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CONSENT AGREEMENT FOR THE PRESTON RIDGE DEVELOPMENT FOR CABARRUS COUNTY THIS CONSENT AGREEMENT is entered into as of this 21" day of July, 2008 by and among Weddington Road Properties, LLC, with its principal place of business at P.O Box 1229, Wilmington, NC 26901, the owners of the project more fully defined below ("Developer"j and Cabarrve 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 28025 (hereafter, the "County" or "Cabarrus County") by and through its Cabarrus County Board of Commissioners. RECITALS: A. Developer is the owner of approximately +/-99.791 acres of real property located in the City of Concord, Cabarrus County, and has proposed the development of a subdivision in that location with a maximum of 912 multi- family apartment units, currently known as the Preston Ridge subdivision project (the "Project"), to be constructed in multiple phases. 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 Preston Ridge Project Covered by this Consent Agreement consists of a multi-family apartment project with 912 units located on approximately +/-99.791 acres in Concord, North Carolina and has a density not to exceed 8.27 as shown on the approved preliminary conceptual site plan. Any changes in such approval must be approved in accordance with the City of Concord Unified Development Ordinance (UDO) 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 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 G-'~