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HomeMy WebLinkAboutBill of Assurance 0814252AA6A49326 12/21/28K 81:27:13 PM Filed Recorded in (� Official Records of PAT O'IRIEN PULASKI COUNTY CIRCUIT/COUNTY CLERK This Instrument Prepared by: Fees SU.88 Price C. Gardner FRIDAY, ELDREDGE & CLARK, LLP 1, 490, West Capitol Avenue, Suite 2000 C�i&Rpck, Arkansas 72201 DECLARATION OF RESTRICTIONS AND COVENANTS :' FOR LOTS 8A, 8B, 9AND 16 REMINGTON ROAD CENTRE ADDITION HIS DECLARATION OF RESTRICTIONS AND COVENANTS (this "Declaration") is made as of the j>F day of December, 2006, by Remington Road Centre LLC , an Arkansas limited liability company ("Remington LLC" or Remington LLC may hereinafter be referred to as the "Grantor"). RECITALS WHEREAS, the Grantor has caused the lands described on Exhibit A -I attached hereto (the "Property") to be surveyed by McGeterick Engineering, Inc., Engineers and Land Surveyors, and a proposed plat made thereof, identified by the title "Remington Road Centre Addition, Little Rock, Arkansas." The proposed plat bears the signatures and seals of Patrick M. McGeterick, Registered Professional Engineer, and Robert C. Lowe, Jr., Registered Professional Land Surveyor (the "Plat"), a copy of which is attached hereto as Exhibit A-2 and made a part hereof. WHEREAS, the Grantor is the Fee Owner of the Property and has cause the Property to be divided into separately drawn lots designated on the Plat as Lots 8A, 813, 9 and 16, respectively (each a "Lot" and collectively the "Lots"), each Lot being more particularly described as set forth on Exhibit `B" attached hereto and made a part hereof; WHEREAS, the Grantor desires to file this Declaration to protect its interest and the interests of others which may in the future become Fee Owners of a Lot or the Property. Grantor and those future fee owners may be hereinafter collectively referred to as 'Parties" or singularly as a "Party"; and WHEREAS, the Grantor hereby establishes, to the fullest extent permitted by law, certain covenants, restrictions and charges (collectively, the "Restrictions") as are hereinafter set forth, subject to which all of the Property and every portion thereof, shall be improved, held, exchanged, leased, sold and/or conveyed. Each of the Restrictions is imposed upon each Lot in the Property as a mutual equitable servitude in favor of the other Lots and every part thereof. Each of the Restrictions shall create reciprocal rights and obligations among each of the owners; they shall further create a private contract and estate between current and future owners of the Lots and the Property and their heirs, successors, and assigns; and they shall be and operate as covenants running with the land for the benefit of the Property in each and every, part and portion thereof. NOW, THEREFORE, in consideration of the foregoing, and the covenants and agreements set forth herein, the Grantor agrees as follows: ] . Design and Construction of Buildings. (a) Grantor must approve all initial construction on any Lot, including architectural theme, design, color, access and parking. All exterior construction must be brick, stucco or another approved masonry fagade, excluding concrete block, and using colors approved by the Grantor, said approval not to be unreasonably withheld. All uses that conform with existing zoning are permitted unless prohibited under Paragraph 2 of this Declaration. If following initial construction of buildings on any Lot, the existing exterior of any then existing building is substantially remodeled or there is a rebuilding following a casualty, then unless the remodeling or reconstruction is substantially similar to the prior existing exteriors, the architectural theme, design, color, materials, such remodeling or rebuilding shall be subject to the approvals required under this Paragraph 1. Once initiated, all building construction must be diligently prosecuted to completion. Any rooftop equipment shall be appropriately screened. All exterior dumpster or trash disposal locations shall be completely encased with a fence or other solid wall constructed of materials used in the construction of the Fee Owner's building and similar in style and appearance and gated such that such dumpsters or trash containers are not visible from the other property adjacent to any Lot. No wood fencing shall be allowed on any Lot. No free standing satellite dishes or antennaes not attached to the building on any Lot shall be permtted. All above ground irrigation equipment, including RPZ Valves, shall be covered and enclosed from view. (b) Obligation to Rebuild. In the event the improvements on any Lot are destroyed or damaged by fire or other casualty, the Owner of such any Lot shall proceed with due diligence to repair and rebuild such improvements in a timely manner. In the event such Owner elects not to rebuild on the Lot within forty-five (45) days of such damage, then such any Lot shall be cleared of all debris, including the former foundation of any building constructed thereon, and all non paved areas shall be covered with sod or other landscaping materials consistent with the appearance of any other unimproved lots located within the Property, if any. 2. Use. The types of uses permitted on the Property shall be of a general office and/or commercial nature found in upscale Office Developments in Little Rock, Arkansas consistent with the 0-3 zoning covering the Lot and not otherwise prohibited herein below; provided, nothing contained herein shall be construed to require any Owner to open or operate any form of business in the Property for any period of time or at all, but it may operate any form of business not prohibited herein or by law or otherwise. The following uses shall also be specifically prohibited on the Property regardless of zoning: 2 (a) Any production, manufacturing, industrial, or storage use of any kind or nature, except for storage of products incidental to the retail sale thereof from the Lot. (b) Undesirable entertainment or recreational facilities. As used herein, "undesirable entertainment or recreational facility" includes, a skating rink, massage parlor, discotheque, dance hall, teen club, free standing night club, bar or tavern not located within the motel constructed on the Lots, flea market, head shop, pornographic or "adult" store, bowling alley, or tattoo or body piercing parlor or establishment. (c) Any use which creates a