Reso 2014-2274 - Laserfiche WebLink

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1. Recitals. The foregoing recitals are true and correct and incorporated into this Restrictive Covenant by reference. 2. Restrictive Covenant. This Restrictive Covenant shall run with the land, is for the benefit of the City and shall be binding on all subsequent owners of the Property. Owner represents and warrants that there are no mortgages of record encumbering the Property. 3. Adjusted Development Rights. Upon the approval by the City Commission of a resolution permitting the transfer of 15,000 square feet of floor area and 5 dwelling units ( "TDRs ") to the Owner, the Property shall thereafter have the following adjusted development rights under the Code: The maximum total floor area (as measured in square feet), including its equivalent in residential density, of structures hereafter located on the Property shall be reduced by 15,000 square feet of floor area and 5 dwelling units. The total additional maximum allowable on the Property after the reduction above shall be 40,000 square feet of floor area and 20 dwelling units plus the development rights that have been used for existing buildings on the Property. 4. Historic Integrity. Owner agrees to use the Property as a religious institution in accordance with Historical Preservation Board Resolution No. 2010 -13. In the event of the non- performance or violation of this Covenant by the Owner or any successor in interest, the City shall be entitled to withhold any permit sought by Owner or any successor in interest until the Property is restored to the same or like condition which made it eligible for listing. 5. Enforcement. Only the City will have the right to enforce this Restrictive Covenant. No other party will be deemed a third -party beneficiary for any purpose. This Restrictive Covenant may only be modified, amended or released by a document executed by the City and the Owner. The parties acknowledge that the City will be irreparably damaged if this Restrictive Covenant is not specifically enforced. Therefore, in the event of a breach or threatened breach by Owner as to any provision of this restrictive Covenant, then the City shall be entitled to all the rights and remedies, including injunctive relief, restraining such breach without being required to show any actual damage, irreparable harm, or to post any bond or other security. 6. Entire Agreement. This Restrictive Covenant sets forth the entire understanding and agreement between the City and the Owner with respect to its subject matter. No other agreements or obligations will be created or implied by virtue of this Restrictive Covenant. This instrument does not grant the City any use, possessory, easement or other rights with respect to the Property. 7. Validi . This Restrictive Covenant shall become valid and effective, and shall be recorded in the Public Records of Miami -Dade County, Florida, immediately upon deposit by the City of Transfer of Development Rights ( "TDRs ") in the amount of Fifteen Thousand (15,000) I