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ADEQUATE PUBLIC FACILITIES MITIGATION AGREEMENT FOR THE MEADOW CREEK APARTMENTS PROJECT FOR CABARRUS COUNTY _ THIS ADEQUATE PUBLIC FACILITIES MITIGATION AGREEMENT is entered into as of thiE 21st day of Sul y, 2008 by and among GHI of West Palm Beach, LLC, with its principal place of business at 10312 Annie Oakley Trail, Charlotte, NC 26227, the owners of the project more fully defined below ("Developer") and Cabarrus 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 +/-9.717 acres of real property located in the City of Kannapolis, Cabarrus County, and has proposed the development of a subdivision in that location with a maximum of 19 multi- family apartment units, currently known as the Meadow Creek Apartments project (the "Project"), to be constructed in a single phase. B. The Project is subject to the Adequate Facilities Provisions of the Cabarrus County Subdivision Ordinance, Chapter 4 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 2009-39 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 Adequate Public Facilities Mitigation Agreement after all necessary hearings. CABARRUS COUNTY AND THE DEVELOPER HEREBY AGREE AS FOLLOWS: The Project. 1.1 Description of Project. The Meadow Creek Apartments Project covered by this Adequate Public Facilities Mitigation Agreement consists of a 14 unit multi-family apartment project located on approximately +/-9.717 acres in Kannapolis, North Carolina and has a density not to exceed 2.97 as shown on the approved site plan. Any changes in such approval must be approved in accordance with the City of Kannapolis Unified Development Ordinance (UDO) or its successor in interest. 1.1A. Timinq 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 Adequate Public Facilities Mitigation 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 ~'