acquisition- - 14-