HomeMy WebLinkAbout0161point or points along the co~m~n bo~ndaries of Parcel
A an3 Parcel B. The aforesaid obligations to maint3in
:~rainage :acilities and water retention basin~ or
pon~s sh311 abate for such perio~s of ti,me during
which ~uch obligations ~hall be un~ertaken by an
appropriate governmental authority. Said drainage
` facilities an~ water retention basina or pon3s shall
be finishe3 and ready for use no later~than ei~ht (8)
months from the date hersof. In the event that the
owner of Parcel 8 shall fail to complete the
construction of such drainage an~ retention facilities
~ prior to the date set forth above, the owner of Parcel
A, its successors, successors-in-t~tle, and assi3ns,
shall have the right, but not the obligation, to enter
u~on such portions of Parcel B as are not within tha
"Ruilding Area" sho~vn on the Site Plan for the purpose
of constructing (or compl~ting sai3 construction in
the event of partial completion by the owner of Parcel
g) sai9 facilities, and the ownar of Parcel B shall
reimburse the ~wner of Parcel A for any and all
exnenses (exclusive of ov~rhea~ expense) incurred in
connection therewith. All such amounts shall baar
interest at the higher of (i) the annual rate of
twelve percent (12$); or (ii) the annual zate then in
effect un~er the construction loan, if any, entare~
into by the owner of Parcel A for the construction of
improvements on Parcel A. Such interest shall accrue '
from the ~ate such expenses are incurred until paid,
and the entire amount of such exa~nses together with
all interest accrue~i thereon shall be payable no later
than ten (10) ~afs after the receipt by the owner of
~
Parcel B of written notice from the owner oz Parcel A =
that such facilities have been complated, said notice •~~
to be accompanied by a statemsnt setting forth the
total ~mount ~ue and payable by the owner o€ Parcel 3
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