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ATTACHMENT E <br />Surety Bond and Amortization Schedule <br />1. Any Grantee entering into a Grant Award Agreement with the Division for the acquisition, renovation, <br />or construction of a Cultural Facility that chooses not to record a Restrictive Covenant must purchase a <br />10 -year Surety Bond. <br />2. A certified copy of the Bond Agreement must be provided to the Division prior to the execution of the <br />Grant Award Agreement. <br />3. The Bond Agreement must: <br />a) Provide that the facility described in Attachment A: Scope of Work, incorporated by reference in <br />the Grant Award Agreement, will be used as a "Cultural Facility" for _(10) ten years following the <br />Grant Award; A Cultural Facility means a building which shall be used primarily for the <br />programming, production, presentation, exhibition or any combination of the above functions of <br />any of the arts and cultural disciplines defined in s. 26.283(7), F.S. These disciplines include, but <br />are not limited to music, dance, theatre, creative writing, literature, architecture, painting, <br />sculpture, folk arts, photography, crafts, media arts, visual arts, programs of museums, and other <br />such allied, major art forms. <br />b) Be purchased from a surety insurer authorized to do business in the Florida as a Surety; <br />c) Provide that there will be a violation of the Bond Agreement if the facility ceases to be used as a <br />"Cultural Facility" as required by Section 265.701(4), Florida Statutes, within 10 years following <br />the Grant Award, and that the surety insurer must immediately repay funds to the Division, <br />pursuant to the following amortization schedule: <br />1. If the violation occurs within three (3) years following the Grant Award, 100% of the grant <br />amount: <br />2. If the violation occurs more than three (3) but less than four (4) years following the Grant <br />Award, 80% of the grant amount; <br />3. If the violation occurs more than four (4) but less than five (5) years following the Grant <br />Award, 70% of the grant amount; <br />4. If the violation occurs more than five (5) but less than six (6) years following the Grant <br />Award, 60% of the grant amount; <br />5. If the violation occurs more than six (6) but less than seven (7) years following the Grant <br />Award. 50% of the grant amount: <br />20 <br />