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<br />e <br /> <br />e <br /> <br />real property described in Recitat~0ns, Paragraph II, herein. The <br /> <br />conveyance <br />'. <br /> <br />from ASSOCIATION to CITY shall be <br /> <br />subject <br /> <br />to the <br /> <br />.. . <br /> <br />~estrictions contained in the warranty deed from Eddie V. Gray, <br />Trustee, to ASSOCIATION, described in Recitations, Paragraph II, <br /> <br />above. <br /> <br />III. <br /> <br />ASSOCIATION shall continue to operate the real property <br /> <br />described in Recitations, Paragraph I, as a recreation area for its <br /> <br />residents. <br /> <br />IV. <br /> <br />CITY shall construct and operate on the real property <br />described in Recitations, paragraph II, the facilities described in <br /> <br />Recitations, Paragraph II, herein. <br /> <br />, <br />'" <br /> <br />V. <br /> <br />The existing Agreement of Lease between CITY and ASSOCIATION, <br />dated April 1, 1983, will be deemed merged into the title of <br />ASSOCIATION, by this transaction, and cancelled. <br />VI. <br /> <br />CITY shall assume and pay current year ad valorem taxes on the <br /> <br />real property described in Recitations, Paragraph II, herein. <br />ASSOCIATION shall assume and pay all tax liability on the <br /> <br />improvements on the real property described in Recitations, <br /> <br />Paragraph I, herein. <br /> <br />" <br /> <br />VII <br /> <br />ASSOCIATION agrees not to impose or assess any fees or <br /> <br />".' .~. .. <br /> <br />'.. -assessments, against the property conveyed by ASSOCIATION to CITY. <br />The Detention Pond property described in Recitations, Paragraph II, <br />herein, shall not be subject to the covenants and restrictions of <br /> <br />4 <br />