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2 . Title to the Project Site shall be titled in the Recipient, unless the Recipient specifically requests that title shall permanently vest in the Board of Trustees of the Internal Improvement Trust Fund (Trustees) . Such request shall be subject to the approval of FCT and the Trustees . The Recipient hereby elects that title to the Project Site shall be vested in Indian River County [Note: Insert either the name of Recipient or Board of Trustees of Internal Improvement Trust Fund. ] If the Recipient elects that title shall vest in the Trustees , then all acquisition activities shall be administered by the Division of State Lands as specified in Section 253 . 025 , F . S . , and Rule 18 - 1 , F .A. C . FCT signature of this Agreement shall constitute approval of this election. 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 I l (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 . 02-058-FF2 July 17, 2003 Partial-Pre-acquired/Joint Acquisition - 14-