Agenda - 06-23-2004-8a - Laserfiche WebLink

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I c Utilities. Seller shall deliver to the Property on or before May 1, 2006, public utilities, including water and sewer and electricity extended to the boundary of the Property in a manner sufficient to allow Buyer to make all necessary connections to said public utilities for the benefit of the Property. Provided, however, in the event that Seller is prevented from delivering utilities to the Property as set forth in this paragraph as a result of the action or inaction of any governmental entity or utility provider. Seller's failure to do so shall not be an event of default under this Contract. In the event of a delay resulting from the action or inaction of any governmental entity or utility provider, Seller shall continue to use its best efforts to deliver the public utilities to the Property within a reasonable time after the cause of the delay is resolved. d. Roadway Access. Subject to the approval of final right of way alignment by the Town of Hillsborough, the road connection from Old NC 86 to the Property shall be completed in a manner consistent with the requirements of the Master Plan and the Town of Hillsborough, and available for use with four (4) travel lanes on Waterstone Drive to the southwestern boundary of the Property on or before .July 1, 2007 Subject to the approval of the final right of way alignment by the Town of Hillsborough, the road connection from the southwestern boundary of the Property to New NC 86 shall be completed in a manner consistent with the requirements of the Master Plan and the Town of Hillsborough, and available for use with at least two (2) lanes of travel on or before July 1, 2007. e. Transit Stop. Contingent upon the approval of the Town of Hillsborough, a transit stop shall be located along the road connecting the Property to New NC 86. This transit stop shall include a bus turnaround, an adequate and appropriately designed shelter. Seller shall use its best efforts to complete this transit stop and make it available for use no later than July 1, 2007. f Development Plan Review. Prior to Closing, Seller will subject the Property to a declaration of restrictive covenants (the "Declaration "). Seller shall provide Buyer' with a copy of the Declaration for review prior to recording it in the Orange County Register of Deeds. The Declaration shall include, without limitation, provisions for adopting architectural design guidelines ( "Design Guidelines ") to be administered and enforced by an Architectural Control Committee and the creation of a property owners association. Seller shall employ Michael Watson, AIA, of Bowers, Ellis & Watson Architects, P.A. of Asheville, North Carolina to prepare the Design Guidelines.. The Design Guidelines shall be provided to the Buyer a reasonable amount of time prior to the conclusion of the Buyer's Inspection Period and no later than October 15, 2004. The Declaration and Design Guidelines shall not be subject to the approval of Buyer; provided, however, said Declaration and Design Guidelines shall not prohibit the construction of a community college or public library on the Property, The Buyer shall develop the Property only with a community college or public library unless Seller' agrees in its sole discretion to remove such restriction. In the event Buyer decides to build a public library on the Property, the library will be located on the Property at a location mutually acceptable to Seller and Buyer. Further, Buyer agrees not to construct any other structure of any kind or nature whatsoever in the area between any such library building and the boundary between the Property and Parcel 14, The Deed shall contain use restrictions consistent ro RTP 844060