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CONSENT AGREEMENT FOR THE SADDLEBROOK DEVELOPMENT FOR CABARRUS COUNTY THIS CONSENT AGREEMENT is entered into as of the 16~" day of April, 2007, by and among Saddlebrook Subdivision, LLC, with its principal place of business at 1935 West Morehead Street, Suite 135, Charlotte, NC 28208, 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 28025 (hereafter, the "County" or "Cabarrus County") by and through its Cabarrus County Board of Commissioners. RECITALS: A. Developer is the owner of approximately +/-108.91 acres of real property located in the Town of Midland, Cabarrus County, and has proposed the development of a subdivision in that location with a maximum of 288 single- family lots, currently known as the Saddlebrook 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 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, 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: 1. The Project 1.1 Description of Project. The Saddlebrook Project covered by this Consent Agreement consists of a single-family subdivision with 288 lots located on approximately +/- 108.41 acres in Midland, North Carolina and has a density not to exceed 2.66 as shown on the approved preliminary subdivision plat. Any changes in such approval must be approved in accordance with the Town of Midland Zoning Ordinance or its successor in interest. 1.1A. Timing and Phasing of Project. Absent a separate agreement by and between Developers, its or their successors or assigns, and the County formally approved by the Board subsequent to this Consent Agreement, Developers, on its (their) own behalf and that of its (their) successors and assigns, agree 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 I ~•- 1~