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HomeMy WebLinkAboutS-0285-LLL ApplicationDECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE THE RANCH COMMERCIAL TRACT RANCH PROPERTIES, INC. 200405924 07/13/2094 09.19:27 AM Filed $ Recorded in Official Records of CAROLYN STALFY PULASSKI COUNTY CIRCUIT/COUNTY CLERK Fees $80. @0 This Declaration of Restrictive Covenants and Bill of Assurance is made this 1 1- day of t.� 2004, by Ranch Properties, an Arkansas corporation, hereinafter referred to as "Developer". ARTICLE I. 1.1 The Developer is the present record title holder of certain real property situated in the County of Pulaski, State of Arkansas, more particularly described as follows (the "Property"): LOT 1, TRACT E, THE RANCH, T TLE ROCK, ARKANSAS PLAT BOOK -/_, PAGE 0 4 BEING ONE AND THE SAME PARCEL AS LAND DESCRIBED AS: PART OF THE SE1/4 OF SECTION 14, LYING NORTH OF ARKANSAS STATE HWY. #10; T-2-N, R-14-W, PULASKI COUNTY, ARKANSAS, MORE PARTICULARLY DESCRIBED AS: BEGINNING AT THE INTERSECTION OF THE NORTH RIGHT-OF-WAY LINE OF ARKANSAS STATE HWY. #10 AND THE WEST LINE OF THE E1/z OF SAID SECTION 14; THENCE S24°28'40"E ALONG SAID NORTH RIGHT-OF-WAY LINE, 70.00 FT.; THENCE S72°03'23"E CONTINUING ALONG SAID NORTH RIGHT-OF-WAY LINE, 356.96 FT.; THENCE N18026'17"E, 5.00 FT. TO THE POINT OF BEGINNING; THENCE N18026'17"E, 328.10 FT.; THENCE S75°37'01"E, 320.46 FT. TO A POINT ON THE WEST RIGHT-OF-WAY LINE OF CHENONCEAU BLVD.; THENCE SOUTHERLY ALONG SAID WEST RIGHT-OF-WAY LINE THE FOLLOWING: (1) S02°27'01"W, 33.79 FT.; (2) N87°32'59"W, 20.00 FT.; (3) `� • 1 r' tea: � = F .:t- _ SOUTHERLY ALONG THE ARC OF A 904.93 FT. RADIUS CURVE TO THE RIGHT, A CHORD BEARING AND DISTANCE OF S09°11'25"W, 212.41 FT.; (4) S15°55'48"W, 48.42 FT. AND (5) SOUTHWESTERLY ALONG THE ARC OF A 40.00 FT. RADIUS CURVE TO THE RIGHT, A CHORD BEARING AND DISTANCE OF S61 °54'20W, 57.52 FT. TO A POINT ON THE NORTH RIGHT-OF-WAY LINE OF ARKANSAS STATE HWY. #10; THENCE N72°07'08"W ALONG SAID NORTH RIGHT-OF-WAY LINE, 37.19 FT.; THENCE N75°37'14"W CONTINUING ALONG SAID NORTH RIGHT-OF-WAY LINE, 165.97 FT.; THENCE N72°03'23"W, 103.69 FT. TO THE POINT OF BEGINNING, CONTAINING 111,197 SQ. FT. OR 2.5527 ACRES MORE OR LESS. 1.2 The Developer has caused the land hereinabove described to be surveyed and a plat (hereinafter referred to as the "Plat") made thereof by Paul M. White, a Professional Land Surveyor, License Number 1281, and Timothy E. Daters, a Professional Engineer, License Number 5033, said plat bearing the signature of the said Surveyor and Engineer and being of record in the office of the Circuit Clerk and Ex-Officio Recorder of Pulaski County, Arkansas, in Plat and the Developer does hereby make this Declaration of Restrictive Covenants and Bill of Assurance. 1.3 Developer warrants and represents that it has laid off, platted and subdivided, and does hereby lay off, plat and subdivide the land hereinabove described, in accordance with the aforesaid Plat. The lands embraced in said Plat shall be forever known as: Lot 1, Tract E, The Ranch, an Addition to the City of Little Rock, Pulaski County, Arkansas; and any and every deed of conveyance of any lot in the aforesaid Addition describing the same by the lot and block number shown on said Plat shall always be deemed a sufficient description thereof. Moreover wherever the terms "Lot or Lots" are used herein same shall mean the Lots 4 platted hereby unless another meaning is expressly stated. Likewise wherever the term "Addition" is used herein same means The Ranch, an Addition to the City of Little Rock, Pulaski County, Arkansas. 1.4 Developer hereby dedicates to the public forever an easement of way on and over the street rights -of -way as shown by said Plat, to be used as public streets. In addition to said street rights -of -way there are strips of ground shown and dimensioned on said Plat marked "Utility Easement" and "Drainage Easement", which Developer hereby donates and reserves for the use of and by public utilities, and for drainage purposes, respectively, subject at all times to the proper authorities and to the easement and restrictive covenants herein reserved. Accordingly, all persons, natural and artificial, who become owners of the lots platted hereby, shall take their titles subject to the rights of public utilities and the public in the street rights -of - way and the utility and drainage easements shown on the Plat. The filing of this Declaration of Restrictive Covenants and Bill of Assurance and Plat for record in the office of the Circuit Clerk and Ex-Officio Recorder of Pulaski County shall be a valid and complete delivery and dedication of the street rights -of -way and the Utility and Drainage Easements shown on the said Plat. The streets shown on said Plat shall henceforth be known by the names designated on said Plat and same shall be of the length and width shown thereon; provided, however, the Developer does hereby reserve unto the Developer the right to any surplus dirt in said streets for Developer's own use and benefit. 