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W.O. Knight Survey, Abstract No. 899, Senior Activity Center, 1996 - Restriction Agreement 7 se der ~ ~I IYI V ~ ~ It its rl ~ t?~igsayo rAoDS¢. T,r+wc~onlr+b Sec ~e ~an4: r t4Z5 I r V', ns t i t` '1 S o to Z RESTRICTION A = FFhiEtV°T This Restriction Agreement (this "Age") is executed as of March 11 , 1996, by g TIMARRON LAND CORPORATION, its successors and assigns ("Owne and THE CITY OF SOUTHLAKE ("Purcli and DR. J.W. RICHARDS and CONSTANCE J. RICHARDS (the "Richards"). RECITAIS s 1. On the date hereof, Owner and Richards have sold to Purchaser the property described on Exhibit I ("City Property"), Owner has exchanged with Richards certain property contiguous to existing property owned by Richards ("Rkbards Property") described on Exhibit 2, and Richards has exchanged with Owner certain property contiguous to existing property owned by Owner ("Timarron Property") described on Exhibit 3 (collectively. Exhibit 1. Exhibit 2, and Exhibit 3 shall be the "Restrtictted PrnpertV"). U. Owner is the owner of certain property (the "Adjacent Pta,t>teW") adjacent to the Restricted Property. Owner wishes to place certain restrictions against the Restricted Property to Ll maintain the aesthetic appearance of the Adjacent Property. M. As part of the consideration for Owner's conveyance of a portion of the Restricted Property to Purchaser and Richards, Owner, Purchaser and Richards have agreed to place this Agreement of record against the Restricted Property. RESTRICTIONS For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. Owner, Purchaser and Richards agree as follows: (1) Use,Re4rjCtion. For the terra hereof, the Property described in Exhibit I shall be used only for municipal purposes unless otherwise agreed upon in writing. Municipal purposes shall mean any use expressly related to a Chamber of Commence operation and any use permitted in the Community Service "CS" district except for the following uses: Airfield, private landing arras. cemeteries, golf courses, helistops, medical care facilities, portable buildings, police and fire stations, religious institutions, telecommunication towers, temporary concrete batching, temporary real estate offices, power sub-stations, water tanks and reservoirs, water and sewage treatment plants, public works heavy equipment and materials storage yard. (2) man Approval. No party shall construct any improvements on the Restricted Property without fast submitting the plans and specifications for such improvements ("Plans") for L approval by Owner in accordance with the November, 1995, Timarron Master Design Guidelines for Commercial Development (the "Master Design Guidelines"), as modified by this Agreement. IL`s 114 U All plans and specifications submitted shall be accompanied by such information as to building materials, final appearance, and other related information as is reasonably required by the Master Design Guidelines to establish the exterior appearance and basic structural integrity of the improvements. Owner's approval shall be in conformance with the Master Design Guidelines and shall not be arbitrarily or unreasonably withheld or delayed. It is acknowledged and agreed that the Master Design Guidelines were specifically drafted to be applicable to commercial in4 mmvents, and therefore, shall be subject to reasonable waivers or modifications required for the development of municipal improvements on the property described on Exhibit 1. Owner hereby designates the President of Timarron Land Corporation, its successors or assigns, as the officer of Owner authorized to approve the Plans. (3) Owner's Approval. When Owner's approval of Plans is required hereunder, Owner shall have 30 days after the receipt of all Plans to either approve or disapprove the Plans in question. If Owner does not approve of such Plans, titers it shall notify the requesting party and snail specify, in such ratification, the reason for such disapproval. The requesting party may, at any time thereafter, modify the Plans and resubmit such Plans for Owner's approval. If Owner does not respond to the requesting party within 30 days after Owner's receipt of the Plans or any modification themf, then the Plans, as modified, shall be deemed approved without further action by any party. Approval of Plans by Owner shall be evidenced in writing. (d) Ctanstnt~ttr'tn• All caution of Improvements on the Restricted Property shall comply, in all material inspects, with the Plans approved by Owner. (5) . No violation of this Agreement or the existence of any improvements or use of the Restricted Property not in compliance herewith shall be deemed a waiver by Owner of any rights hereunder. Owner