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<br />i <br /> <br />e <br /> <br />e <br /> <br />1.3 "Capital Im~rovements" means all structures or other <br />improvements of any kind whatsoever, whether above or below <br />grade, including, but not limited to, buildings, utility <br />installations, equipment, storage, loading and parking <br />facilities, sidewalks, walkways, bulkheads and bulkheading, <br />piers, boat launching facilities, driveways, landscaping, <br />statuary, lakes, ponds and pools, walls, fountains, benches, <br />signs, si te lighting, si te grading and earth movement and any <br />additions, changes or alterations thereto and replacements <br />thereof. <br /> <br />1.4 "Parties" means collectively Lawrence and La Porte, the <br />parties to this Agreement. <br /> <br />ARTICLE II <br /> <br />THE DECLARATION <br /> <br />2.1 The Declaration. In consideration of the mutual <br />covenants and agreements herein contained, La Porte and Lawrence <br />agree to execute and deliver to the other the Declaration of <br />Covenants and Restrictions (hereinafter referred to as the <br />"Declaration") in the form attached hereto as Exhibit "A" and <br />made a part hereof for all intents and purposes for the purpose <br />of imposing certain covenants and restrictions on the use of the <br />Restricted Property (as defined in the Declaration). The <br />Declaration shall be executed concurrently with the payment of <br />the Sylvan Beach Park Amount as provided below. <br /> <br />ARTICLE III <br /> <br />SYLVAN BEACH PARK CAPITAL IMPROVEMENTS <br /> <br />3.1 Sylvan Beach Park Amount. As consideration for the <br />execution and delivery of the Declaration and for the mutual <br />covenants and agreements herein contained, Lawrence agrees to pay <br />to La Porte on or before fourteen (14) days after the date hereof <br />the sum of $100,000.00 (the "Sylvan Beach Park Amount"). <br /> <br />3.2 Permi tted Use of Funds. Promptly upon the receipt of <br />the Sylvan Beach Park Amount from Lawrence, La Porte agrees to <br />deposit and maintain (subject to being used pursuant to the <br />provisions hereof) same in a separate, interest bearing account <br />at a banking institution of its choice located in Harris County, <br />Texas. All interest earned shall become a part of the Sylvan <br />Beach Park Amount to be used as provided below. La Porte agrees <br />to use the Sylvan Beach Park Amount solely for the construction, <br />expansion, and/or installation of Capi tal Improvements at that <br />certain county park named "Sylvan Beach Park" situated on the <br />coastline of the State of Texas in Harris County, Texas. <br /> <br />-2- <br />