1.5 The Lot or Lots in the Addition above described shall be sold or conveyed by the Developer and shall be purchased, acquired, owned, possessed, held and occupied subject to the 3 l covenants, restrictions and provisions set forth above and as follows, each of which and all of which shall be covenants running with the said lands above described, and shall be binding upon all owners and their respective heirs, successors and assigns, in order to maintain the lands above described as desirable, uniform and suitable as office property, to wit: ARTICLE II. (a) "Developer" shall mean RANCH PROPERTIES, INC., an Arkansas corporation, its successors and assigns. (b) "Owner" shall mean and refer to the record owner, whether one or more persons or entities, of the fee simple title to any of the Property, but excluding those having any interest merely as security for the performance or payment of an obligation. (c) "Property" shall mean and refer to the real property described in Paragraph 1.1 hereof, and plated as Lot 1, Tract E, The Ranch, an Addition to the City of Little Rock, Pulaski County, Arkansas. (d) "Improvements" shall mean and include but not be limited to buildings, parking areas, loading areas, fences, walls, hedges, landscaping, mass plantings, poles, signs and any structures of any type or kind. (e) "Lot" shall mean and refer to the fee simple absolute estate of any platted plot of land within the Property, as heretofore and hereafter platted. (f) "Plat" shall mean and refer to that certain drawing which is approved by the City R of Little Rock and filed with the Circuit Clerk platting a town lot. (g) "Common Maintenance Property Zone" shall mean and be the following described real property, to -wit: See attached Exhibit "A" which contains the legal description of all Parcels within the Common Maintenance Property Zone. The area of these Parcels is approximately 4,703,611 square feet or 107.9801 acres. (h) "Parcel" any piece of real property within the Common Maintenance Property Zone, whether platted or unplatted. ARTICLE III. Purpose 3.1 The Property is hereby made subject to the following conditions, covenants, restrictions and reservations all of which shall be deemed to run with the Property and each and every part thereof to insure proper use and appropriate development and improvement of said Property so as to (a) protect the Owner against such improper development and uses of surrounding Parcels as will depreciate the value and use of their Parcels; (b) prevent the erection on the Property of structures constructed of improper or unsuitable materials or with improper quality and methods of construction; (c) insure adequate and reasonably consistent development of the Property; (d) encourage and assure the erection of attractively designed permanent improvements appropriately located within the Property in order to achieve harmonious appearance and function; (e) to provide adequate off street parking and loading facilities; and (f) generally promote the welfare and safety of the Owner. 5 ARTICLE IV. 4.1 A permanent easement or easements for drainage and for the installation, maintenance, repair and replacement of utility services, storm and sanitary sewers and drainage are created, accepted and reserved on, over, across and through to the Lot as shown on the Plat filed herewith. No structures or buildings or similar permanent improvements shall be built, constructed, erected, installed, placed or maintained within the area of easements. No excavations within the area of said easements for the erection of any fences (wood, wire, stone or brick) or for any other purposes shall be made which would interfere with installation, maintenance, repair and replacement of any utility, storm, sanitary sewer, or drainage services. In the event any trees, incinerators, structures, buildings, fences, pavement or similar improvements shall be growing on or be constructed, erected, installed, placed, built or maintained within the area of any such easement, no utility provider will be liable for the destruction of same in the installation, maintenance, repair or replacement of any utility or drainage services located with the area of such easement. ARTICLE V . 5.1 In the development, use, or ownership of all or any portion of the Property the Owner thereof shall develop, use and occupy the Property in compliance with the zoning rules and regulations of the City of Little Rock in effect from time to time and any and all other applicable governmental entities as they apply to any particular portion of the Property. 