Reso 2014-2355 - Laserfiche WebLink

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ATTACHMENT D Restrictive Covenant Provisions and Amortization Schedule 1. If the Grantee chooses to record a Restrictive Covenant; the Grantee; and the property owner(s) (if the land or buildings or both are leased by the grantee), shall execute and file a Restrictive Covenant with the Clerk of the Circuit Court in the county where the property is located; prior to the date that the ag reement is executed. 2. The Restrictive Covenant shall include the following provisions: a) That the Restrictive Covenant shall run with title to the building(s) and the associated land and improvements funded by the -rant, shall encumber them, and shall be binding upon the Grantee (and the oxvner(s), if different person(s), and the successors in interest); for (10) ten years from the Grant Award. b) The oxvner(s) of the improvements made to the building(s) and associated land, funded in whole or in part by grant funds, must also execute the Restrictive Covenant. Exception: Land or buildings or both owned by the State of Florida and leased to an eligible applicant. For the purposes of this program; the applicant must not be a political subdivision of the state. c) The Grantee (and owners, if different persons) shall permit the Division to inspect the Cultural Facility and associated land at all reasonable times to determine whether the Grantee is in compliance with the Grant Award Agreement and the Restrictive Covenant. d) The Grantee must maintain the building(s) as a "Cultural Facility." For the purposes of this program. a "Cultural Facility' is defined as a building which shall be used primarily for the programming, production, presentation, exhibition or any combination of the foregoing for any of the cultural disciplines listed in Section 265.283(7), Florida Statutes. These disciplines include, but are not limited to music, dance, theatre, creative writing, literature, architecture, painting, sculpture; folk arts, photography, crafts, media arts, visual arts, programs of museums; and other such allied; major art forms. e) The Restrictive Covenant shall also contain the following amortization schedule for repayment of grant funds, should the Grantee or owners or their successors in interest violate the Restrictive Covenant. a. If the violation occurs within five (5) years following the Grant Award, 100% of the -rant amount: b. If the violation occurs more than five (5) but less than six (6) years following the Grant Award, 80% of the grant amount: IN