HomeMy WebLinkAbout0207forth above, the owner of Parcel A, its succassors,
successors-in-title, an3 assigns, shall hava the
right, but not the obligation, to enter up~rt Parcel 8
for the purpose of constructin3 and paving (or
complsting said construction an3 paving in the event
of partial completion by the owner of Parcel B) said
areas on Parcel 8, and the owner of Parcel 8 sh311
reimburse the owner of Parcel A for anf and all
expenses (exclusive of overhea3 exQens~s) incurred in
connection therewith. All such a~ounts shall bear
interest at the higher of (i) the annuai rate of
twelve oercent (12$); or (ii) the annual rate then in
effect under the construction loan, if any, entered
into by t~e owner of Parcel A fur the construction of
improve~ents on Parcel A. Such interest shall accrue
from the date such expenses are incurred until paid,
and the entire a~ount af such expenses, tog~ther with
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all interest accrue3 thereon shall be payable no later
than ten (10) 3ays after the receipt by the ~wner of
Parcel e of written notice from the owner of Parcel A
that such construction has be~n co:apl~te~, said noti~e
to be accompanie~3 by a statement setting forth the
total a~ount 3ue and payable by the owner of Parcel B
and by reasonable supporting svi3ence of the expenses
incurred by the owner of Parcel A.
(e) Those certain drives locat~3 on Parcel A
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which are shown shade3 on the Site Plan s}1a11 be
constr-ucted and paved by the owner of Parcel A an3
shall remain unobstructed by buil:iings and parking
areas an3 shall be use3 for the purpose of j~rovi3ing
vAhicular and pedestrian access to an~ fro~a portions
of Parcel B across Parcel A. The owner of Parcel A
shall have such areas constructed and paved in order
that such areas will be finishe~ an~ raady for use no
lat~er than twelve (12) moaths fr~.. the 3ate har~of.
- ~- eo'~ 3~8 PacF 207
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