0 ARTICLE VI. 6.1 Approval. No building, structure or other improvement shall be erected, placed, altered, reerected or permitted to remain on or upon the Property until the building plans, specifications, exterior color scheme and plot plan showing the location and facing of such building with respect to existing topography, adjoining streets and finished ground elevations have been approved in writing by the Developer in its discretion. 6.2 Dueloper's Liability. The granting of any approval, permit or authorization by the Developer shall be final and binding. The Developer shall incur no liability by reason of its (i) granting of any approval, permit or authorization or (ii) refusal to grant any approval, permit, authorization or approval of any items, plans or specifications submitted hereunder. (a) Any submission to the Developer for approval of any proposed construction on the Property (the term "proposed construction" shall include, but shall not be limited to, new construction or reconstruction of a building, structure or other improvement, remodeling, adding to or modifying any existing building, structure or other improvement, installation of a fence or wall, construction or remodeling of outbuildings or other accessory structures, installation of any sign, and construction of driveways) shall include: (1) A site plan, to scale, indicating the location of all proposed construction of buildings, structures and improvements, including, without limitation, structures, trash disposal, parking areas, storage and maintenance areas, fencing, drainage and traffic circulation; 7 (2) Landscape plans, to scale, indicating site topography elevations of walks, drives and building entries, fencing location, site of fencing and material thereof, and any other pertinent site treatment. The landscape plans and the grading plan showing site topography may be submitted as separate plans. (3) Building elevations, to scale, indicating all elevations of proposed structures with specification of building materials, fences and color -scheme; and (4) Sign plan, indicating design, location and details of all signs which will be visible from the exterior of any building. (b) Approval of any proposed construction by the Developer will not relieve any Owner of the obligation to comply with all laws, ordinances, regulations or rules of any governmental body, nor can any Owner rely upon such approval as -an indication of such compliance. In no event will approval of such proposed construction by the Developer create any liability to the Owner or to any third party who may seek to rely thereon. 6.4 Setbacks. No building shall be located on the Property nearer to the front, side, interior or rear lot lines than the minimum building set back lines shown on the Plat. The minimum building set back lines are as follows: (a) Front or side yards abutting Cantrell Road - all principal and accessory building or structures are required to have a minimum 100 foot building setback from the property line abutting Cantrell Road. (b) Front or side yards abutting Chenonceau Boulevard - all principal and accessory building or structures are required to have a minimum 50 foot building setback from the property line abutting Chenonceau Boulevard. (c) Rear yard - rear yard building set back line shall not be less than 25 feet, however, in the event any Owner or Owners of contiguous Lots desires to develop their Lots as one project, the Developer shall have the rights to waive the common side setback line to promote the development of the contiguous Lots as one in a manner which is aesthetically compatible with the development of the Property. 6.5 Sidewalks. Sidewalks shall be installed by the Owner along abutting streets as may be required by the City of Little Rock. 6.6 Szihslivi�. No Lot shall be further subdivided without the prior written consent of the Developer and the City of Little Rock first having been obtained. 6.7 Building Exiffim. The exterior of all improvements on the Property shall comply with the following: (a) Exterior wall elevations of buildings must include at least 40 % content of Acme Brick Plaza Heights Smooth, Cardinal Red Handcraft, Williamsburg or equivalent, unless otherwise approved by the Developer. (b) Roofs shall be of a design and in a material approved by the Developer. (c) Roof -mounted mechanical equipment which is visible from the ground is to be screened and painted to match the exterior material of the building. (d) Gutters and downspouts are to be painted to match the surface to which attached. (e) Vents, louvers, exposed flashing and service doors are to be painted consistent with the exterior material of the building. A 6.8 Screening. All areas on the Property used for loading, service access, ground - level mechanical equipment, transformers and other appurtenant items of poor visual quality, and that are visible from contiguous Parcels or streets, are to be screened by the use of the same material as the building exterior. In the case of certain low-level items, such as transformers, the Developer may approve the substitution of dense, mature landscape materials. 