SECURITY DEPOSIT AGREEMENT - Hurricane Lake Estates

SECURITY DEPOSIT AGREEMENT - PHASE 5, ONLY Lots 13-17Received this date from ___________________________________________(“Builder”) One Thousand Two Hundred dollars ($1,200) (the “Deposit”) as a security deposit toabide by guidelines established by the Hurricane Lake Estates Bill of Assurance and theArchitectural Control Committee (“ACC”) situated in Hurricane Lake Estates, Saline County,Arkansas, and more particularly described as follows:ACC shall not issue a permit to construct on the Property until the Owner executes thisdeposit agreement and provides the Deposit to ACC. On approval by Owner/Builder and theacceptance by ACC indorsed on this receipt, the terms and conditions of this DepositAgreement shall be as follows:I.GUIDELINES AND BILL OF ASSURANCESOwner/Builder shall meet all requirements, guidelines, specifications and standardsestablished by this security deposit, the Architectural Control Committee guidelines, and the Billof Assurance of Hurricane Lake Estates.II.CLEAN UPThe Owner/Builder shall keep the job site clean and free from debris and the street freefrom debris, dirt and mud at all times. The Owner/Builder is required to have a 30 yardconstruction dumpster on the job site as well as porta-potties for the jobsite. The Owner/Buildershall also clean debris, dirt and mud from any location within Hurricane Lake Estates, which isthe result of his actions. ACC shall notify Owner/Builder if he does not meet the standards ofcleanliness. Owner/Builder shall have a period of forty-eight (48) hours after ACC providesnotice to meet the standards of cleanliness established by Hurricane Lake Estates. IfOwner/Builder Fails to keep any job site in a clean, organized and aesthetically pleasing mannerForty-Eight (48) hours after ACC provides notice, the ACC may administer clean up of the jobsite and will deduct from the Deposit the cost of clean up plus a One Hundred Dollar ($100.00)administration fee.III.HARDWOOD GUIDELINES ESTABLISHED BY ARCHITECTURALCONTROL COMMITTEEIn addition to the guidelines, regulations, plans, requirements, or anything of the like thatOwner/Builder must follow, as outlined in Paragraph I above, the Owner/Builder must meet therequirement of five (5) hardwood trees on the property with a minimum of three (3) hardwoodtrees in the front area of the home. If any Owner/Builder must plant trees, they must beapproved hardwoods, measuring at least three (3) inches in diameter, as required by the Bill ofAssurance.If at the time the Occupancy Permit is requested the property fails to meet the hardwoodrequirement described in the paragraph immediately above, the ACC shall retain ThreeHundred Dollars ($300.00) outlined immediately above for each tree short of requirements ofthe Architectural Control Committee.No clearing or thinning of trees shall be permitted prior to receiving an inspection andacceptance by an ACC member

SECURITY DEPOSIT AGREEMENTPAGE 3V.OCCUPANCY PERMITUpon completion of the home, Owner/Builder shall apply to the Architectural ControlCommittee for an Occupancy Permit. An Occupancy Permit shall be required by the City ofBenton prior to its issuance of a Certificate of Occupancy. The Architectural Control Committeewill not issue an Occupancy Permit until the Owner/Builder meets all requirements establishedby this Agreement, the Architectural Control Committee guidelines and the Bill of Assurances ofHurricane Lake Estates.VI.SUCCESSORS AND ASSIGNSThe Owner/Builder, their heirs, successors, assigns, representatives, and agents shallbe bound by all obligations, requirements, guidelines and terms of this deposit agreement. Inaddition, any purchaser of the property from the Owner/Builder shall be bound by all obligations,requirements, guidelines and terms of this deposit agreement.Approved by Owner and accepted by ACC on ____________________________, 200___.___________________________________ ___________________________________Property Owner/BuilderArchitectural Control Committee6015 Worth AveAddress:____________________________ Benton, AR 72019____________________________ 501-653-3100 phoneFax: ____________________________ 501-653-3101 faxE-Mail: ____________________________ hlepoa@sbcglobal.net