Reso 2014-2346 - Laserfiche WebLink

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Restrictive Covenant shall run with the Property and shall be binding on the successors, assigns and heirs of Donor and City. 3. City's representations. The City agrees that Donor has fulfilled their financial obligations to pay $525,000.00 (Five Hundred Twenty Five Thousand Dollars) to the City for naming the Gymnasium located at the Property the "Raanan and Phyllis Katz Sports Center". In exchange for these payments, including receipt of the final payment of$75,000.00 (Seventy Five Thousand Dollars), the City hereby agrees to name the Gymnasium located at the Property the "Raanan and Phyllis Katz Sports Center" in perpetuity. City shall be responsible for caring, maintaining,preserving and handling the"Raanan and Phyllis Katz Sports Center"signage located at the Property. City shall have sole discretion to determine when and if maintenance is required and to the extent of such maintenance. City shall have the exclusive right to determine when and if repairs to the signage will be made. City may make whatever repairs, restoration or other arrangements it deems necessary to maintain the signage. 4. Modification,Release,and Enforcement. Only the City and Donor 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 Donor, including their successors, assigns and heirs at a public hearing. Enforcement shall be by action against the parties or persons violating or attempting to violate this covenant. 5. Entire Agreement. This Restrictive Covenant sets forth the entire understanding and agreement between the City and Donor 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 Donor any use, possessory, easement or other rights with respect to the Property. 6. Validity. This Restrictive Covenant shall become valid and effective, and shall be recorded in the Public Records of Miami-Dade County, Florida,. 7. Governing Law. This Restrictive Covenant shall be governed by and construed in accordance with the laws of the State of Florida. 8. Attorney's Fees. If any legal or equitable action or other proceeding is brought for the enforcement of the Restrictive Covenant, the successful and prevailing party shall be entitled to recover reasonable attorney's fees, court costs, and all expenses incurred in that action or proceeding in addition to any other relief to which such party may be entitled. IN WITNESS WHEREOF, the City has executed this Restrictive Covenant on the day and year first above written. 2