6.9 Signs. (a) ground signs will be constructed of Acme Brick Plaza Heights Smooth, Cardinal Red Handcraft, Williamsburg or equivalent, pre -cast concrete, or other material approved by the Developer. All letters are to have finish directly applied. (b) ground signs will be no more than eight feet above grade in height nor more than 57 square feet in area and (if signs are upon landscaped berms, their maximum height above curb level shall be ten feet), and (c) the location, size and design of temporary signs are subject to the prior approval of the Developer. (a) the location of driveways requires the prior approval of the Developer, (b) no parking is permitted on any public streets in The Ranch, (c) all parking areas and parking lots adjacent to landscaped areas shall have concrete upright curbs. 6.11 Lighting. Exterior lighting on the Property shall comply with the following: 10 (a) Parking Lot: (1) Type: Pole -mounted Sterner Diplomat 25 foot high pressure sodium, or equivalent approved by the Developer. (2) Height: Not to exceed twenty-five feet overall (3) Finish: Dark bronze anodized finish for pole and fixture, or otherwise consistent with the project's overall sign scheme. (b) Walkways: (1) Type: Sterner 8" round bollard light or equivalent. (2) Finish: Dark bronze anodized finish, or otherwise consistent with the project's overall sign scheme. (c) Lighting to highlight building shall be at ground level with dark bronze anodized finish for fixtures. (d) Security lighting fixtures are limited to use for lighting loading or similar service areas and shall have dark bronze anodized shielding. (e) All exterior lighting shall be shielded and confined within the site boundaries. (f) The Developer may approve alternate lighting plans which will accomplish the intent of the requirements. Such alternate plans shall be submitted in written form with supporting details and if approved by the Developer such approval will be in writing. 6.12 (a) Owner will be responsible for the design, development and maintenance of the landscape on the Property and contiguous planting areas within various street right-of-ways and 11 public property to the face of curb. Contiguous Parcels owned by such Owner reserved for future expansion shall have the required landscape areas fronting on streets fully developed at the time the first phase of development occurs. Mowing of any undeveloped Parcels shall be required at least monthly during the growing season. Dead or extensively damaged trees, ground cover or shrubs shall be identically replaced within thirty (30) days after the damage occurs. Replacement may be made at a later date, with the Developer's approval, if necessary due to seasonal conditions. (b) Cantrell Road: (1) The front or side yard abutting Cantrell Road shall have a landscaped buffer averaging a minimum of 50 feet from the property line, which will be solid sodded with zoysia (Meyer Z-52) or other equivalent approved by the Developer. The existing white fence along Cantrell Road will be maintained by the Common Area Maintenance fund and will not be removed or altered by the Owner without the written approval of the Developer. (2) Willow Oak or other equivalent trees as approved by the Developer will be planted at average 40-foot intervals as located by the Developer. The trees shall either be transplanted from the area within two miles of the Property or shall be nursery grown, balled and burlaped with a minimum of 14-foot height, 3-inch caliper, have 8-foot clear below canopy, and have minimum 60" canopy spread. (c) Chenonceau Boulevard: (1) The front or side yard of the Property abutting Chenonceau Boulevard shall have a landscaped buffer averaging a minimum of 255- feet from the property line, which will be 12 solid sodded with zoysia (Meyer Z-52) or other equivalent approved by the Developer. (2) Willow Oak or other equivalent trees as approved the Developer will be planted at average 40-foot intervals, as located by the Developer. The trees shall either be transplanted from the area within two miles of the Property or shall be nursery grown, balled and burlaped with a minimum of 14-foot height, 3-inch caliper, have 8-foot clear below canopy, and have minimum 60" canopy spread. (d) Parking Lots: (1) There shall be at least 40 square feet of