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WHEREAS, the Commission of the City of Sunny Isles Beach, at its meeting of <br />20, duly passed and adopted on that date, Resolution No. <br />authorizing the appropriate City officials to enter into this Agreement: and <br />WHEREAS, the Applicant has duly approved this Agreement, and represented to <br />the School Board and to the City, and hereby confirms, that Kevin k4aloney, its President <br />and sole manager, has been and is hereby filly authorized to execute this Agreement on <br />behalf of Applicant, pursuant to written consent issued July 18, 2014. <br />NOW. THEREFORE, in Consideration of the Sum of Ten Dollars (S 10.00), the <br />mutual covenants contained herein, and other good and valuable consideration, the <br />receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending <br />to be legally bound, hereby agree as follows: <br />INCORPORATION OF RECITALS. The foregoing recitals are true <br />and correct and are hereby incorporated into this Agreement by this reference as if filly <br />set forth herein. <br />2. DEFINITION OF NIATERIAL TERMS. Any terms that are not <br />defined herein are defined as set forth in the ILA. <br />3. LEGALLY BINDING COMMITi\IENT. The Parties agree that this <br />Agreement constitutes a legally binding commitment by the Applicant to provide <br />Monetary Proportionate Share Nlitigation for the Development Proposal for the Property <br />sought to be approved by the City. <br />SCHOOL BOARD /Proportionate Share Mitigation Agreement for Muse (SP3114053000892) Page 4 of 26 <br />Revised 12 -02 -2014 <br />