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THIS INSTRUMENT PREPARED BY MARIAN E . FELL
SENIOR ASSISTANT COUNTY ATTORNEY C 0
RETURN TO : COUNTY ATTORNEY' S OFFICE Py
Parcel ID Number : 31 - 37-00 - 00004-0080 - 00194 . 0
COUNTY DEED
THIS COUNTY DEED made and executed this 9th day of June , 2009 , by Indian River
County , a political subdivision of the State of Florida , whose mailing address is 1801 27th Street
,
Vero Beach , FL 32960 , hereinafter called " Grantor" or "County" to Every Dream Has A Price , Inc . ,
a Florida Not-for- Profit corporation , whose address is 2179 10th Ave . , Vero Beach , FL 32960
hereinafter called " Grantee" :
WITNESSETH :
WHEREAS , Indian River County as Grantor , pursuant to the requirements of Section
125 . 379 Florida Statutes , prepared a list of County-owned land appropriate for the provision
of
affordable housing ; and
WHEREAS , Indian River County as Grantor , on June 19 , 2007 , following a duly noticed
public hearing , adopted Resolution 2007 - 068 , finding that certain County- owned parcels , as set
forth therein , were appropriate for the provision of affordable housing ; and
WHEREAS , Indian River County as Grantor agreed to donate the parcels to non - profit
housing organizations for the construction of homes and/or rental units for very- low- income and
low- income households ; and
WHEREAS , Grantee is a Florida non - profit corporation and a corporation organized
exclusively for charitable , religious , literary , scientific , and educational purposes as set forth in
section 501 ( c) ( 3 ) of the Internal Revenue Code of 1986 , as amended ("Section 501 ( c ) ( 3) Entity"
) ,
and specifically organized for the purpose of building homes and/or rental units for verydow-
income and low- income households ; and
WHEREAS , Grantee has formally requested that Indian River County as Grantor donate
the land conveyed herein to Grantee for the construction of rental units for very- low- income and
low- income households ; and
WHEREAS , Grantee acknowledges and agrees that this Deed contains restrictive
covenants running with the land conveyed herein .
NOW THEREFORE , Grantor , for and in consideration of the sum of TEN AND NO/ 100
DOLLARS ( $ 10 . 00 ) , and other valuable consideration , receipt whereof is hereby acknowledged , by
these presents has granted , bargained , and sold to Grantee , its successors and assigns , forever,
the following described lands lying and being in Indian River County , Florida and more specifically
described in Exhibit A attached hereto and made a part hereof and hereinafter referenced as the
" Lot" :
SUBJECT TO restrictions , reservations , covenants and easements of record , if any , to the
extent that the same are valid and enforceable , and to taxes subsequent to December 31 , 2009 ,
and
SUBJECT TO that certain reversionary interest in the Grantor as set forth in paragraphs
1 . 1 ; 3 . 1 ; and 9 . 1 ( a ) of that certain "AGREEMENT BETWEEN INDIAN RIVER COUNTY AND
EVERY DREAM HAS A PRICE , INC . FOR DONATION OF SURPLUS COUNTY OWNED LANDS "
by and between Grantor and Grantee (therein styled "Applicant" ) dated June 2 , 2009 , excerpts of
which are attached hereto and made a part hereof as Exhibit " B" , and a complete copy of which
is
on file with the office of the Clerk to the Indian River County Board of County Commissioners and
the Indian River County Community Development Department ; and
1
i SUBJECT TO, STRICTIVE COVENANTS RUNNING WITH THE LAND
Aslo the Lot hereinabove granted , Grantee covenants and agrees , by accepting and placing this
Deed of record in the public records of Indian River County , Florida , that Grantor conveys the Lot
to Grantee with the following restrictions ( " Restrictions" ) that run with the land and touch and
concern both the Lot and any and all single family or multi family residential dwelling rental units
constructed on the Lot : For the purposes of this Deed , the Lot as improved with the single family
or multi family residential dwelling rental units is herein referenced as the " Property" , and any one
individual rental unit is herein referenced as a " Rental Property Unit" :
1 . Use of Property . Each Rental Property Unit shall be used solely for residential rental purposes .