landscape space and one shade tree or ornamental tree for every 10 parking spaces. Each interior landscape space shall contain a minimum of 80 square feet. (2) Permitted trees in parking areas shall include: Shade Trees: Willow Oak, Cypress, Water Oak, Red Maple or other equivalent approved by Developer. Ornamental Trees: Watermelon Red Crepe Myrtle, Bradford Pear, Multi -trunk Burford Holly, Treeform Yaupon or other equivalent approved by Developer. The balance of the landscaped areas in the parking lots shall be planted with solid sodded zoysia (Meyer Z-52) or other equivalent approved by the Developer, ground cover or shrubs. (3) The minimum planting sizes are: Shade Trees (same as for right-of-way) Ornamental Trees - 8' to 10' Shrubs - 2 gallon Ground cover - 1 gallon (d) Side and Rear Yards: All side and rear yards shall be solid sodded with zoysia (Meyer Z-52) grass or other equivalent as approved by Developer. Willow Oak or equivalent 13 trees approved by Developer shall be planted at an average of no more than 40-foot intervals as indicated by the Developer. (e) Areas Surrounding Buildings: (1) There shall be a landscaped area around each building that is visible from contiguous Parcels or streets, which shall average a minimum of 10 feet. (2) The minimum 10-foot landscaped area around each building that is visible from Cantrell Road, Chenonceau Boulevard and the north and west private access drives must include at least 50% ratio of planting beds with shrubs and ground cover. All grass is to be zoysia (Meyer-52) or other equivalent as approved by Developer. (f) Irrigation on the Property: All landscaped areas are to be irrigated with an approved automatic sprinkler system. Impact heads will be utilized along the right-of-ways and will be spaced to provide complete coverage between the right-of-ways and will be spaced to provide complete coverage between the right-of-way line and the back of curb. The irrigation system will be designed and operated to prevent or minimize run-off and discharge or irrigation water onto roadways, driveways, adjacent properties and any area not under control of the Owner. (a) The Owner of the Property and each Owner of a Parcel shall pay to the Developer or its assignee an annual maintenance charge, which shall be due and payable annually in advance on the first day of January in each year or as otherwise set by the Developer from time to time. The first year fee shall be prorated on a daily basis from the 14 date of closing through December 31 of that year. The maintenance fund will be used solely for improving (not initial development) and maintaining non -paved areas within the right of way of public streets (the "Public Areas") in the Common Maintenance Property Zone in such a manner as is reasonably deemed necessary by the Developer in its discretion to maintain the overall attractiveness of the Common Maintenance Property Zone, including but not limited to, maintaining attractive landscaping in the Public Areas, maintaining entranceways to the Common Maintenance Property Zone (including median areas, the white fence and the areas between the fence and Cantrell Road, curbing and other improvements), maintaining liability insurance premiums attributable to such areas, or for doing any other thing necessary in the reasonable opinion of the Developer, for keeping the Public Areas neat or in good order. The maintenance fund will not be used for improving or maintaining any privately owned areas of Parcels within the Common Maintenance Property Zone, except for the areas between the fence and Cantrell Road. The mowing and trimming of the green belt areas for each individual Parcel within the public right-of-way (property between the curb and the property line) shall be and remain the sole responsibility of the owner of the Parcel as if the property line extended to the curb, except for the areas between the fence and Cantrell Road which shall be mowed and maintained with the Common Maintenance Fund. (b) The maintenance charge shall be computed based upon the ratio of the square foot area of each Parcel within the Common Maintenance Property Zone to the total square foot areas of all property within the Common Maintenance Property Zone of approximately 4,703,611 square feet. The payment by Owner at the beginning of each year shall be based 15 0 upon an estimate by the Developer and adjusted up or down at yearend. The charge for such common maintenance shall not exceed $.02 (two cents) per square foot adjusted for inflation from December 31, 2000 as measured by the Consumer Price Index (meaning Consumer Price Index, All Urban Wage Earners and Clerical Workers, All Items applicable to Little Rock, Arkansas (1982-84=100) published by the United States Department of