AG 1999 01 19 - Laserfiche WebLink

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NOW TI~REFORE, for and in consideration of these premises, the parties hereto agree as follows: 1. Cabarms County expressly agrees that Highland Creek's execution of and compliance with the terms of this Agreement shall constitute its compliance with Cabarrus County Subdivision Ordinance Section 66-81 and the Adequate Public Facilities Standards of the Cabarms County Subdivision Kegulations (the "adequate public facilities provisions") whereupon Cabarrus County will process and approve, in a timely manner, Highland Creek's preliminary plat pursuant to its Petition C-98-06(S) referred to above, and all subdivision plats heretofore or hereafter submitted by Highland Creek under the Cabarrus County Subdivision Regulations which are in technical compliance with such regulations; and it is further agreed that so long as Highland Creek is in compliance with this Agreement, it shall remain in compliance with the adequate public facilities provisions. It is understood and agreed by the parties that the property which is the subject of the aforesaid petition is part of the Highland Creek Subdivision phased development, referred to above, and will be completed over a number of years between the date of this Agreement and approximately 2005. It is also understood and agreed that the phases and mix of housing types within that petition may be revised from time to time hereafter by Highland Creek. -. 2. Contemporaneously with the parties' execution of this Agreement, Highland Creek has deposited with Escrow Agent the sum of Four Hundred Thousand Dollars ($400,000) (which together with all interest earned thereon shall be called the "Escrow Fund"). Escrow Agent acknowledges receipt of the Escrow Fund and agrees to hold, administer and disburse it in accordance with the terms and conditions of this Agreement.