Common use of Easement Agreement Clause in Contracts

Easement Agreement. For purposes of this Agreement, that portion of ▇▇▇▇▇ Street from Corporation Street to the southwest corner of the Property shall be deemed to be the “▇▇▇▇▇ Street Area.” The date on which the Easement Agreement is fully executed, delivered and recorded with the Durham County Register of Deeds (the “Registry”) shall be referred to herein as the “Closing Date.” For payment of the sum of Forty-one thousand seven hundred eighty-eight and 76/100 dollars ($41,788.76), the sufficiency of which consideration is acknowledged by the Parties, within seven (7) days following the date the City has approved the closing of the public right of way consisting of the ▇▇▇▇▇ Street Area (the “▇▇▇▇▇ Street Closing”), the City and Developer shall execute and enter into an Easement Agreement in the form set forth as Exhibit A (the “Easement Agreement”), pursuant to which: (A) the City will grant Developer the following easement rights: (i) A perpetual non-exclusive fifteen (15) foot-wide fire separation easement along the southern property line of the Project and the northern property line of the Park, sufficient to allow Developer to meet the requirements of the NC Building Code as written and interpreted at the time the Code is first applied to the building after its construction, or as the Code and interpretations of it may be revised from time-to-time, whichever may impose the least restriction on the City’s property. (ii) A non-exclusive encroachment easement of up to six (6) feet along the southern property line of the Project and the northern property line of the Park to permit encroachments from the Project’s below-grade footings and roof extensions. (iii) A temporary non-exclusive thirty (30) foot-wide construction and staging easement along the southern property line of the Project and the northern property line of the Park. (iv) An easement to relocate onto the Park property: (a) a portion of the existing storm culvert; and (b) an existing sanitary sewer line, each of which presently crosses the southwest corner of the Property. Developer shall upsize the relocated sanitary sewer line to a fifteen (15) inch-diameter pipe, construct the relocated storm and sanitary sewer facilities in accordance with the City’s policies and standards governing such facilities. Developer shall provide as-built drawings for these facilities, with such drawings sealed by the relevant licensed professional, and such as-built drawings are hereby made part of this Agreement as if fully set forth herein. Developer warrants that these facilities shall be built in accordance with all legal requirements and applicable standards of workmanship. (v) A reciprocal cross-access easement over and upon the ▇▇▇▇▇ Street Area that is owned by the City following the ▇▇▇▇▇ Street Closing, provided however that Developer shall maintain the entire ▇▇▇▇▇ Street Area in accordance with the standards the City uses to maintain its streets (“City Standards”). If, in the City’s opinion, Developer fails to maintain the ▇▇▇▇▇ Street Area to City Standards, the City has the right, but not the obligation, to perform the necessary repairs and/or maintenance in order to bring the condition of the pavement into compliance with City Standards. The City shall have the right to be reimbursed by Developer for the costs of said repairs and/or maintenance and shall send Developer an invoice for said costs in accordance with the Notices section of this Agreement. If Developer fails to pay any amount owed to the City hereunder when due, and such failure shall continue for more than fifteen (15) days following Developer’s receipt of written notice thereof, then the City shall have the right to file a lien against the Property. (B) Developer will grant the City the following easement rights: (i) A reciprocal cross-access easement over and upon that portion of the ▇▇▇▇▇ Street Area that is owned by Developer following the ▇▇▇▇▇ Street Closing. (ii) An easement for the location and maintenance of the existing sanitary sewer line and relocated storm culvert within that portion of the ▇▇▇▇▇ Street Area that is owned by Developer following the ▇▇▇▇▇ Street Closing.