The Rental Property Unit may not be used for any non - residential purposes whatsoever , except for
home office uses permitted by applicable zoning regulations .
2 . Definitions . The following terms as used in this Deed shall have the meanings given below :
2 . 1 . " Rented" means execution of a Rental Agreement between the Grantee as landlord
and the Tenant for one of the Rental Property Units at a Rent that is Affordable .
2 . 2 "Tenant" means the natural person who has or natural persons who have : ( a ) Rented
the Rental Property Unit to use and occupy as the principal residence of the household ; and ( b) a
household Adjusted Gross Income ( as defined herein ) that qualifies as Very- Low- Income or Low-
Income ( as such terms are defined in Florida Statutes section 420 . 0004 ) .
2 . 3 . "Adjusted for Family Size" means adjusted in a manner which results in an income
eligibility level which is lower for households with fewer than four people , or higher for households
with more than four people , than the base income eligibility determined as provided in Florida
Statutes section 420 . 0004 ( 1 ) based upon a formula as established by the United States
Department of Housing and Urban Development .
2 . 4 . " Adjusted Gross Income " means all wages , income from assets , regular cash or
noncash contributions or gifts from persons outside the household , and such other resources and
benefits as may be determined to be income by the United States Department of Housing and
Urban Development , Adjusted for Family Size ( as defined herein ) , less deductions allowable under
section 62 of the Internal Revenue Code . "Adjusted Gross Income" is calculated on an annual
basis .
2 . 5 . " Affordable " is defined to mean that monthly Rent payments do not exceed 30 percent
of the annual Adjusted Gross Income for a household that is Very- Low- Income or Low- Income (as
such terms are defined in Florida Statutes section 420 . 0004) .
2 . 6 . " Rent " means the periodic payments due to the Grantee as landlord from the Tenant
for occupancy under a Rental Agreement and any other payments due to the Grantee as landlord
from the Tenant that are designated as rent in the Rental Agreement .
2 . 7 . " Rental Agreement" means any legally binding written residential lease agreement ,
including amendments or addenda , between the Grantee as landlord and a Tenant , providing for
use and occupancy of a Rental Property Unit .
3 . Rental of Property . The Rental Property Unit shall be Rented only by Tenants who meet the
criteria set forth hereinbelow .
3 . 1 . The Rent for the Rental Property Unit must be Affordable ( as defined herein ) to the
Tenant . The Tenant shall have monthly Rent payments that are Affordable ( as defined herein ) .
3 . 2 . The Property may not be Rented by a Tenant whose household Adjusted Gross
Income exceeds the thresholds set forth in Florida Statutes section 420 . 004 for Very- Low- Income
or Low- Income households .
3 . 3 . The security deposit , if any , for any Rental Property Unit shall not exceed one month ' s
Rent .
2
r
4 . Maintenance of Property . Grantee shall maintain the exterior of the Rental Property Units
in
good repair , including , but not limited to , painting , landscaping and lawn maintenance , as
necessary . Grantee shall maintain the Rental Property Units in accordance with the applicable
laws , regulations and ordinances of the County , and if applicable , the governing municipality . For
so long as the original Grantee is the owner of the Lot , the Property , or the Rental Property Units
,
the maintenance obligations set forth herein are binding on Grantee .
5 . Covenants Run with the Land . All covenants , conditions and restrictions contained in this Deed
shall be covenants running with the land , and to the fullest extent permitted by law and equity ,
be
binding upon the Property for the benefit of and in favor of , and be enforceable by ,
the County
against the Grantee and any party in possession or occupancy of the Property or any
portion
thereof . The covenants , conditions and restrictions set forth in this Deed are intended to be
perpetual , but may be modified in a document in recordable form executed by the County and the
Grantee , or the Grantee ' s successors in interest in the event that the character of the
neighborhood within which the Property is located changes substantially through the passage of
time .
