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PURPOSE <br /> The purpose of this MOU is to set forth the discussions that agents representing <br /> Draga Investments, P.B.S. Properties, and the Commission have had with one another to <br /> date with respect to the retention area and the subdivision of the Property. The executed <br /> MOU shall be a binding document that expresses the intent of each of the parties at the time <br /> this MOU is executed. <br /> This MOU is a statement of the parties' mutual good faith intentions to proceed with <br /> the Subdivision as described herein. This MOU shall be subject to the appropriate <br /> resolutions or approval of the parties' respective governing bodies. <br /> COMMITMENTS - DRAGA INVESTMENTS AND P.B.S. PROPERTIES <br /> 1. Draga Investments and P.B.S. Properties will grant all necessary access to the <br /> property to allow agents of DHA to complete all necessary field work associated with this <br /> subdivision process. Draga Investments and P.B.S. Properties will sign all necessary <br /> paperwork that is required to be filed with the Subdivision application. <br /> COMMITMENTS - COMMISSION <br /> 1. The Commission will fund and pay for all costs related to the preparation and <br /> approval of the subdivision process. The Commission will coordinate with DHA to keep the <br /> project on track for approval by the Plat Committee at its meeting on February 21, 2013. <br /> (Signature page follows) <br />