CORY LAKES COMMUNITY DEVELOPMENT ... - cory lake isles

Bonds. Nothing in this Agreement expressed or implied is intended or shall be construed toconfer upon any person or corporation other than the parties hereto and the owners of the Series2013 Bonds any right, remedy or claim under or by reason of this Agreement or any provisionsor conditions hereof; and all of the provisions, representations, covenants and conditions hereincontained shall inure to the sole benefit of and shall be binding upon the parties hereto and theowners of the Series 2013 Bonds and their respective representatives, successors and assigns.13. Successors and Assigns. The obligations set forth in this Agreement shall run with thePhase 7 Lands and shall be binding upon the Developer until such time as (i) the District’scapital improvements plan is completed, and (ii) all of the Developer owned Phase 7 Lands areimproved into platted and fully improved residential lots. This Agreement shall also be bindingupon successor developers, if any, but only to the extent of the successor developer’s interest inthe Phase 7 Lands, and in all such cases limited to the extent the successor developer reduces theProjected Total Assessable Units allocated to their respective Phase 7 Lands, all of which shallbe established or determined by the Developer at the time of conveyance of any portion of thePhase 7 Lands to a successor developer.14. Arm's Length Transaction. This Agreement has been negotiated fully between theparties in an arm's length transaction. The parties participated fully in the preparation of thisAgreement with the assistance of their respective counsel. In the case of a dispute concerning theinterpretation of any provision of this Agreement, the parties are deemed to have drafted, chosenand selected the language, and the doubtful language will not be interpreted or construed againstany party.15. Counterparts and Execution. This Agreement may be executed in any number ofcounterparts, each of which when executed and delivered shall be an original; however, all suchcounterparts together shall constitute, but one and the same instrument. Signature andacknowledgment pages, if any, may be executed by facsimile, which shall be good as an original,and may be detached from the counterparts and attached to a single copy of this document tophysically form one document.IN WITNESS WHEREOF, the parties hereto execute this Agreement and further agreethat it shall take effect as of the date first above written.[Signatures on Following Pages]{00035369.DOC/}Page 4 of 6