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towards the cost of the Skatepark, in cooperation with the County and the Participating <br /> Municipalities. <br /> NOW, THEREFORE, in consideration of the mutual agreements and covenants <br /> contained therein and for other good and valuable consideration, the receipt and sufficiency of <br /> which hereby are acknowledged, it is mutually agreed and covenanted,under seal, by and between <br /> the Parties to this MOU, as follows: <br /> TERM <br /> 1. Recitals Incorporated. The above recitals are true and correct and incorporated <br /> herein by reference. <br /> • 2. Bay Harbor Contribution to Skatepark. Within three (3) days of execution of <br /> this MOU by the Parties, Bay Harbor shall make payment and disbursement to Sunny Isles Beach <br /> in the amount of $50,000.00 (Fifty Thousand Dollars) for the Skatepark Contribution, to be <br /> deposited in an account created by Sunny Isles Beach ("the Bay Harbor Contribution"). The Bay <br /> Harbor Contribution shall be used solely for costs in connection with the design and construction <br /> of the Skatepark,in coordination with the County and the Participating Municipalities. During the <br /> term of this MOU, Sunny Isles Beach agrees to administer and disburse the Bay Harbor <br /> Contribution only in furtherance of the design, permitting, construction and other benefits directly <br /> related to the Skatepark. Bay Harbor agrees there are no refunds after the purchase of equipment <br /> for the Skatepark unless a refund is provided to. Sunny Isles Beach by the vendor/contractor. Bay <br /> Harbor further agrees that all funds for the Skatepark must be transferred to Sunny Isles Beach <br /> prior to its purchase of equipment for the Skatepark. <br /> 3. Acceptance and Acknowledgement by Sunny Isles Beach. Sunny Isles Beach <br /> hereby accepts the Bay Harbor Contribution and agrees to utilize said funds consistent with <br /> Paragraph 2 above. Sunny Isles Beach shall further accept contributions from the other <br /> Participating Municipalities. Each one of the Participating Municipalities shall contribute an <br /> amount not to exceed $50,000.00 (Fifty Thousand Dollars) towards the Skatepark. Sunny Isles <br /> Beach agrees to contribute the balance of the funds necessary and towards completion of the <br /> • Skatepark and other facility-related enhancements or features (such as benches, shade features, <br /> landscaping and trees, etc.), up to the amount of$150,000.00 (One Hundred and Fifty Thousand <br /> Dollars). Upon request, Participating Municipalities shall be provided with copies of any and all <br /> Memorandums of Understanding or agreements entered between Sunny Isles Beach and other <br /> Participating Municipalities contributing to the Skatepark. Sunny Isles Beach shall serve as the <br /> fiscal agent to collect the funds from all Participating Municipalities, including the Town of <br /> Surfside, the City of Miami Beach, Bal Harbour Village, and the Town of Bay Harbor Islands in <br /> connection with the Skatepark. <br /> 4. Use of Haulover Park Land from County; Operation and Maintenance. Sunny <br /> Isles Beach, in coordination with the County, shall enter into the appropriate agreement(s) as <br /> necessary for use of the site and for the procurement, development and construction of the <br /> Skatepark, and the long-term operation and maintenance thereof by the County. Bay Harbor shall <br /> be provided with copies of any and all such agreements entered between the County and Sunny <br /> Isles Beach for the Skatepark. <br /> 2 <br />