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200109052 D. Phase I and Phase II are hereinafter referred to singularly as a "Phase" and both collectively as "Phases ". E. The Phases are intended for use as a fully integrated multi - family housing complex (the "Project "), each, at a future date, with separate ownership as described above and with the joint use of common facilities as hereinafter described. F. Pedcor I and Pedcor II intend to provide upon the terms and conditions hereinafter provided for the provisions of easements and licenses for the effective operations of the Phases, all upon the terms and conditions hereinafter set forth. NOW, THEREFORE, the following easements and licenses are hereby declared: Reciprocal Roadway Access Easements. Pedcor I hereby declares, for the benefit of Phase II, and to be appurtenant to Phase II and for the use and benefit of Pedcor II's tenants, officers, employees, agents and invitees and such tenants' invitees and guests, a conditional non - exclusive right, privilege and easement for vehicular and pedestrian use for ingress and egress to and from Phase II, to and from the public roadways contiguous to Phase I and to and from the Recreational and Maintenance Facilities (as hereinafter defined), on, over, across and upon that portion of Phase I on which are located roadways described and graphically depicted as roadways on Exhibit C attached hereto and made a part hereof as the same may be modified or relocated from time to time by Pedcor I (hereinafter referred to as the "Roadway Access Easement "). As a precondition to the development of Phase II and the use of the Roadway Access Easement, Pedcor II shall grant a reciprocal easement to Pedcor I as to any such facilities to be located on Phase II. 2. Reciprocal Recreational Facilities and Parking Easements. Pedcor I hereby declares, for the benefit of Pedcor II, and to be appurtenant to Phase II and for the benefit of Pedcor II's tenants, officers, employees, agents and invitees and such tenants' invitees and guests, a conditional non - exclusive right and easement to use and enjoy the swimming pool, clubhouse (which include office, maintenance and laundry facilities) and other recreational facilities (which include a picnic area, pool, playground and clubhouse) (all of which are described and depicted in Exhibit C) and the parking areas (all of such depicted as the parking spaces on Exhibit C (all of such facilities collectively referred to as the "Recreational Facilities ") on the same terms and conditions that the same are available for use by the tenants, officers, employees, agents and invitees and such tenants' invitees and guests of Phase I (the "Facilities Easement "). As a precondition to the development of Phase II and the use of the Facilities Easement, Pedcor II shall grant a reciprocal easement to Pedcor I as to any such facilities to be located on Phase II. Notwithstanding anything to the contrary herein contained, in no event shall Pedcor I be obligated to construct any Recreational Facilities. AAEasement & License Declaralion.doc 2