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'" ' i ,: nD .~~ COMMITMENTS CONCERNING THE USE AND DEVELOPMENT OF REAL ESTATE Estridge Development Company (hereafter, "Estridgell), 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 UAU (the "Real Estate")!! makes the following Commitments (the "Commitments't) to the Plan Commission of the City of Cannel (the nplan Commission")~ Section 1. Cross Reference.. These Commitments are made in connection with approvals obtained under Docket Numbers 05020019PP and 05020022SW. Section 2" reference: Exhibits~ The following exhibits are attached hereto and incorporated herein by I..-a. Exhibit "A".. Attached hereto and incorporated herein by reference as Exhibit IIAII is the legal description of the real estate (the "Real Estate"); Exhibit '(B".. Attached hereto and incorporated herein by reference as Exhibit "B" is the primary plat for a subdivision known as "Murphy Hall". ~ction 3. Definitions. Different words and terms are defmed throughout these Commitments and, further, the following definitions shall apply throughout these Commitments: I. Develo~. The tem1 "Developertl shall mean and refer to Estridge and its successors and assigns.. 2.. Subdivision. The term '~SubdivisioniJ shall mean and refer to Murphy Hall which is a plat filed under Docket Numbers 05020019PP and 05020022SW. Section 4+ Commitments. The Developer agrees and commits to the following: ~ All homes to be constructed in the Subdivision shall be The Estridge Companies 700 series homes and the average square footage for these homes shall be 2800 square feet and all homes shall have a basement. The following are additional commitments~ 1.. Perimeter Lots: ~ Lots 76, 77, 78~ 79!J 80, 81 and 82, as the same are shown on Exhibit "B'\ are perimeter lots (the "Perimeter Lots") and all homes constructed on Perimeter Lots shall have a first floor brick wrap.. For all Perimeter Lots, one (1) ornamental tree and one (1) shade tree shall be planted in the rear yard of each Perimeter Lot.. ........ BBB STREET BB BB No home within the distaAce shown ]n this d1agram should ha'lo the same elevation and coler scheme as a ccmbinatlcn.. E3E381 '-:1'- No heme wtthin the distance shown in this diagram should have Ih e same elevation.. ~ection 5.. Bindin~ on Successors \-- These Commitments are binding on the Developer, the owners 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 Plan Commission.. These Commitments may be modified or terminated only by a decision of the Plan Commission after a public hearing wherein notice as provided by the rules of the Plan Commission has been made~ The provisions of this Section 5 notwithstanding, these Conunitments shall terminate as to any part or parts of the Real Estate hereafter reclassified (rezoned) on the City of Cannel's Official Zone Map to another zoning classification. Section 6. Effective Date L..o.... The Commitments contained herein shall be effective upon the occurrence of all of the following events: I. The approval of the primary plat and secondary plat applications for the Subdivision by the Plan Commission pursuant to Docket Numbers 05020019PP and 05020022SW; 2. The acquisition of the Real Estate by the Developer or its successors and assigns; and 4 3. The commencement of the development of the Real Estate in accordance with the approved primary plat and secondary plat applicatioIlB pursuant to Docket Numbers 0502Q019PP and 05020022SW. Section 7.. Recordinl! The undersigned hereby authorizes the Secretary of the Plan 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 Plan Commission of the City of Cannel, 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 Connnitments to be ESTRIDGE DEVELOPMENT COMPANY By: Ronald J. Benkert Chief Operating Officer STATE OF INDIANA ) ) SS: COUNTY OF ) Before me the undersigned, a Notary Public in and for said County and State, personally appeared Ronald J. Benkert, Chief Operating Officer of Estridge Development Company, and having been duly swom~ acknowledged execution of the foregoing Commitments. Witness my hand and Notarial Seal this day of , 2005 & 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. H:\J 8.I1m\&.tri d.sl:l\ ] 46th & T OWI1I3 n.oi!d. M urp hy\Buildlng Commi tmem,s 05 OJ 05.00 c; 5 I.........,. LAND DESCRIP110N (PER SURVEY) A part of the East Half of the Northeast Quartet of Section 20) Township 18 North, Range 3 East! Hamilton CountyJ Indiana described as follows: Beginning at the Southeast comer of said East Half; thence South as degrees 32 minutes 42 seconds West afcng the south line of said East Half a dh;tance of 1331115 feet to the Southwest corner of said East Half; thence North 00 degrees 08 minutes 01 seconds West along the west line of said East Half a distance of 1814.26 feet: thence North 89 degrees 32 minutes 42 seconds East parallel wJth said south line a distance of 1325.68 feet to a Mag nail set this survey and point being on the east line of said Northeast Quarter; thence South 00 degrees 18 minutes 23 seconds East along said east line a distance of 1814123 feet to the Point af Beginning, containing 551327 acres, more or less. .... ~ EXHIBIT I A