Agenda - 08-27-2012 - C2 - Laserfiche WebLink

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ART[CLE XII OBLIGATIONS TO COMMENCE C�NSTRUCTIOt�I A. 4biiQation to Commence Construction. Each Qu,�t�er acqUiric�g an unitnproved Lat, includin� without limitatian any Contract Seller ar Builder,shall be obligated to cotnmence construction of a single-family dwelling-uniE on each Lot awned by such Owner within two years following the data of the recording of the deed of conveyance af such Lot tQ the 4wner. For purposes hereof, the tenn "commencement of construction" shall mean the date when {a) all plans for such construction have been approved by the Declarant or the Architectural Review Co�n�nittee; (b) a i�uilding permit has been issued for the dwelling-unit by the apprapriate jurisdiction;and{c)lhe pouring of footings. B. Re�urchase Ri�ht. In the evcnt caminencement of construction has nat begtin �vithin the two-year period provided in Paragraph A abave, Declarant shall have the right, but not the obligation, to repurchase the Lot for a purchase price equal ko the then "Fair Market Value" {as defned below}, exercisable at any time thereafter and prior to the time that the Contract Seller ar�3uilder co�nmences constructian. Once the�tvner ca�ninences canstruction, it shall dili�ently prasecute such canstructian to completion within an ei�;hteen-month period thereafter. ror purposes hereof, co�npletion of the dwelling-unit sha11 mcan that a tinal certificate of occupancy has been issued by the appropriate jurisdiction for the dwelling-unit. If an Owner fails to commence construction within a two-year period,but Declarani does not exercise its option ta repurchase such Lot, or if the Owner eominences, but fails to diligently prosecute such canstruction required hereinabove, such Owner wifl be assessed a $SOQ per month fee for each tnonth or part of a manth that such Qwner is in defautt hereunder, which fee shall be a lien against the Lot until paid. C. Pair Market Value. For purpases hereof,the"Fair Market Value"of lhe Lot wil) be equa( to the amount agreed to by the Declarant and such Owner at that titne. If the parties are unable to reach an agreernent,eacl3 party shall seleck an appraiser who is qualifred to perform an MAI appraisal to appraise the Lot,and the"Fair Market Value" will be equal to the average of the two appraisals. In such case, each of the Declarant and the cJwner will pay all costs wit}3 respect to the appraiser selected by such party. D. Force Majeure. lVotwithstanding anything herein to the cantrary,the time periods sct forth in this Articie X[I shai) be subject to extension, at the elcction of the Declarant, by reasons of Acts of God, Force Majeure, and other matters outside the reasonable control of the Owner. Further, the provisions contained herein shati automatically terminate as to any Lot seven years from the date the dced into the Owner is duly recarded. E. Restrictions in Deeds. No O��ner may transfer title to any Lat as to which construction has not been completed as required herein, un(ess the deed conveying such title specificaily acknawledges the restrictions contained in this Article X[I and subjects the Lot to_these restrictians. 22