HomeMy WebLinkAbout0160In tlie event that thQ owner of Parcel A€ails to have
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the construction and paving of said areaa totally
co~plete~ an~~ rea~y for uaa prior to the date s~t
forth above, the owner of Parcel 8, its snccessors,
successors-in-tit1Q, and assigns, shall have the
right, but not the obligation, to enter upon Parcel A
for thQ purpose of con4tructinq and paving (or
completing said construction and pavin~ in the event
of partial completion by the owner of Parcel A) said
areas on Parcel A, and the owner of Parcel A shall
reimburse the owner of Parcel B for any and all
expenses (Qxclusive of overhead sxpenses) incurre;~ in
cnnnection therewith. All such amounts shill bear
interest at the higher of (i) the annual rate of
twelve percent (12$); or (ii) the annual rate then in
effect unaer the construction loan, if any, entered
into by the o~rner of Parcel B for the contruction of
improvements on Parcel B. Such interest shall accrue
from the date such ex~enses are incurred until pai1,
an~3 th~ entirs anount of such exoenses, together with
all interest 3cerue3 thereon shall be ,ayable no later
than ten (10) days after the rec~ipt by the owner of
Parcel A c~f written notice from the owner of Parcel B
that such construction has been completed, said notice
to be accom~~anie~i by a statement setting forth the
total amount ~ue an3 payable by the owner of Parcel A
an3 ~y z~asonanle supportin~ evi~en~e of the ex?e:~s~s
incurre:~ by the owner of Parcel B.
(f) In order to f3cilitate the surface w3ter
9raina~e easement granted in Para~raph 2 of this
Declaration, the owner of Parcel 3 shall build an3
maintain such 3rainage facilities and water retention
basins or pon:~s on Parcel -3 as are necessary, an3 as
may be required by.any governmental authority, to
r~^eive all surface water ~rainage tr~ca Par~el A at a
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