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200109052 7. Condition to Continuance of Easements and Licenses. Each of the aforementioned easements and licenses as to the owner of a Phase is conditioned and shall continue as to such Phase only for so long as such owner or its successor hereunder shall reimburse and pay to the owner or its successor hereunder of the Phase upon which the respective easement or license is located the proportionate share of the cost associated with the maintenance and operation of the easement or license, as the case may be. The proportionate share of such expenses shall be apportioned between the owners of the Phases based on the number of residential rental units on each Phase. Such expenses shall be promptly reimbursed monthly upon receipt of a statement therefor. The owner of the respective Phase upon which is located an easement or license for which maintenance is required shall be responsible in the first instance for maintaining the same and then shall provide a monthly statement of the proportionate share to be paid by the owners of the other Phase. 8. Si na e. Pedcor I is hereby granted a perpetual nonexclusive easement to construct identifying signage upon the southernmost twenty (20) feet of Lot 1 and the easternmost twenty (20) feet of Lot 5 so long as such sign complies with all applicable federal, local and state governmental requirements. Upon request of Pedcor II, the location of such easement shall be more particularly described and limited to the actual location of any such signage constructed by Pedcor I. 9. Termination. This Declaration shall be perpetual, and it shall only terminate upon mutual written agreement of the owners of Phases. 10. Covenants Run with the Land. All of the covenants made herein shall run with the land and shall extend to, be binding upon and shall inure to the benefit of Pedcor I and Pedcor II and their respective successors and assigns. 11. Miscellaneous. (a) This Declaration may not be amended or modified orally but may be amended or modified only in writing, signed by the owners of the Phases (or their respective successors or assigns, as the case may be). No waiver of any term or provision of this Declaration shall be effective unless it is in writing, making specific reference to this Declaration and signed by the party against whom such waiver is sought to be enforced, and any such waiver shall not constitute a waiver of any other or subsequent rights under or violations of this Declaration. (b) This Declaration shall be binding upon the owners of Phases and their respective successors and assigns and shall inure to the benefit of each of them. MEasement & License Dedaration.doc 4