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20060416000131490 R/C
<br /> Bk:RB3721 P 516
<br /> 04/16/2006 12:39�4PM 2/23
<br /> DTCC Property be developed, together with the Additional Property as part of a common
<br /> scheme, mixed-use development to be known as Waterstone (the "Waterstone Project'). It is
<br /> intended that the Orange County Campus, DTCC Property shall be Parcel 16 within that
<br /> Waterstone Project. To those ends, and because it is anticipated that the development of the
<br /> Orange County Campus, DTCC Property will take place prior to the development of the
<br /> remainder of the Waterstone Project, Declarant in its sole discretion, reserves the right as
<br /> described herein to later subject the Orange County Campus, DTCC Property to the coverage of
<br /> a master declaration for the Waterstone Project, and Declarant further reserves such additional
<br /> rights as are described herein, in order to ensure that the development of the Orange County
<br /> Campus, DTCC Property is consistent, in concept and in design, with the later developed
<br /> remainder of the Waterstone Project, and to preserve the value of that Project,provided however,
<br /> that going forward, Declarant shall not prohibit uses of the Orange County Campus, DTCC
<br /> Property that are allowable under this Declaration, and Declarant shall not prohibit project design
<br /> on that Property which would comply with the Orange County Campus, DTCC Property Design
<br /> Guidelines, as described herein.
<br /> NOW, THEREFORE, Declarant hereby declares that the Orange County Campus,DTCC
<br /> Property,being the real property described in Article 1 hereof, and further described in Exhibit A
<br /> attached hereto and incorporated herein by this reference, is and shall be held, transferred, sold,
<br /> conveyed, given, donated, leased, occupied and used subject to the covenants, restrictions,
<br /> easements, liens, charges, and equitable servitudes (all hereinafter sometimes referred to as the
<br /> "Covenants")hereinafter set forth.
<br /> ARTICLE 1
<br /> PROPERTY
<br /> 1.01. Propert y. The real property which is and shall be held, transferred, sold,
<br /> conveyed and occupied subject to this Declaration, and which is solely owned by Declarant, is
<br /> located in the Town of Hillsborough, Orange County, North Carolina, and is the Orange County
<br /> Campus, DTCC Property as defined above and as more particularly described on Exhibit A,
<br /> attached hereto and incorporated herein by this reference.
<br /> ARTICLE 2
<br /> DEVELOPMENT RESTRICTIONS
<br /> 2.01. Use Restriction. The Orange County Campus, DTCC Property shall be used only
<br /> for (1) for a community college campus, which campus use shall include typical campus
<br /> buildings containing classrooms, related offices, libraries, and any necessary support or
<br /> accessory uses, not including dormitories or residential units, but including and not limited to
<br /> snack bars or cafeterias, all to be located on the interior of campus buildings; and(2) for a public
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