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Agreement and duly executed by all the Parties to this Agreement. Additionally; this <br />Agreement may be modified only until the earliest of the following times: (a) issuance <br />of the first principal building permit for the Development Project: or (b) the School <br />District Encumbers (`Encumbers" shall mean monies committed by contract or purchase <br />order in a manner that oblieates the School Board to expend the funded amount upon <br />delivery of goods or the rendering of services provided by a vendor, supplier or <br />contractor for the School Project) any portion of the Monetary Proportionate Share <br />Nlitigation payment; or (c) six (6) months after the date that this Agreement is authorized <br />by the School Board; or (d) the Applicant provides written notice to the Parties advising <br />that the Mitigation Bank is to be established and the School District may immediately <br />transfer Banked Seats to other residential development applicants, as set forth in Section <br />6 of this Agreement. No refunds shall be made thereafter. <br />IS. COVENANT RUNNING WITH THE LAND. This Agreement shall <br />constitute a covenant running with the land and shall be recorded by the School Board, at <br />the Applicant's expense, in the public records of Miami -Dade County, Florida, and shall <br />remain in full force and effect and be binding upon the undersigned Applicant. and its <br />heirs. successors and assigns, until such time as the same expires in accordance with the <br />provisions hereof, or is otherwise modified or released pursuant to an instrument <br />executed on behalf of the Parties. <br />19. ASSIGNMENT. The Applicant may assign its rights, obligations and <br />responsibilities under this Agreement to a third party purchaser of all or any part of fee <br />simple title to the Property. Any such assignment shall be in writing and shall require the <br />prior written consent of all of the Parties, such consent not to be unreasonably withheld. <br />SCHOOL BOARD /Proportionate Share Mitigation Agreement for Muse (SP3114053000892) Page 17 of 26 <br />Revised 12 -02 -2014 <br />