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2 . 1 . County and Applicant agree that the definitions in SHIP Program Rule 67 - 37 FAC ; Florida Statutes Chapter 420 ; and the County' s Local Housing Assistance Plan , as any of the foregoing are amended from time to time , apply to terms used in this Agreement . Any term defined in the SHIP Program Rules and not otherwise defined in this Agreement shall have the meaning set forth in said Statutes and Rules or amended by the State of Florida through SHIP Program memorandums . ARTICLE 3 COMPLIANCE WITH LAWS 3 . 1 . Applicant shall maintain its existence as a not-for- profit corporation under the applicable laws of the State of Florida and its qualification as a Section 501 ( c ) ( 3 ) Entity during the term of this Agreement . Applicant acknowledges and agrees that , in the event ( a ) Applicant loses its status as Section 501 ( c )( 3 ) Entity ; or ( b ) Applicant dissolves its corporate existence , and either of the foregoing occur while Applicant is still the owner of the Lots , then all right , title and interest of Applicant in and to the Lots shall automatically terminate and be rendered null and void , and all right , title and interest in and to the Lots shall automatically vest in Indian River County , a political subdivision of the State of Florida . 3 . 2 . Applicant shall comply with all applicable Federal , State and local laws in its performance under this Agreement , including , without limiting the generality of the foregoing , all regulations applicable to the SHIP Program found in Chapter 67 - 37 , FAC ; Section 420 Part VII , Florida Statutes ; and the Indian River County Local Housing Assistance Plan , as any or all of the foregoing are amended from time to time . 3 . 3 Applicant understands and agrees that the use of the Lots must comply with all state and local regulations applicable to construction of single-family residential dwellings . 3 . 4 The County and the Applicant acknowledge and agree that the clauses in this Agreement with respect to reversion of the Lots are governed by the exception found in Florida Statutes section 689 . 18 ( 5 ) : "Any and all conveyances of real property in this state heretofore or hereafter made to any governmental , educational , literary , scientific , religious , public utility , public transportation , charitable or nonprofit corporation or association are hereby excepted from the provisions of this section [ reverter or forfeiture provisions of unlimited duration in the conveyance of real estate] . " ARTICLE 4 PROJECT RECORDS 4 . 1 . Applicant covenants to maintain complete and accurate project records ; inspection and monitoring reports ; and any other documentation necessary or required to assure compliance with this Agreement (the foregoing herein collectively " Records " ) ; and to retain all such Records for five years after the Certificate of Occupancy is issued for the last new housing unit constructed under this Agreement . Applicant shall maintain and retain , at its usual place of business , all required Records to demonstrate compliance with this Agreement and the County' s Local Housing Assistance Plan . Records must be kept for each Lot ; Property ; and each household assisted to demonstrate that each household assisted is in compliance with County' s Local Housing Assistance Plan . 4