HomeMy WebLinkAbout0208In the event that the owner of Parcel A fails to have
the construction and paving of said areas totally
co~pletad an~9 ready for usa prior to the 3ate sat
forth above, the ow~er of Parcel B, its successors,
successors-i~-titla, and assigns, shall have the
right. but not the obligatio~, to enter upon Parcel A
for the purpose of constructing and paving (or
completinq 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
rei~burse the owner of Parcel B for any and all
~xpenses (exclusive of overhead ~xpenses) incurre.3 in
connection therec~ith. All such amounts sh311 bear
interest at the higher of (i) the annual rate of
twelve percent (12$); or (ii) the annual rate then in
effect under the construction loan, if any, entere3
into by thQ owner of ParcPl 8 for the contruction of
r: . . }
iznprovements on Parcel B. Such interest shall accrue
fro~a the 3ate such ex~ensQS are incurred until pai:i,
_ and ths ~ntirs araount of such sxpenses, together ~rith
all interest accrue3 ther2on shall be ~ayable no later
than ten (10) days after the receipt by the owner ~f
Parcel A ~f written notice from the owner of Parcel B
that such construction has been completed, sai3 notice
to be accompanied by a statement setting forth the
total amount ~ue and payable by the owner of Parcel A
and by r~asonable supportin3 evi3en~e of the ex~ehses
incurre~ by the owner of Parcel B.
(f) In order to facilitate the surface ~3ter
3rainage easea~ent granted in Para3raph 2 of this
Declaration, the owner of Parcel S shall bui13 an3
maintain such 3rainage facilities and water retention
basins or oon:9s on Parcel F3 as are necessary, an~ as
r~ay be requir~d by any governmental authority, to
re^eive all surface water 3rainage fr~a Par~el A at a
-a- $o~K 348 Pac~ 2O$
~
5
~
~ ~ --
:~...~_..-
~
_~ -- ,~u~
.Y n~