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1. INCORPORATION OF RECITALS. The foregoing recitals are true <br /> and correct and are hereby incorporated into this Agreement by this reference as if fully <br /> set forth herein. <br /> 2. DEFINITION OF MATERIAL TERMS. Any terms that are not <br /> defined herein are defined as set forth in the ILA or in the PMG-S2 S 4"LES, LLC <br /> - f9�' <br /> Agreement. In the event of a conflict between the ILA, the PMG-`',S I Q LES, <br /> `st <br /> , <br /> LLC Agreement and this Agreement, the ILA shall control. r` <br /> 3. LEGALLY BINDING COMMITME TT. i •=4. rtu s agree that this <br /> Agreement constitutes a legally binding commi en t B 4, the Applicant to provide <br /> Monetary Proportionate Share Mitigation forl.e eve'opment Proposal for the Property <br /> sought to be approved by the City. j. <br /> of <br /> x •s• <br /> 4. MONETARY dP�R•P0'1/.1 ONATE SHARE MITIGATION. The <br /> Parties agree that the Applic.i as elected to satisfy its Monetary Proportionate Share <br /> Mitigation requiremen44' a 0.thi Agreement through the purchase of available student <br /> stations fro . Mitig: ion Bank ("Capacity Credits" or "Banked Seats") by the <br /> Applica,t,an; fans e thereto. The purchase price of the Banked Seat(s) has been <br /> sf <br /> es .'91:shed a w-nty Two Thousand Five Hundred Ninety Eight Dollars ($22,598) per <br /> "... , <br /> seat. As " , the amount of the Monetary Proportionate Share Mitigation under this <br /> option shall be Two Hundred Three Thousand Three Hundred Eighty Two Dollars <br /> ($203,382) (i.e. 9 seats x $22,598 purchase price of a Banked Seat = Monetary <br /> Proportionate Share Mitigation payment). The Monetary Proportionate Share Mitigation <br /> funds shall be used by the School District towards the creation of twenty-two (22) <br /> SCHOOL BOARD/PROPORTIONATE SHARE MITIGATION- — <br /> SUNNY ISLES PROPERTY VENTURE,LLC AGREEMENT—DRAFT#2—5/14/15 Page 5 of 22 <br />