PERFORM ANCE TIME REQUIREMENT Clause Samples

PERFORM ANCE TIME REQUIREMENT. Each and every purchaser from a Developer and the purchaser’s successors and assigns (hereinafter referred to as “Purchaser”) agree to commence construction of a residence on the Purchaser’s lot within two (2) years from the date in which Purchaser entered a contract to purchase the lot from Developer. Each and every Purchaser specifically agree that if the Purchaser has not started construction of a residence on a lot purchased from the Developer within two (2) years from the date of the Purchaser’s contract to purchase from the Developer, then Developer is herewith given the exclusive right and option to repurchase said lot for the price paid to Developer, free and clear of any and all liens or encumbrances due to the action of the Purchaser. In the event of such repurchase, taxes shall be prorated to the date of repurchase. This provision is set forth to help speed the development of the overall subdivision and each and every Purchaser acknowledges and agrees to comply with the same in total. Construction of a residence on a lot within the subdivision must be completed within one year of after the construction was commenced. All of the foregoing restrictions, reservations, and covenants shall run with the land and shall be binding upon all subsequent owners, and all restrictions, reservations, and covenants shall be enforceable by each and every lot owner by appropriate legal action in courts of law or equity. In the event that Developer or any lot owner must resort to a court of law to enforce any of the foregoing restrictions, reservations, or covenants, the lot owner or owners who have violated the same shall be liable and legally responsible for all court costs and reasonable attorney's fees incurred in the enforcement of same. Any such court actions may be brought to restrain violations, to require corrections or modifications, or to recover damages. The restrictions, reservations, and covenants set forth herein shall be binding on all parties and all persons claiming under them for a period of twenty (20) years from the date that same are recorded, after which time such covenants shall be automatically extended to successive periods of twenty (20) years, unless at any time an instrument, in writing and executed by the then record owners of a majority of the lots in the subdivision and any and all additions thereto, shall have recorded in the office of the Recorder of Deeds of McLean County, Illinois, agreeing to change said covenants in whole or i...