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CONSENT AGREEMENT FOR THE RIVERBEND SUBDIVISION DEVELOPMENT FOR CABARRUS COUNTY THIS CONSENT AGREEMENT is entered into as of this 18s" day of February, 2008 by and among Greathorn Properties; Inc., with its principal place of business at 1255 Odell School Road, Concord, NC 28029, the owners of the project more fully defined below ("Developer") and Cabarrvs County, North Carolina, a political subdivision of the State of North Carolina, with its principal place of business at 65 Church Street, SE, Concord, North Carolina 28026 (hereafter, the "County" or "Cabarrus County") by and through its Cabarrus County Board of Commissioners. RECITALS: A. Developer is the owner of approximately +/-79.759 acres of real property located in Cabarrus County, and has proposed the development of a subdivision in that location with a maximum of 28 single-family lots, currently known as the Riverbend subdivision project (the "Project"), to be constructed in one phase. B. The Project is subject to the Adequate Facilities Provisions of the Cabarrus County Subdivision Ordinance, Chapter 9 Section 17, and Chapter 15 and to best knowledge of the County, has been reviewed by all public agencies which may potentially serve the Project and its future residents. C. Developer is willing to advance public services and facilities for the Project and to agree to certain other considerations to address Cabarrus County adequate facility standards and advance these services and facilities. D. Cabarrus County, acting pursuant to its authority under G.S. 153A-330 to 335, Session Law 2004-39 and the applicable provisions of the Cabarrus County Subdivision Regulations, has made certain determinations with respect to the proposed Project, and, in the exercise of its legislative discretion, has elected to process the Project, resulting in the negotiation, consideration and approval of this Consent Agreement after all necessary hearings. CABARRUS COUNTY AND THE DEVELOPER HEREBY AGREE AS FOLLOWS: The Project 1.1 Description of Project. The Riverbend Project covered by this Consent Agreement consists of a single-family subdivision with 26 lots located on approximately +/-79.759 acres in Cabarrus County, North Carolina and has a density not to exceed 0.351 as shown on the approved preliminary subdivision plat. Any changes in such approval must be approved in accordance with the Cabarrus County Zoning Ordinance or its successor in interest. 1. 1A. Timing and Phasing of Project. Absent a separate agreement by and between Developer, its successors or assigns, and the County formally approved by the Board subsequent to this Consent Agreement, Developer, on its own behalf and that of its (their) successors and assigns, agrees that homes within the Project shall become available for occupancy upon the rate, time frame, or schedule set forth hereinafter, the total number of which may be accumulated (i.e. the total number of homes available for occupancy in a subsequent year or G-5