HomeMy WebLinkAbout0209point or points along the co~mon boundaries of Parcel
A an3 Parcel 8. ':he aforesaid obligations to maint3in
~rainage :acilities and water retention basins or
po~ds shall abata for such periods of ti~e during
which such obligations shall be undertaken by an
appropriate governme~tal authority. ~aid drainage
facilities an~ water retention basins or pon~s shall
be finishad an~ ready for use no later than ei~ht (8)
months from the 3atz hereof. In the event that the
owner of Parcel B shall fail to complete the
construction of such drainage an3 retention facilitie3
prior to the date set forth above, the owner of Parcel
A, its successors, successors-in-title, and assi3ns,
shall have the right, but not the obligation, to enter
upon such portions of Parcel 8 as are not within the
"euilding Area" sho~~n on ths Site Plan for the purpose
of constructing (or compl~ting sai3 construction in
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the event of partial completion by the owner of Parcel
9) sai3 facilities, and the ownar of Parcel 8 shall
reimburse the ~wner of Parcel A for any and all
exnenses (exclusive of ovsrhea3 expense) incurred in
connection therewith. All such amounts shall b~ar
interest at the higher of (i) the annual rate o~
twelve percent (12~); or (ii) the annual rate then in
e~fect under the construction lo~n, if any, entared
into by the owner of Parcel A for the construction of
improvements on Parcel A. Such interest shall accrue
from the ~ate such expenses ars incurred until paid,
and the entire amount of such ex~ensas together with
all interest accrue~ thereon shall be payable no later
than ten (10) 3ays after the receipt by the owner of
Parcel B of written notice from the owner oi Parcel A
that such facilities have been comol~te3, sai~ notice
to be accompanied by a statemsnt settinq forth the
total amount ~ue and payable by the owner o~ Parcel 3
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