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B(0,000 PACE 6Cjii <br /> (b) Corporation desires to provide for continuity in <br /> ;. r <br /> • <br /> the development of the entire area known as SEDGEFIELD <br /> SUBDIVISION in the event that the State of North Caro- <br /> lina does not acquire the aforesaid property for the <br /> proposed Interstate 40 <br /> 2. If the State of North Carolina and/or the North <br /> Carolina Department of Transportation states in writing to <br /> County that the State of North Carolina and/or the North Caro- <br /> lina Department of Transportation has decided not to acquire <br /> title to the aforesaid property for the continuation of the pro- <br /> posed Interstate 40 or if such notification is not given by the <br /> State of North Carolina and/or the North Carolina Department of <br /> Transportation to County by April 28, 1983, and said acquisition <br /> of said property by the State of North Carolina and/or the North <br /> Carolina Department of Transportation has not occurred, then <br /> County shall have the right to request Corporation to post with <br /> ' County a letter of credit in an amount determined by County as <br /> sufficient to insure the completion of the streets for the <br /> aforesaid property to the standards required by the North Caro- <br /> - lina Department of Transportation and to insure the completion <br /> of water and sewer facilities for the aforesaid property to the <br /> . standards required by Orange Water and Sewer Authority. Corpo- <br /> ration agrees and covenants to post the aforesaid letter of <br /> credit with County within thirty (30) days after receipt of the <br /> aforesaid request from County. The letter of credit to be <br /> posted with County snail contain the following amounts: <br /> $214,500.00 for all water improvements, t259,985.00 for all <br /> sewer improvements, and $291, 319.00 for all street improve- <br /> ments, County reserves the right to increase the aforesaid <br /> amounts on the date it requests the letter of credit so as to <br /> include any inflationary cost increases. <br /> 3. Corporation agrees, covenants and warrants that it <br /> shall not sell any of those certain lots in Sections Four, Five, <br /> Six and Seven, SEDGEFIELD SUBDIVISION to any individual or en- <br /> 4C4AVE: <br /> PAM311071Al4MCIAMIN <br /> ATR,WYCOMMUIIMUM <br /> MOM <br /> M;,,,Mr*AAMn7M <br /> MR <br />