Orange County NC Website
9 <br /> <br />there are material changes to the location of buildings, roadways, utilities, or required property area <br />requested or required by the Town of Hillsborough and the Plan Approval Period shall restart. If Seller does <br />not finally and unconditionally approve the Site Plan prior to Closing, then Buyer may, by giving written <br />notice to Seller, terminate this Contract, receive a refund of the Earnest Money and all Extension Deposits. <br /> 6.2 Declaration. During the Inspection Period, Buyer and Seller shall negotiate and <br />otherwise agree upon the form, substance, and other terms of a declaration (i) restricting Seller’s remaining <br />property adjacent to the Property in perpetuity for certain uses that are incompatible with Buyer’s Intended <br />Use, (ii) providing for future maintenance of landscaping on the respective properties, and (iii) allocating <br />responsibility for future storm water facility maintenance, and (iv) including other terms for the benefit and <br />future operation of the respective properties as Buyer and Seller may mutually agree (“Declaration”). Seller <br />shall provide Buyer a draft of the Declaration no later than fourteen (14) business days prior to the expiration <br />of the Inspection Period (“Declaration Delivery Date”). If Seller does not deliver the Declaration on or <br />before the Declaration Delivery Date, then the Inspection Period shall be extended on a day-for-day basis <br />until the Declaration is delivered to Buyer. The Declaration shall be recorded by Seller in the Orange County <br />Registry on or prior to Closing. <br /> <br /> 6.3 Easements. During the Inspection Period, Buyer and Seller shall negotiate and <br />otherwise agree upon the form, substance, and other terms of all necessary cross-access, utility, and other <br />easements necessary for Buyer’s development and Seller’s development of its remaining property adjacent <br />to the Property (collectively the “Easements”). Seller shall provide Buyer a draft of the Easements no later <br />than fourteen (14) business days prior to the expiration of the Inspection Period (“Easement Delivery <br />Date”). If Seller does not deliver the Easements on or before the Easement Delivery Date, then the <br />Inspection Period shall be extended on a day-for-day basis until the Easements are delivered to Buyer. The <br />Easements shall be recorded by Seller in the Orange County Registry on or prior to Closing. <br /> <br /> 6.4 Subdivision Plat. During the Inspection Period, Buyer and Seller shall negotiate and <br />otherwise agree upon the form and substance of the Subdivision Plat. Seller shall deliver the Subdivision <br />Plat of the Land to Buyer for review and comment no later than fourteen (14) business days prior to the <br />expiration of the Inspection Period (“Subdivision Plat Delivery Date”). If Seller does not deliver the <br />Subdivision Plat on or before the Subdivision Plat Delivery Date, then the Inspection Period shall be <br />extended on a day-for-day basis until the Subdivision Plat is delivered to Buyer. <br /> <br /> 6.5 Property Information. No later than five (5) business days following the Effective Date, <br />Seller shall provide to Buyer for its review, all information and documentation regarding the Property which <br />is in the possession or control of Seller, its affiliates, and/or property manager ("Property Documents"). <br /> <br /> 6.6 Seller Cooperation. Seller agrees that it shall cooperate with all of Buyer’s efforts to <br />entitle the Property for its Intended Use. Seller agrees to sign all applications, submittals, requests, legal <br />documents, etc. in connection with Buyer’s efforts to entitle the Property which may be required. Seller <br />also agrees to support Buyer’s development of the Property for the Intended Use and not to make any public <br />comments in opposition to Buyer’s efforts to entitle the Property for its Intended Use. <br /> <br />ARTICLE VII <br />Closing <br /> Proceedings at Closing. On the Closing Date, the Closing shall take place as follows: <br />7.1.1 Seller shall deliver to Buyer the following documents and instruments, in form and <br />content reasonably satisfactory to Buyer, duly executed by Seller: <br />Docusign Envelope ID: 6FA32B3A-54E4-43D1-ADFC-0E9AD5C2D12E