Orange County NC Website
Browse       Search
10 <br /> ROAD MAINTENANCE AGREEMENT <br /> THIS ROAD MAINTENANCE AGREEMENT ("Agreement") is made and <br /> entered into this day of , 2022, by the Owners, Grantors/Grantees, <br /> (individually or collectively, the "Owners") of a private road known as Lodge Trail (the <br /> "Road"). <br /> WHEREAS, the Road is a private road along which rest the various properties <br /> owned and occupied by the Owners, and more particularly described as follows: <br /> See Exhibit A, attached hereto; and <br /> WHEREAS, the Owners desire to provide for the maintenance, repair and <br /> upkeep of the Road from the date of this Agreement and henceforth, and to share equally <br /> in the costs of same. <br /> NOW THEREFORE, by the acknowledgement of this Agreement, and for other <br /> good and valuable consideration, the Owners hereby agree as follows: <br /> 1. MAINTENANCE: The Owners collectively and individually agree that <br /> they will maintain, repair, and keep up the Road so that it is maintained in <br /> a first class condition for the benefit of each and all of the Owners, and <br /> their respective successors. <br /> 2. ASSESSMENTS: <br /> a. AMOUNT: Each Owner shall pay an annual assessment in the <br /> amount of$1,000.00 for the maintenance, repair and upkeep of <br /> the Road. <br /> b. LIEN: The assessments provided for herein shall be a lien on the <br /> real estate of each Owner until paid, subordinate, however, to the <br /> lien of any First Deed of Trust to secure any promissory note <br /> providing funds for the construction of improvements on said real <br /> estate. Said lien may be enforced by any Owner in the manner in <br /> which subdivision assessment liens are enforced under North <br /> Carolina law. <br /> C. COLLECTION: The Owners, by a majority vote, shall elect one <br /> of themselves as Treasurer to collect the assessments due <br /> hereunder(the "Treasurer"). The Treasurer shall establish a Trust <br /> or Escrow Account in a Bank for the purpose of depositing the <br /> assessments collected. The Treasurer shall be authorized to spend <br /> collected assessments for the purpose of maintenance, repair and <br /> upkeep of the Road and shall provide the other Owners with <br /> receipts for and an accounting of all expenditures for said <br /> 1 <br />