Reso 2014-2355 - Laserfiche WebLink

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4. Modification, Release and Enforcement. Only the City has 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 the City Commission. Enforcement shall be by action at law or in equity against the parties or persons violating or attempting to violate this Restrictive Covenant. 5. Covenant running with the land. This Declaration of Restrictive Covenant shall be recorded in the Public Records of Miami -Dade County, Florida, and shall run with the Property described in Exhibit "A" and shall be binding on all persons and entities acquiring title to or use of the Property. 6. Amortization Schedule. The following amortization schedule for repayment of grant funds shall apply in the event the Grantee, the City, or their successors in interest, violate this Restrictive Covenant. a. If the violation occurs within five (5) years following the Grant Award, 100% of the grant 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; c. If the violation occurs more than six (6) but less than seven (7) years following the Grant Award, 65% of the grant amount; d. If the violation occurs more than seven (7) but less than eight (8) years following the Grant Award, 50% of the grant amount; e. If the violation occurs more than eight (8) but less than nine (9) years following the Grant Award, 35% of the grant amount; and f If the violation occurs more than nine (9) but less than ten (10) years following the Grant Award, 20% of the grant amount. 7. Governing Law. This Restrictive Covenant shall be governed by and construed in accordance with the laws of the State of Florida. 8. Attornev'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. 9. Invalidation. Invalidation of any of the restrictive covenants contained herein by judgment or court order shall in no way effect any other conditions which remain in full force and effect. 10. Waiver. Any failure by City to enforce any of the restrictive covenants contained herein shall not be deemed a waiver by City of the right to do so thereafter. 11. Effective Date. This Restrictive Covenant shall become effective upon recordation in the Public Records of Miami -Dade County, Florida. 2