reserves the right to enforce this Agreement at any time without regard to previous violations of the Agreement. (6) Term. The parties hereto acknowledge that this Agreement touches and concerns the Restricted Property and shall run with the Restricted Property for a term of 10 years after the date hereof. (7) Rnfn .m nt. In addition to the rights and remedies available to Owner for a low violation of this Agreement, Owner may enforce the restrictions set forth herein by specific 3 peribrmance or by a restraining order or other injunctive relief placed against any party violating this Agreement. (g) This Agreement shall be enforceable by and against the patties hereto and their respective successors and assigns. (g) . This Agreement is for the sole benefit of Owner and its affiliates and no third patty or property owner other than Owner, its affiliates, wWor its suocessors and assigns are intended to be benefited hereby nor shall such third parties be entitled to enforce this Agreement. rl Lr (10) No Joint Venture. It is hereby acknowledged by Purchaser and Owner that the relationship between them created by this Agreement is not intended to be and shall not in any way be construed to be that of a partnership, joint venture, or principal and agent unless otherwise acknowledged by separate agreement. Any control exercised by Owner with respect to any documents or matters related thereto is solely for the purpose of protecting Owner's property values and its ability to develop, market and sell the Adjacent Property. Any approval granted by Owner pursuant to this Agreement is solely for Owner's benefit and no person or entity may rely upon Owner's approval for any other purpose. (11) Mot imtion. No modification of this Agreement shall be effective unless such modification is in writing signed by Owner and Purchaser or their respective successors and assigns. - (12) .oy tng I aw. This Agreement and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of Texas. TIl4iARR0 C TION By: Name.t.. Cco~@a~ )ter Tide: rxs .sr CITY OF SO By. , Name: IF, Title: J.W. C N U CONST4WEJ. RICH Name:__~~ c I~~, 11 15 1" 1 Ll Ii STATE OF TEXAS $ COUNTY OF "ftXCCG,II~C : This instrument was acknowledged before m on March M. 19%, by C C0'yo &-13 ras ic~~t i1~ of Timarron Land Corporation, a Delaware corporation, on behalf of said corporation. OSIN R ICS E(SS:TAMTE TARY PUBLIC - OF 7EXA~I Public, Sta of Texas . EXP. ip123197 STATE OF TEXAS § COUNTY OF ' 1 r- § This irtsttvrneatt was acknowledged before me on March i Z , 1496, by rfklunr of THE jn r~ t 'r LQ~ CITY OF Sgnotary ule municipality. behalf of said home rule municipality. ublic, State T P STATE OF TEXAS COUNTY OF~~~C § on t 1996, by J.w. RICHARDS. This instrument was acknoJPLIMX w ROPublic, S of Texas NOTSTATSTATE OF commCOUNTY Wr'+ctS, This instrument was acknowledged before t on March 1946, by ONSTANCE J. RICHARDS. , c =ONOTARY IN ROMIG PUBtiC b tC, 5ta of Texas OF TEXAS EXP. 101231"97 IL4-4 1 11 IT Ll EXHIBIT 1 _1 TO THE ESTRI ON AG EF?11EN L CITY PROPERTY ~J x U ij. r -Irv z Z,,, 41 < L16 W s~t': i lit It'. 3 5 i I I x C: 3 L tw4'Tii~ ~ x - L- 6 vVi E P a ! C-1 a l ~ e I R b OvIt c T I 4r A ~2r~h ^ 9 ! U • i I r a a ( +S L i G~ L Cl ;Alit ~ ` SGi?`C7' 9 t 1!' 'f - `w ♦ Y ~~a~~~LC V P 0 17.t ~~t' .M 1~Y.~t~ itL d i Y'kn11,1 - T tu-z *4 +.+tT~~' w ,.t s0 04n0,0? ys i~rML<wt it - Ll EXNMIT 2 RICHARDS' PROPERTY L rl u z 120 Mitt;; x s ~ 3 a ~ pt • e _ 2 t !7 _ w i 4XI ~a ~ ? ~n to Big gy LyOM1yjr t 14 It lot c6 t Cb yv R~~+ C3 i~'^V w' h a• ~•`V W yL~ Y Wt ZL 2 ~I 4ts~HiEi kti . ~ i 5 d!' S7t r - - _ r W JARS +rr L1 h t: 3 3P . o , ' ~ 2 bSf ~f~ „ROW t-3r. 2~ rr lit a u A:_ 1 EXHTHIT 3 c uuniF~RESTRICnON AGRFF.MM I TIMARRON PROPERTY c t n Ll L 3 L G 12 `51 1 122 rl Ll ~~6`p4 ~ L ` 9 -)~~•y+ L r y f+y,y yy die y n O J ~ ~'i•J2Qti~i ti~ i~ ~ b V ~ } CSO K r G y~8+ u $ t'11 vac Ma y~S ~ w• ~ s K'~ ~i pia ui c.~►~4ag,~ •ax x v~ 2~ "fie x Ll K a7 • ' ! ( f co i * n C%j rr 4 ~ a F{ a i y Y IN t of ! fix; "~"~`~:h$71Ywac1 ~ r ,swritt yJ+i'L"yi~f rl Ll I D196047704 TIMARRON LAND CORP 300 E CARPENTER #1425 STE 1425 IRVING TX 75062 -W A R N I N G-THIS IS PART OF THE OFFICIAL RECORD--D 0 N 0 T D E S T R O Y I N D E X E D T A R R A N T C O U N T Y T E X A S S U Z A N N E H E N D E R S 0 N COUNTY CLERK O F F I C I A L R E C E I P T T 0: STEWART TITLE NORTH TEXAS RECEIPT NO REGISTER RECD-BY PRINTED DATE TIME 196138456 DR97 T000719 03/13/96 09:59 INSTRUMENT FEECD INDEXED TIME 1 D196047704 WD 960313 09:59 CG T O T A L DOCUMENTS: 01 F E E S: 27.00 i~ B Y : ANY PROVISION WHICH RESTRICTS THE SALE RENTAL OR USE OF THE DESCRIBED REAL PROPERTY BECAUSE OF COLOR OR RACE IS INVALID AND UNENFORCEABLE UNDER FEDERAL LAW. I~L~I 112!