S Declaration of Covenants, Conditions, and Restrictions Orange Co. Campus, Durham Technical Community College Property

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20060416000131490 R/C Bk:RB3721 P9:321 04/15/2006 12:39:64PM 7/23 Association as may be established for the Waterstone Project. Any such party that may enforce the Covenants contained herein, shall have the right, but not the obligation, to enforce the same, by proceeding at law or in equity against any person or persons violating or attempting to violate any such Covenants, either to restrain violation thereof or to recover damages therefore, excgp t that in no event shall any remedy at law or in equity be available until such person or persons violating a covenant or restriction has received written notice of the violation, and been given a reasonable time in which to cure the same, which reasonable time shall not exceed ninety (90) days from the date on which such person or persons receives written notice of violation. 5.04 Burdens and Benefits to Run with Land. The Orange County Campus, DTCC Property shall be held, conveyed, hypothecated, encumbered, sold, leased,rented, used, occupied and improved subject to each and all of Covenants set forth herein, all of which are declared to be (i) in furtherance of a common scheme and general plan for the development, improvement and maintenance of the Waterstone Project, including the Orange County Campus, DTCC Property, and (ii) for the purpose of enhancing, maintaining and protecting the value, desirability and attractiveness of the Waterstone Project, including the Orange County Campus, DTCC Property. The Covenants set forth herein shall run with,be binding upon and inure to the benefit of the Waterstone Project and the property comprising the same, including the Orange County Campus, DTCC Property, and, to the limited extent provided for herein, shall be binding on and inure to the benefit of each and every person having or acquiring any right,title or interest in the Waterstone Project and the property comprising the same, including the Orange County Campus, DTCC Property, and shall be binding upon and inure to the benefit of the successors in interest of such persons, including but not limited to successors in interest to Declarant by sale and conveyance or otherwise. 5.05. Assignment. Declarant shall have the express right to freely assign any and all rights and benefits accruing in favor of Declarant under this Declaration to any third party assignee in conjunction with the sale of any or all of the Additional Property as defined herein. 5.05 Term. The Covenants contained in this Declaration are to run with the land (unless otherwise specified herein) and shall be binding upon all parties and all persons claiming under them for a period of twenty-five(25) years from the date the Declaration is recorded; after which time said covenants and restrictions shall be automatically extended for successive periods of ten(10)years unless amended or terminated as provided for herein. 5.06 Headings. The headings used in this Declaration are for convenience and reference only and the words contained therein shall not be held to expand, modify, or aid in the interpretation,construction,or meaning of this Declaration. I I