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CONSENT AGREEMENT FOR THE CRESCENT APARTMENTS AT KANNAPOL13 DEVELOPMENT FOR CABARRUS COUNTY THIS CONSENT AGREEMENT is entered into as of this 17 T" day of December, 2007, by and between Crescent Resources, LLC, with its principal place of business at 900 S. Tryon St., Suite 1300, Charlotte, NC 28202, the owner of the project more fully defined below ("Developer") and Cabariua 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 +/-58.59 acres of real property located in the City of Kannapolis, and has proposed the development of an apartment project in that location with a maximum of 560 multi-family units, currently known as Crescent Apartments at Kannapolis(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 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 Consent Agreement after all necessary hearings. CABARRUS COUNTY AND THE DEVELOPER HEREBY AGREE AS FOLLOWS: 1. Tha Project 1.1 Description of Project. The Crescent Apartments at Kannapolis Project covered by this Consent Agreement consists of a multi-family apartment unit project with a maximum of 580 units located on approximately +/- 58.59 acres in Kannapolis, 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 Kannapolis Dnified 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 Developers on its own behalf and that of its successors and assigns, agrees that the first certificate o£ occupancy for any apartment building constructed within the Project shall not be issued prior to January is0, 2009, and that apartment buildings constructed within the Project shall not become available for occupancy (defined as the N-s