Labor, Bureau of Labor Statistics, or a successor index thereto properly adjusted.) (c) In the event that any Owner fails to maintain its Parcel or that area of the public right-of-way that is its responsibility for maintenance, then the Developer, following reasonable notice, may perform the necessary maintenance, and charge to that respective Owner the cost of such maintenance work which shall then be due and payable as an assessment as prescribed herein. This right of the Developer shall be limited to the landscaping and exterior housekeeping and shall not extend to any maintenance of buildings. (d) The Owner of the Property by acceptance of a deed therefore, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Developer any annual assessments or charges or special assessments levied by the Developer pursuant to this Article VI from time to time and further covenants and agrees that each annual and special assessment, together with interest, costs and reasonable attorneys fees, shall be a charge and lien on the Property and shall be a continuing lien upon the Property against which each such assessment is made. Each such assessment, together with interest, cost, and reasonable attorneys fees, shall also be the personal obligation of the person or persons who was the Owner or Owners of the Property at the time when the assessment fell due. Any assessment M. not paid within 30 days after the due date thereof as established and fixed by the Developer shall bear interest from the due date at the maximum lawful rate and the Developer may, upon such default bring an action at law against the Owner or Owners personally obligated to pay the same, or foreclose the lien of the assessment against the Property, like foreclosure of a mortgage. The Owner may not waive or otherwise escape liability for the assessments provided for herein shall be subordinate to the lien of any first mortgage. The sale or transfer of any tract pursuant to any mortgage foreclosure or proceeding in lieu thereof, shall extinguish the lien of such assessments as to payments which became due prior to such sale or transfer. (e) To the extent that it is an Owner of a part or all of the Property, the Developer is responsible for timely payment of its pro rata share of the maintenance charge. ARTICLE VII. 7.1 Term. The covenants, conditions, restrictions and reservations contained herein shall continue in full force and effect until January 1, 2024, and shall thereafter be renewed automatically from year to year unless and until terminated as provided in Paragraph 7.2 hereof. 7.2 Modification. Notwithstanding any provision, restriction or covenant herein contained to the contrary, the Developer may, in its sole discretion, acting alone and without securing the consent or approval of the other Owners, amend, modify, change, alter, extend or cancel, in whole or in part, any and all of the terms, conditions, covenants, provisions and restrictions hereof, by a written instrument signed solely by the Developer and filed of record. 17 Alternatively, Owners, owing at least 51 % of the Lots in the Addition as then platted, may by a written instrument amend, modify, extend, change or cancel, in whole or in part, any and all of the terms, conditions, covenants, provisions and restrictions hereof, PROVIDED, HOWEVER, any such amendment, modification, extension, change or cancellation, in order to be effective and enforceable, must be approved and consented to in writing by Developer regardless of whether or not Developer owns any Lot in the Addition, such approval to be in the sole discretion of the Developer. 7.3 Right to Enforce. The restrictions and covenants and reservations herein set forth run with the land and are binding upon the Developer, the Owners and all parties, persons and entities claiming title to or an estate in any part of the Property described herein. Moreover, any and all parties, persons and entities owning Property herein described, or any part thereof, covenant and agree with all of the Owners of the Property hereby restricted and with their heirs, successors and assigns, and with each other, to conform to and fully observe all of the covenants, restrictions and reservations herein contained. In- furtherance of the above and foregoing, the Developer and all Owners of any of the Property hereby restricted, shall have the right to sue for and obtain an injunction, prohibitive or mandatory, to prevent the breach of or to enforce the observance of, the covenants, restrictions and reservations herein set forth, in addition to ordinary legal action for damages and failure of the Developer or any Owner to enforce any of the covenants, restrictions or reservations herein contained at the time of its violation, shall in no event be