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<br />DRAFT 4/04/05
<br />DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
<br />ORANGE COUNTY CAMPiJS, DiJRHAM TECHNICAL COMMUNITY COLLEGE
<br />PROPERTY, WATERSTONE PROJECT, TOWN OF HILLSBOROUGH,
<br />ORANGE COUNTY, NORTH CAROLINA
<br />THIS DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR
<br />ORANGE COUNTY CAMPUS, DURIIAM TECHNICAL COMMUNITY COLLEGE
<br />PROPERTY, WATERSTONE PROJECT, TOWN OF HILLSBOROUGH, ORANGE
<br />COUNTY, NORTH CAROLINA (the "Declazation"), made this _ day of April, 2005, by
<br />NORCA HOLDINGS, LLC, a Delawaze limited liability company, hereinaRer called
<br />"Declarant" with reference to the following facts:
<br />RECITALS:
<br />A, Declazant is the owner of certain real property in the Town of Hillsborough,
<br />Orange County, North Cazolina, as more fully described in Article 1 hereof and as described on
<br />Exhibit A attached hereto and incorporated herein by this reference (the "Orange County
<br />Campus, DTCC Property").
<br />B. It is anticipated that, contemporaneously with the execution of this Declaration,
<br />Declazant will sell and convey the Orange County Campus, DTCC Property to Orange County,
<br />North Cazolina (the "County") for development by the County, in accordance with the terms
<br />hereof, as a community college campus.
<br />C. In addition to the Orange County Campus, DTCC Property, Declazant owns or
<br />may acquire certain adjacent property also located in the Town of Hillsborough, Orange County,
<br />North Cazolina, which adjacent property, to the extent it is currently owned by Declazant, is
<br />described more particulazly on Exhibit B attached hereto and incorporated herein by this
<br />reference (the "Additional Property"). Declazant intends that the Orange County Campus,
<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, Declazant 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 declazation for the Waterstone Project, and Declazant further reserves such additional
<br />rights as aze 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 fotwazd, Declarant shall not prohibit uses of the Orange County Campus, DTCC
<br />Property that aze allowable under this Declazation, and Declarant shall not prohibit project design
<br />230813A.05
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