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CONSENT AGREEMENT FOR THE VILLAGE AT DREAMING CREEK DEVELOPMENT FOR CASARRUS COUNTY THIS CONSENT AGREEMENT is entered into as o£ this 20f° day of August, 2007, by and among Yates Properties, LLC, with its principal place of business at 145 S. Union St., Concord, NC 28025, the owners of the project more fully defined below ("Davalopax") and Cabarrus County, North Carolina, a political subdivision of the State of North Carolina, with its principal place of business at 65 Churcb Street, SE, Concord, North Carolina 28025 (hereafter, the "County" or "Cabarrus County") by and through its Cabarrus County Boardof Commissioners. RECITALS: A. Developer is the owner of approximately +/-31.77 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 57 single family lots and 96 multi-family units, currently known as The Village of Dreaming Creek 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 4 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 HERESY AGREE AS FOLLOWS: 1. The Project 1.1 Description of Project. The Villages of Dreaming Creek Project covered by this Consent Agreement consists of a subdivision with 57 single family lots and 96 multi-family units located on approximately +/-31.77 acres in Concord, North Carolina and has a density not to exceed 7.92 as shown on the approved preliminary subdivision plat. 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 Landowners/Developers, its or their successors or assigns, and the County formally approved by the Board subsequent to this Consent Agreement, Landowners/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 ~~~