deemed a waiver of the right to do so thereafter. RE 7.4 AssionmQntof Devel=:r',s R,ights and Duties. Any and all rights, powers and reservations of the Developer herein contained may be assigned in good faith by the Developer to any responsible person, corporation or association or committee who has a legitimate interest in the subject matter hereof, which will assume any or all of the duties of Developer hereunder, and upon any such person, corporation or association's evidencing its consent in writing to accept such assignment, said assignee shall, to the extent of such assignment, assume Developer's duties hereunder, have the same rights and powers and be subject to the same obligations and duties as are given to and assumed by the Developer herein, including the maintenance duties under Section 6.13. Upon such assignment, and to the extent thereof, the Developer shall be relieved from all liabilities, obligations and duties hereunder. The term Developer as used herein includes all such assignees and their heirs, successors and assigns. If at any time the Developer ceases to exist and has not made such an assignment, a successor developer may be appointed by the owners of 60 % of the Property (other than Public Areas) upon compliance with the requirements of Paragraph 7.2 of this Article VII. ARTICLE VIII. Miscellaneous 8.1 No Waiver. All the terms, provisions, conditions, covenants, restrictions and reservations contained herein shall be construed together, but if it shall at anytime be held that any one of said terms, provisions, conditions, covenants, restrictions and reservations or any part thereof, is or are invalid, or for any reason becomes unenforceable, no other terms, provisions, conditions, covenants, restrictions and reservations or any part thereof shall be thereby affected 19 or impaired. 8.2 . Upon sale of a Parcel, the Owner so selling shall not have any further liability for the obligations thereon which accrue against such Parcel sold after the date of the conveyance; provided, however, that nothing herein shall be construed so as to relieve an Owner of any Parcel from any liability or obligations incurred during the term of such Owner's ownership. 8.3 Benefits and Burdens. The terms and provisions contained herein shall bind and inure to the benefit of the Developer, the Owner of the Property and their respective heirs, successors, personal representatives and assigns. 8.4 Notice. Any notices required or permitted herein shall be in writing and mailed, postage prepaid by registered or certified mail, return receipt requested and shall be directed as follows: If intended for an Owner, to the address supplied in writing by the Owner to the Developer, failing which the notice shall be sent to one of the following, in the following order or priority: (1) to the Lot if improved; (2) if the Lot is not improved to the address set forth in the purchase contract; (3) none of the foregoing, to the last known address of the Owner. If intended for the Developer to the address as follows: Mr. Edward K. Willis Financial Centre Corporation P.O. Box 56350 Little Rock, AR 72215 8.5 Singular and Plural. Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 20 EXECUTED on the date set forth below. Ranch Properties, Inc. 5 BY: Edward K. Willis TITLE:51/Jc�i" STATE OF ARKANSAS ) ss COUNTY OF PULASKI ) BE IT REMEMBERED, That on this day came on before me, the undersigned, a Notary Public, within and for the County aforesaid, duly commissioned and acting, personally appeared Edward K. Willis, who acknowledged himself to be the President of Ranch Properties, Inc., an Arkansas corporation, and that he, as such officer, being authorized so to do, executed and the foregoing instrument, and stated that he had executed the same for the consideration and purposes therein mentioned and set forth by signing the name of the corporation as such corporate officer. IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this 15`� day of 72004. Notary Public My Commission Expires: q/Ira /aoo� •aaaaaaararearr�. A G. k�C �• O NoT A00 Ry �•�eeaasX��y Reviewed only for inclusion of minimum standards required by the M/ of LEtge Rock subdivision rcgula,ion;. Bill of Assurance provision; estabiished by tr`.^ developer may exceed minimum regulations of too Little Rock subdivision and zoning ordinance.;. Gity cf Little Rock PIG nn Commission 21 City of Little Rock Planning and Development Filing Fees Date: 10 , 20 D) Annexation $ Board of Adjustment $ Cond. Use Permit/T.U.P. $ Final Plat $ Planned Unit Dev. $ Preliminary Plat $ Special Use Permit $ Rezoning $ Site Plans $ Street Name Change $ Street Name Signs Number at ea. _ $ Public Hearing Signs Number at ea. $ Total $ ! e)• J File No. Location &j-- ) Applicant By LN .