201408164 - Laserfiche WebLink

Browse

accommodate an orderly flow of traffic to and from the respective properties, the Grantor, its successors and assigns, reserve the right to approve or disapprove, in writing, the plans, use, and specifications for any and all development of the Property. The Property shall not be sub- divided or split into multiple lots. Grantee must improve, develop and maintain the entire parcel with either a building, parking facilities or landscaping in order to avoid the appearance of any vacant or undeveloped areas on the Property. No building, structure, or other improvement shall be erected, materially altered or placed upon the Property unless the use, plans, specifications and site development plans are approved by Grantor, which approval or disapproval shall be at Grantor's sole discretion. Grantor shall approve or disapprove any plans or specifications within thirty (30) days after its receipt of such plans or specifications and Grantee's request for review, and failure to approve or disapprove within thirty (30) days shall constitute disapproval. This restriction shall run with the land for a period of twenty (20) years. Grantor's Right to Repurchase: In the event Grantee fails to commence construction of its improvement on the Property on or before the first anniversary of the date of closing of the transaction represented by this instrument, Grantor shall be entitled to repurchase the Property from the Grantee for the Purchase Price set forth in Section 10 of that certain Purchase and Sale Agreement by and between Grantor and Grantee dated August 1, 2014, as amended. For the purpose of this covenant, commencement of construction shall be defined as the installation of all building footings. Grantor shall exercise its right to repurchase by providing written notice thereof to Grantee within one hundred eighty (180) days after the date of the first anniversary of the date of closing of the transaction represented by this instrument. The repurchase of the Property shall be completed within thirty (30) days after the date of Grantor's notice to Grantee of its intention to repurchase the Property. Grantee shall convey good and marketable fee title to the Property by Special Warranty Deed free and clear of any encumbrances or liens (except for encumbrances to which the Property was subject immediately prior to the time Grantor conveyed the Property to the Grantee). [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 201408164 2