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if ' . <br /> (2) Dedication. The City hereby dedicates in Perpetuity, the Property, legally described <br /> above and located at 500 Sunny Isles Boulevard,Florida,as a Public Park and Marina <br /> for recreation purposes and for the use and benefit of the public. <br /> (3) Limitation of Use. The Property indentified in Exhibit "A" has been acquired for <br /> development by the City with <br /> financial assistance provided by the Florida Department of Environmental Protection <br /> ("DEP") in accordance with the Project Agreement. Pursuant to DEP's rules, land <br /> already owned and then developed,or land acquired by the project sponsor with grant <br /> assistance, shall be dedicated in perpetuity as an outdoor recreation area for the use <br /> and benefit of the general public. Leased land developed by the project sponsor with <br /> program assistance shall be dedicated as an outdoor recreation area for the general <br /> public for a minimum of twenty-five (25) years after completion of development. If <br /> the City should convert any part of the property, whether acquired or developed with <br /> grant assistance, to other than DEP approved recreational uses,the City shall replace <br /> the property at its own expense with a DEP approved property of comparable or <br /> greater size and quality. In lieu of such replacement,DEP may require return of grant <br /> funds disbursed to the project sponsor. Grant funds shall be refunded with interest, <br /> calculated at two percent (2%) over the prevailing prime rate as reported by the <br /> Federal Reserve. <br /> (4) Covenant Running-With-The-Land. This Declaration on the part of the City shall <br /> constitute a Covenant-Running-With-The-Land and shall be recorded in the Public <br /> Records of Miami-Dade County,Florida and shall remain in full force and effect and <br /> be binding upon the Owner, and its successors and/or assigns until such time as the <br /> same is modified or released pursuant to the terms hereof. These restrictions shall <br /> inure to the benefit of, and limitation upon,all present and future owners of the real <br /> property and for the public welfare. <br /> (5) Term. This Declaration shall be in perpetuity and shall be binding on all parties and <br /> all persons claiming under it unless the Project Grant Agreement is terminated or <br /> modified by either party. <br /> (6) Modification, Amendment, Release. In the event the Project Grant Agreement <br /> requires that this Declaration be modified, then, and only in that event, may this <br /> Declaration be modified,amended or released as to the land herein described. Should <br /> this Declaration be so modified, amended or released pursuant to the Project Grant <br /> Agreement,the City agrees to comply with the Project Agreement. <br /> (7) Enforcement. Enforcement shall be by action against any parties or person violating, <br /> or attempting to violate, any provision of this Declaration. This Declaration is not <br /> intended and should not be construed to confer any rights on any third parties other <br /> than the City and DEP. The prevailing party in any action or suit pertaining to, or <br /> arising out of this Declaration, shall be entitled to recover, in addition to costs and <br /> disbursements allowed by law, such sum as the Court may adjudge to be reasonable <br /> 2 <br /> Book26192/Page1230 CFN#20080087500 Page 2 of 4 <br />