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Ol:51PM ROB. BRAD. HIM. <br /> <br />MEMORANDUM OF AGREEMENT <br /> <br /> P, 4/6 <br /> <br />DRAF:T 2/6/98 <br /> <br />1998 <br /> <br />CABARRUS COUNTY ("County"), <br /> <br />THIS M~EMORANDUM OF AGREEMENT made this day of <br />between WESTBROOK HIGHLAND <br /> <br />B ackgr_91m~d <br /> <br />CREEK, L.L.C. ("Developer!') and <br /> <br /> Developer is currently developing real property in the County and has submitted a <br /> subdivision plat with. respect to 68 building lots for approval by the County purs..uant to <br /> the County's Subdivision Regulations, It is expected that Developer will in th~ future <br /> submit additional plats for approval of approximately 840 builddng lots pursuant, to the <br /> Subdivision Regulations. County h~s requested Developer to provide financial assistance <br /> to the County to assist the County in providing adequate school and park facilities for <br /> residents of the County on ~ timely basis and Developer is willing to provide such <br /> financial assistance upon thc terms and conditions herein set forth. <br /> <br /> County and Developer hereby agree as follows: <br /> <br /> A~eem~ <br /> <br /> I. Developer, at County's request, will purchase a~d simultaneously enter into <br />an agreement with the County to convey to ~¢ County all or any partial inter~st ~in any <br />tract of land dcsi~ated by the County ~ property which the County wishes to acq~Jire for <br />schooYpark purposes. In the agreement to be entered into between thc Developer ~d the <br />County, the Coum7 will ~gree ~o pay a purchase price, which will be the full p~rchase <br /> <br /> <br />