Laserfiche WebLink
2 . Recipient agrees and acknowledges that the below listed transactions, events , and <br /> circumstances, collectively referred to as the "disallowable activities", may be disallowed on the <br /> Project Site, as they may have negative legal and tax consequences under Florida law and federal <br /> 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 any person or organization ; <br /> bo the operation of any concession on the Project Site by any person or organization; <br /> co any sales contract or option to buy things attached to the Project Site to be severed <br /> from the Project Site, with any person or organization ; <br /> d, any use of the Project Site by any person other than in such person ' s capacity as a <br /> member of the general public ; <br /> e . any change in the character or use of the Project Site from that use expected at the <br /> date of the issuance of any series of Bonds from which the disbursement is to be <br /> made ; <br /> f. a management contract of the Project Site with any person or organization ; or <br /> g1 such other activity or interest as may be specified from time to time in writing by <br /> FCT to the Recipient . <br /> 3 . If the Project Site is to remain subject, after its acquisition by the Recipient and/or <br /> the Trustees , to any of the disallowable activities , the Recipient shall provide to FCT at least 60 <br /> calendar days advance written notice of any such transactions , events, and circumstances, and <br /> shall provide to FCT such information as FCT reasonably requests in order to evaluate the legal <br /> and tax consequences of such activity or interest for FCT approval . <br /> 4 . In the event that FCT determines at any time or from time to time that the <br /> Recipient is engaging or allowing others to engage in disallowable activities on the Project Site, <br /> the Recipient agrees to immediately cease or cause the cessation of the disallowable activity upon <br /> receipt of written notice from the FCT . In addition to all other rights and remedies at law or in <br /> equity, FCT shall have the right to seek temporary and permanent injunctions against Recipient <br /> for any disallowable activity on the Project Site . <br /> 02-058-FF2 <br /> July 17, 2003 <br /> Partial-Pre-acquired/Joint Acquisition <br /> - 16- <br />