Commercial District. It is contemplated that all of the improvements contemplated herein (except Parcel I, which will subject to the Xxxxxxxx Ferry Code) will be a part of a commercial real estate district with a property owner’s association or similar governing body under a recorded document that will provide, among other matters, certain easements and rights that will benefit and burden that land and certain operating standards that will apply to that land. Greenstone or its designee will be the party designated to oversee the management and governance of such district, for a fee payable by all Owners therein, to be set forth in the recorded document; notwithstanding the foregoing, the City will not be required to participate in the payment of any such fee, but nothing contained herein shall mean or be deemed to mean that the City is not obligated to pay its share of costs as required under any declaration or reciprocal easement agreement which is recorded and encumbers the TIF District, or any portion thereof, and which has certain care, upkeep or maintenance obligations, funded by the parties to which the benefit of such upkeep inures, and the City hereby covenants and agrees to pay its share of such charges and amounts as set forth in any such documents. The parties acknowledge there are existing covenants, conditions and restrictions filed of record affecting the Property (the Xxxxxxx’x Ferry Code), and that development must be in compliance with these covenants, conditions and restrictions, or a waiver, exemption or variance granted.
Commercial District
