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COMMITMENTS CONCERNING THE USE
AND DEVELOPMENT OF REAL ESTATE
Bay Development Corporation, (hereafter, "Bay"), the contract purchaser of the real
estate located in Hamilton County, Indiana, and described in what is attached hereto and
incorporated herein by referenced as Exhibit "A" (the "Real Estate"), makes the following
Commitments (the "Commitments") to the City of Cannel Plan Commission (the "Commission")
for Village Green Planned Unit Development Ordinance.
Section 1. Cross Reference. These Commitments are made in connection with approvals
obtained under Docket Numbers 05120026Z and 05120027DP/ADLS.
Section 2.
reference:
Exhibits. The following exhibits are attached hereto and incorporated herein by
Exhibit "A". Attached hereto and incorporated herein by reference as Exhibit "A" is the
legal description of the real estate (the "Real Estate");
Section 3. Defmitions. Different words and terms are defined throughout these
Commitments and, further, the following definitions shall apply throughout these Commitments:
I. Developer. The term "Developer" shall mean and refer to Bay and its successors and
assigns.
Section 4. Commitments. The Developer agrees and commits to the following:
1. The Developer, and its successors and assigns, agrees and commits to construct the
upgrades adjacent to Smokey Row Road, as determined by the Developer and the City of
Cannel Department of Engineering, and conditioned upon a final determination of an
equitable cost for said improvements as agreed upon by the Developer and the City of
Cannel Department of Community Services. The fmal determination of the equitable
costs for said improvements must be completed and agreed upon by the Developer and
the City of Cannel Department of Community Services prior to obtaining secondary plat
approval.
Section 5.
Bindine: on Successors
These Commitments are binding on the Developer, owner of the Real Estate, each subsequent
owner of the Real Estate, and each other person acquiring an interest in the Real Estate, unless
modified or terminated by the Commission. These Commitments may be modified or terminated
only by a decision of the Commission after a public hearing wherein notice as provided by the
rules of the Commission has been made. The provisions of this paragraph 5 notwithstanding,
these Commitments shall terminate as to any part or parts of the Real Estate hereafter reclassified
(rezoned) from the Village Green Planned Unit Development District pursuant to Docket
Numbers: 05120026Z and 05120027DP/ADLS to another zoning classification.
Section 6.
Effective Date
The Commitments contained herein shall be effective upon the occurrence of all of the following
events:
1. The adoption of an ordinance by the City Council of Carmel, Indiana, assigning the
requested Village Green PUD classification to the Real Estate pursuant to Docket
Numbers: 05120026Z and 05120027DP/ADLS;
2. The acquisition of the Real Estate by the Developer or its successors and assigns; and
3. The commencement of the development of the Real Estate in accordance with the
assignment of the requested Village Green PUD classification pursuant to Docket
Numbers: 05120026Z and 05120027DP/ADLS.
Section 7.
Recordine:
The undersigned hereby authorizes the Secretary of the Commission to record these
Commitments in the Office of the Recorder of Hamilton County, Indiana.
Section 8.
Enforcement
These Commitments may be enforced by the Commission and the City Council of Carmel,
Indiana and any property owner within or immediately adjacent to the Real Estate.
IN WITNESS WHEREOF,
executed as of the date first written above.
has caused these Commitments to be
Bay Development Corporation
By:
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Bruce T.Sklare, President
STATE OF INDIANA )
) SS:
COUNTY OF MARION )
Before me the undersigned, a Notary Public in and for said County and State, personally
appeared Bruce T. Sklare, President of Bay Development Corporation, and having been duly
sworn, acknowledged execution of the foregoing Commitments.
Witness my hand and Notarial Seal this
day of
, 2006.
My Commission Expires:
Notary Public
Residing in
County
Printed Name
Prepared By: James E. Shinaver, Nelson & Frankenberger, 3105 East 98th Street, Suite 170,
Indianapolis, IN 46280.
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EXHIBIT "A"
Le2al DescriDtion
A part of the east half of the northeast quarter of section twenty-five (25)
Township eighteen (18) North, Range three (3) East, described as follows:
BEGIN at the northwest comer of the east half of the northeast quarter of said
section 25, run south on the west line of said east half 847 feet to a stone marked
T, thence east on line parallel with the north line of said quarter section 468.93
feet to the west right-of-way line of the Louisville, New Albany and Chicago
Railroad (Monon); thence northwesterly along said right-of-way line 847.3 feet to
the intersection of the north line of said quarter section; thence west along the
north line of said quarter section 456.8 feet to the place of beginning.
Containing 9.00 acres more or less in Clay Township of Hamilton County,
Indiana.
H:\brad\Zoning & Real Estate Matters\Bay Development\Commitments 050406.doc
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