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<br /> BK 5910 PC 937 ®OC# 30131512
<br /> 1. Unit No. 224 in rite Condominium (the "Unit"), as described in the
<br /> Declaration and as shown on the Plan of Condominium which is recorded in Condominium
<br /> Plat Book I11, at Pages 63-75, and Condominium Plat Book 115, pages 153-161, Orange
<br /> County Registry(collectively, the "Plan") together with parking space(s) 61, allocated as a
<br /> limited common element to the Unit as shown on Exhibit C-1 to the Declaration.
<br /> 2. An undivided 0.45% Allocated interest appurtenant to the Unit in all
<br /> Common Elements of the Condominium, including the buildings and the improvements on
<br /> the land described in the Declaration artd as shown on the Plan;
<br /> 7'ogether with the right of ingress to and egress from-said property and the right to use,for all
<br /> purposes, m common with the Grantor, its successors and assigns, and all other occupants
<br /> form time to time,any and all portions of 140 West Franklin.Condominium designated by the
<br /> Declaration as"Common Elements."
<br /> Together with all right,title and interest to the underlying fee simple interest in the Unit, tine
<br /> Limited Common Elements allocated to it,and its allocated interest in the Common Elements
<br /> pursuant to that certain purchase option under the Ground Lease, as defined herein, which if
<br /> exercised, will be exercised by the 144 West Franklin Condominium Association, Inc. (the
<br /> "Association") for the benefit of all of the then owners of the Units of the Condominiutn,and
<br /> be evidenced by a deed form the Town of Chapel Hill,or its successors and assigns, to said
<br /> then unit owners and recorded in the Orange County Registry.At the time the Town exectes
<br /> and delivers such deed,(a)the then owner of the unit hereby conveyed shall automatically be
<br /> deemed the fee simple owner of such Unit, the Limited Common Elements allocated therto,
<br /> and the Unit's Allocated Interest in the Common Elements, subject to the Declaration; and
<br /> (b)the Ground Lease shall be deemed to have merged by operation of law and be terminated.
<br /> The Unit herein conveyed is intended for residential uses. This assignment is subject to the
<br /> Ground Lease, easements, restrictions, rights-0f--way and other matters of record, to ad
<br /> valorem taxes for the current year, and to the reservations ,restrictions on use and 81I
<br /> covenants and obligations set forth in the Declaration and in the Articles of Incorporation and
<br /> Bylaws of the Association.All of the above-described restrictions,payments of charges and
<br /> all other covenants, agreements, obligations, conditions and provisions are incorporated in
<br /> this Deed by reference and constitute and shall constitute covenants running with the land,
<br /> equitable servitudes and liens to the extent set forth in said documents and provided by law.
<br /> Grantee, his/herliits heirs, successors and assigns, by accepting this Dead, hereby expressly
<br /> assume and agree to be bound by and comply with all of the covenants, terms, provisions and
<br /> conditions set forth in this Deed, ion the Declaration and in the Articles of Incorporation,
<br /> Bylaws and Rules and Regulations made, thereunder, including, but not limited to, the
<br /> obligation to make payment of assessments for the maintenance and operation of the
<br /> Condominium and the Common Elements,which assessments may be levied against the Unit.
<br /> In the event Grantee is fully or partially exempt from the requirement to pay ad valorem
<br /> property taxes, Grantee shall make payments to the Town of Chapel Hill on an annual basis
<br /> which are equal to the amount of ad valorem real property taxes that would be payable to the
<br /> Town of Chapel Hill if the Grantee were not so exempt from property taxes. This covenant
<br /> may be enforced in equity through injunction,specific performance or otherwise,and at law,
<br /> with the damage party receiving its damages plus attorney's fees.By accepting and recording
<br /> of this Deed,Grantee hereby covenants and agrees that it and its heirs,successors and assigns
<br />
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