6 . Property as Servient Estate . For the purposes of this instrument , the Property and all portions
thereof shall be the servient tenement and the County shall be the dominant tenement . The
Restrictions shall run with the Property and be binding on all persons acquiring title to the Property ,
or any portion thereof , and all persons claiming under them .
7 . Enforcement by County . The County is the beneficiary of these Restrictions , and as such , the
County may enforce these Restrictions by action at law or in equity , including without limitation , a
decree of specific performance or mandatory or prohibitory injunction , against any person or
persons , entity or entities , violating or attempting to violate the terms of these Restrictions .
8 . Waiver ; Invalidity ; Construction ; Venue . Any failure of the County to enforce these Restrictions
shall not be deemed a waiver of the right to do so thereafter . No waiver of these Restrictions shall
be effective unless contained in a written document executed by County . Any waiver shall only be
applicable to the specific instance to which it relates and shall not be deemed to be a continuing or
future waiver . If any covenant , restriction , condition or provision contained in this Deed is held to
be invalid by any court of competent jurisdiction , such invalidity shall not affect the validity of any of
the other Restrictive Covenants herein contained , all of which shall remain in full force and effect .
This Deed shall be construed in accordance with the laws of Florida and venue shall be in Indian
River County , Florida .
IN WITNESS WHEREOF , the Grantor has caused this Deed to be executed in its name by its
Board of County Commissioners , acting by the Chairman of such Board , the day and year
aforesaid .
Attest : J . K. Barton , Clerk INDIA RIVER COUNTY
BV
Deputy Clerk Wesiey S . Davis , Chairman
BCC approval date 6/9/2009
ACCEPTED : EVERY DREAM HAS A PRICE , INC .
By Dated June a 0 0 5 r--
Julianne R . Price , President
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Full Legal Description for Parcel 31370000004008000194 . 0 Pf4cre 1 of 1
Parcel : 31370000004008000194 . 0
Full Legal Description
HALL , CARTER & JAMES SUB
BLK 8 LOT 194
PBS 3 - 2 & 31
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EXHIBIT B
1 . 1 . Applicant shall construct and complete , through the receipt of a Certificate of Occupancy , one
or more affordable housing rental units on each Lot as permitted by the zoning of each Lot , within
three ( 3 ) years of the date of the deed of conveyance of the Lots to Applicant . Applicant
and
County acknowledge and agree that one ( 1 ) of the Lots has the capacity to be subdivided
into
multiple Lots and each such subdivided Lot shall have one ( 1 ) single family residence on it and all
such subdivided lots are , for all purposes herein , collectively included within the terms Lot and
Lots . If a Certificate of Occupancy is not issued for any of the single family residences on any Lot
within the referenced 3 year timeframe , the title to any such Lot shall revert to the County unless
an extension of the three ( 3 ) year time frame is approved by the Indian River County Board
of
County Commissioners at a regularly scheduled meeting thereof .
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 , Applicant
shall promptly notify County . If either of the foregoing events occur prior to rental of any Property ,
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 . If either of the foregoing events
occur after rental of any Property Applicant shall transfer title to the Property to another Section
501 ( c) ( 3 ) Entity specifically organized for the purpose of building , rehabbing , and revitalizing
homes and/or rental units for verydow- income and low- income households .
9 . 1 . Applicant acknowledges that the County is donating the Lots pursuant to Florida Statutes
section 125 . 379 for the construction of permanent affordable rental housing . Accordingly , the
parties acknowledge and agree that the County' s remedy for breach of this Agreement by
Applicant shall be as follows :
( a ) Any use of any Lot and/or any Property by Applicant in violation of this Agreement shall
result in reversion of the Lot to the County and Applicant shall , immediately upon request of
County , execute and record a Quitclaim Deed conveying such Lot to the County ;
6