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COMMITMENTS CONCERNING THE
USE AND DEVELOPMENT OF REAL ESTATE
The undersigned, Towne Road Properties, LLC, an Indiana limited liability company
(her~after, "Owner"), the Contract Purchaser of the following describe.d real estate
located in Hamilton County, Indiana (hereafter "Real Estate"), makes the following
Commitments 'Concerning the Use. and Development of Real Estate to the Carmel/Clay
Plan Commission ("Commission").
1. Description of Real Estate. See Exhibit "A" hereto ("Real Estate").
2. Docket # 04060032 PP.
3. Statement of Commitments.
A. Owner commits to construct roadway improvements to the part of Towne
Road adjacent to the Real Estate to provide either of the following at its
discretion:
1. A one-half (1/2) roadway (including existing pavement) of two (2)
twelve (12) foot lanes with curb and gutter ("Maximum
Improvements") or
11. A one-half (1/2) roadway with an addition of three (3) feet of
pavement and three (3) foot stone, shoulder to the existing
,pavement ("Minimum Improvements") an'd contribute in cash to
the Carmel Department of Community ,Services ("DOCS") a sum
equal to the difference between the estimated cost of the Maximum
Improvements and the estimated cost of the Minimum
Improvements (the "Cash Contribution"), as determined 'by
agr~ement 'between Developer and DOCS, to be applied by DOCS
to such other roadway improvements within an one-mile radius of
the Real Estate as DOCS may determine.
The Cash Contribution, if elected by Owner, shall be paid at the time of the
approval. of a Secondary Plat for a section( s) in an amount equal to the total Cash
Contribution divided by 54 times the' number of lots shown on the Secondary Plat
. for which approval was received. The roadway improvements provided for and
contemplated by these commitments require and are subject to the approval of the
Hamilton County Highway Department and the Hamilton County Commissioners.
4. ,Bindin2onSuccessors and Assi2ns. These commitments are binding on the
Owner of the Real Estate, each subsequent owner of the Real Estate, and each
other person acquiring an interest in the Real Estate from the Owner. These
commitments may be modified or terminated only by a decision of the
Commission made at a public hearing after notice as provided by the rules of the
Commission. The foregoing notwithstanding, these commitments shall terminate
,: ~'!
upon ~he recordation of a Secondary Plat as to the partes) of the Real Estate
described th'erein.
5. Effective Date. The commitments contained herein shall be effective upon the
approval by. the Commission of the. Primary Plat under Docket # 04060032 PP
(Primary Plat) and the approval of a Secondary Plat for all or part of the Real
Estate pursuant to the Pri~ary Plat ("Effective Date"). .
6. Recordin2. T~e undersigned hereby'authorizes the Secretary of the Commission
or the Director of the Department of Community Services to record these
commitments in the Office of the Recorder of Hamilton 'County, Indiana,
following the Effective Date.
7. Enforcement. These commitments may be enforced 'by the Commission and City
of Carmel, Indiana.
Executed this _ day of September, 2004.
Towne Road Properties, LLC
, By:
Sheldon S.'Phelps, Managing Member
STATE OF INDIANA )
) SS:
COUNTY OF HAMILTON )
Before me, a Notary Public in and for said County and State, personally appeared
Sheldon S. Phelps, known to me to be, the Managing Member of Towne Road Properties,
LLC, who' acknowledged the e~ecution of the foregoing ,Commitments. Concerning the
Use and Development of Real Estate.
Witness my hand and Notarial Seal this
day of
2004.
My Commission E?Cpires:
Notary Public
My County of Residence:
Printed Name