Front Foot Benefit Charges Sample Clauses

Front Foot Benefit Charges. Purchaser acknowledges that Seller has the option to establish front foot benefits charges by encumbering the Lots with a Declaration of Water and Sewer Charges (the "Declaration") to be imposed on homeowners related for the development of the Property. Seller hereby agrees that any such front foot benefit charge shall not last for more than thirty (30) years and shall not exceed Four Hundred Fifty Dollars ($450) per year for each SFD Large Lot, Four Hundred Fifty Dollars ($450) per year for each SFD Small Lot, Four Hundred Twenty Five Dollars ($425) per year for each SFD Neo-traditional Lot, Three Hundred Seventy Five Dollars ($375) per year for each SFA Villa Lot, and Three Hundred Twenty Five Dollars ($325) per year for each SFA Townhouse Lot (the "Water and Sewer Charges") In the event the front foot benefit is established, Seller agrees (i) to credit Purchaser with an amount equal to one year’s assessment at each Lot settlement, and (ii) that Subparagraph 2(h) shall be automatically amended to reflect that the escalation of the Purchase Price shall commence on the first (1st) day of the fourth (4th) quarter. Concurrently upon recordation of the Declaration, Seller will provide Purchaser with a document entitled "Notice to Purchaser of Deferred Water and Sewer Charges" that discloses the Water and Sewer Charges to purchasers of Lots from Purchaser (the "Notice to Buyer"). The Notice to Buyer will be attached to and made part of this Agreement as Exhibit "L". Purchaser agrees to incorporate the Notice to Buyer into each contract with a purchaser of a Lot from Purchaser (each, an "Initial Lot Purchaser") and to return an original Notice to Buyer executed by each Initial Lot Purchaser to Seller within 30 days after settlement on the Lot with the Initial Lot Purchaser. The failure of Purchaser to obtain an executed Notice to Buyer and timely provide a copy of executed Notice to Buyer to the Seller in accordance with this Agreement from any person who purchases a Lot from Purchaser shall obligate Purchaser to at a maximum pay the Water and Sewer charges for such Lot. Seller agrees that the foregoing shall not be effective unless and until Seller timely provides Purchaser with the Notice to Buyer. Seller shall indemnify and hold harmless Purchaser for any claims arising from Seller's failure to provide the Notice to Buyer.