HomeMy WebLinkAbout0188U.S. Route 1 and Walton Road. Grantor hereby covena~ts and
agrees, for itself, its successors, successors-in-title and
assigns, that Parcel I and Parcel II shall remain unobstructed
by buildings, signs (except those traffic and directional signs
on Parcel I) and parking areas and shall be used solely for the
purpose of vehicular and pedestrian ingress and egress.
In connection with the grant of the easements des-
cribed herein, and in order to insure the effectiveness of such
easements for the purpose set forth herein, Grantor covenants
and agrees to construct, or cause to be constructed, at its
sole expense, a paved roadway on Parcel I, which shall serve
as a"frontage road" providing access to U.S. Route 1 from
Grantee's Property, and a paved roadway on Parcel II. Said
roadways shall be constructed, paved and ready for use on or
before eight (8) months from the date hereof. In the event
that Grantor fails to complete the construction of said roadways
prior to the date described above, Grantee, his heirs, successors,
successors-in-title and assigns shall have the right, but not
the obligation, to enter upon Parcel I, or Parcel II or both
. of said parcels for the purpose of constructing said roadways.
Grantor for itself, its successors, successors-in-title and
assigns does hereby agree to reimburse Grantee for any and all
expenses texclusive of overhead expenses) incurred in connec-
tion with said construction. All such amounts shall bear
interest at the higher of (i) the annual rate of twelve percent
(12$) or (ii) the annual rate then in effect under the con-
struction loan, if any, entered into by Grantee for the
construction of improvements on Grantee's Property. Such
interest shall accrue from the date such expenses are incurred
until paid, and all such expenses, together with all interest
accrued thereon, shall be due and payable to Grantee no later
than ten (10) days after the receipt by Grantor of written
notice from Grantee that such construction has been completed,
said notice to be accompanied by a statement setting forth
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E~3~8 P~~ 188
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