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CONSENT AGREEMENT FOR THE CRESCENT CIRCLE AT CONCORD MILLS DEVELOPMENT FOR CABARRUS COUNTY THIS CONSENT AGREEMENT is entered into as of this 15T" day of October, 2007, by and between Crescent Resources, LLC, with its principal place of business at 400 S. Tryon St., Suite 1300, Charlotte, NC 26202, the owner 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 +/-108.0693 acres of real property located in the City of Concord, and has proposed the development of an apartment project in that location with a maximum of 629 multi-family units, currently known as Crescent Circle at Concord Mills (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 Crescent Circle at Concord Mills Project covered by this .Consent Agreement consists of a multi-family apartment unit project with a maximum of 629 units located on approximately +/-108.0693 acres in Concord, North Carolina as shown on the approved multi-family 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 the Developer, its successors or assigns, and the County formally approved by the Board subsequent to this Consent Agreement the Developer, on its own behalf and that of its successors and assigns, agrees that the first certificate of occupancy for any apartment building constructed within the Project shall not be issued prior to January 1~`, 2006, and that apartment buildings constructed within the Project shall not become available for occupancy (defined as the issuance of a certificate of occupancy for the apartment building) any sooner than the rate, time frame or schedule set forth below in subparagraph A, the - ~'