Common use of Parks Clause in Contracts

Parks. At its sole cost and expense, but subject to the terms and conditions of this Agreement (including Section 4.E requiring that Property Owner be solely responsible for maintenance costs to the extent that the CFD funds are not sufficient to fund such maintenance costs), Property Owner will improve and thereafter dedicate to District the parks specified in Section 1.C (the “Park Land”) and all Improvements associated therewith. A. This Agreement does not apply to parks smaller than three (3) acres, which shall be improved, owned and maintained by Property Owner. B. Each park that is three (3) acres or larger shall be dedicated to District in fee simple title free of any monetary liens as separate legal lots as shown on the final subdivision map. C. With respect to Phase I, the following three (3) parks that are three (3) acres or larger shall be dedicated to District: a. Overlook Park – 12.54 acres, located within Phase I as set out in Exhibit B-1 attached to this Agreement. Property Owner shall (i) commence construction of Overlook Park on or before commencement of construction of the first production residential unit (excluding model homes) and (ii) offer the completed Overlook Park for dedication to District at the time the City issues a certificate of occupancy for the 100th residential production unit within Phase I. b. Community Park – 19.84 acres, located within Phase I as set out on Exhibit B-2 attached to this Agreement. Property Owner will commence development of Community Park upon issuance of certificate of occupancy for the 750th unit within Phase 1 and will offer the completed Community Park to the District by the time City issues certificate of occupancy for the 1,500th unit in Phase 1. c. Nature Park – [ ] acres, located within Phase I as set out on Exhibit B-3 attached to this Agreement. Property Owner will commence development of Nature Park upon issuance of certificate of occupancy for the 750th unit within Phase 1 and will offer the completed Nature Park to the District by the time City issues certificate of occupancy for the 1,500th unit in Phase 1. D. The final acreage of the parks dedicated to District shall be determined on the final map for the Development.

Parks. At its sole cost and expense, but subject to the terms and conditions of this Agreement (including Section 4.E requiring that Property Owner be solely responsible for maintenance costs to the extent that the CFD funds are not sufficient to fund such maintenance costs), Property Owner will improve and thereafter dedicate to District the parks specified within Phase 1 listed on Exhibit Bspecified in Section 1.C (the “Park Land”) and all Improvements associated therewith. A. This Agreement does not apply to parks smaller than three (3) acres, which shall be improved, owned and maintained by Property Owner. B. Each park that is three (3) acres or larger shall be dedicated to District in fee simple title free of any monetary liens as separate legal lots as shown on the final subdivision map. C. With respect to Phase I, there are the following three (3) parks that are three (3) acres or larger shall and community parks, including Overlook Park and Community Park, comprising parks toshall be dedicated to District. Overlook Park and Community Park shall be no smaller than as set forth below.: a. Overlook Park – 12.54 acres, located within Phase I as set out in Exhibit B-1 CB-1 attached to this Agreement. Property Owner shall (i) commence construction of Overlook Park on or before commencement of construction of the first production residential unit (excluding model homes) and (ii) offer the completed Overlook Park for dedication to District at the time the City issues a certificate of occupancy for the 100th residential production unit within Phase I. b. Community Park – 19.84 acres, located within Phase I as set out on Exhibit B-2 CB-2 attached to this Agreement. Property Owner will commence development of Community Park upon issuance of certificate of occupancy for the 750th unit within Phase 1 and will offer the completed Community Park to the District by the time City issues certificate of occupancy for the 1,500th unit in Phase 1.. [ ] c. Nature Park – [ ] acres, located within Phase I as set out on Exhibit B-3 attached to this Agreement. Property Owner will commence development of Nature Park upon issuance of certificate of occupancy for the 750th unit within Phase 1 and will offer the completed Nature Park to the District by the time City issues certificate of occupancy for the 1,500th unit in Phase 1. D. The final acreage of the parks dedicated to District shall be determined on the final map for the Development.