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911111T1 "111K as a cohesive development, that the development of the Property does not have an adverse impact upon the visibility of the Grantor's property and that the parking, access and circulation areas can accommodate an orderly flow of traffic to and from the respective properties, the Grantor, his successors and assigns, reserve the right to approve or disapprove, in writing, the plans, use, and specifications for Grantee's 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 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 such plans or specifications have been received by him, and failure to approve or disapprove within thirty (30) days shall constitute approval. This restriction shall run with the land for a period of twenty (20) years. Notwithstanding the foregoing, the site plans and building elevations attached hereto as Exhibit A are hereby approved. Repurchase Option: In the event Grantee fails to commence construction of its improvement on the Property on or before August 18, 2006, Grantor shall be entitled to repurchase the Property from the Grantee for $750,000.00. 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 on or before October 17, 2006. 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). IN WITNESS WHEREOF, said Grantor has caused these presents to be executed this sr day of Amgff§T',72005. JOHN R. MENARD By�.� .. -.._ John . M and 2