nuisance or materially increases noise or the emission of dust, odor (but not including restaurants which are otherwise permitted), smoke, gases, does not preserve the "sprinkler" fire insurance rates, or increases explosion or radioactive hazards on adjacent lots. operation; (d) Assembling, manufacturing, distilling, refining, smelting, agriculture, or moving (e) Any mobile home or trailer court, labor camp, junk yard, stock yard, animal raising or veterinary hospital, except the temporary use of construction trailers during the period of construction, reconstruction or maintenance shall also be permitted; (f) Any drilling for, in or removal of subsurface substances; (g) Any dumping, disposing, incinerating or reduction of garbage or refuse (exclusive of garbage compactors located in the rear of any building); (h) Any fire sale, going out of business sale, bankruptcy sale (unless pursuant to a court order) or auction hours operation; (i) Any outdoor circuses, outdoor public meetings, or commercial laundry plants; 0) Any "second hand" store, Army, Navy or government "surplus" store, except for upscale -type stores; and (k) Any pawnshop, a business whose primary activity is check cashing, paycheck loan operation, or the like. The restrictions imposed under this Paragraph 2 shall he a servitude upon any Lot and shall be binding upon any person acquiring an interest in any part of any Lot, whether in fee, by lease or otherwise. The restrictions contained in this Paragraph 2 may not be amended without written consent of the Grantor for so long as the Grantor owns an interest in the Property, and thereafter a majority of the owners of the other lots reflected on the Plat, as may be hereafter amended or modified (with such majority in interest being determined based on the respective square footage of such lots). Compliance with Governmental Restrictions. The construction 'of any buildings or improvements on any Lot shall comply with and be subject to all building codes, zoning ordinances and restrictions imposed by the City of Little Rock, Arkansas Highway and Transportation Department and any other federal, state, county or local authority and any restrictions having jurisdiction over the Property. The Fee Owner shall not permit any of Fee Owner's or Fee Owner's tenant's employees, agents, licensees, customers, guests, invitees or other third parties to use Remington Drive as proposed and shown on the Plat (or as such street is later renamed) for parking. 4. Landscaping. Owner will be responsible for the design, development and maintenance of the landscape on the Owner's Lot and continuous planting areas within the various rights of way and easement areas affecting said Owner's Lot. Contiguous lots owned by any Owner reserved for future expansion shall have the required landscape areas fronting on any city streets between the sidewalk area and the right of way of said streets fully developed at the times of the Initial Use of the Owner's improvements on a contiguous parcel. Mowing of any undeveloped parcels shall be required at least weekly during the growing season. Dead or extensively damaged trees, ground cover or shrubs shall be replaced within thirty (30) days after damage with substantially identical trees, ground cover, or shrubs, etc., subject to deferral of replacement based upon seasonal conditions. In addition to the foregoing restrictions, with respect to those Lots which front Remington Drive, the Owner of such Lot shall install between the sidewalk and curb of such street (the "right of way area") solid zoysia sod (Meyer Z-52) or other equivalent approved by the Grantor together with an appropriate irrigation system to water the same. Such additional shrubbery or ground cover may be installed within this right of way area at the Owner's discretion. The foregoing notwithstanding, the Grantor shall have the right to install all such sod and irrigation system within the right of way area and treat such irrigation cost (but not the initial installation cost) as a common maintenance expense described in Paragraph 12(e) below. Each Owner shall be responsible for mowing and maintaining the right of way area on its Lot in a manner consistent with such Owner's overall maintenance and mowing of remaining landscaping on such Lot. Provided, however, in the event that such Owner fails to maintain such right of way area in accordance with the standards exhibited by the other Owners of Lots having frontage on Remington Drive, the Owners Association (described in Paragraph 12 below) shall have the right to assume the irrigation, maintenance and mowing responsibilities within said right of way area and shall directly charge the costs allocable thereto to the Owner of such Lot. 5. Drainage, Utility and Service Easements. Grantor grants and subjects the Property to and grants for the benefit of each Lot, perpetual, nonexclusive easements within the Utility Easement Areas as shown on the Plat for the installation, operation, flow, passage, use, maintenance, connection, repair, relocation, and removal of underground lines or systems for utilities serving any or all of the other Lots, including but not limited to, sanitary sewers, storm drains, cable TV, water (fire and domestic), irrigation, gas, electrical, telephone and communication lines, together with the right of ingress and egress for installation, maintenance and repair thereof necessary for the orderly development and operation of the property and the Lot in accordance with the general requirements of the Plat. No easement shall be deemed granted under any 4 Building Area shown on the Plat or under any Building actually constructed. All construction, alteration, and repair work to any utility described in this Paragraph 5 shall be accomplished in an expeditious manner, in compliance with all laws, rules, regulations, orders, permits, approvals and licenses of governmental authorities having jurisdiction. Such construction of any utilities by Grantor or any Owner shall be subject to the construction standards required to cause acceptance thereof by the City of Little Rock or utility service, as the case may be. The Owner undertaking such work shall take all reasonably necessary measures to minimize any disruption or inconvenience caused by such work and, except in the case of an emergency, shall give the affected Owners and tenants written notice a minimum of seventy- two (72) hours prior to commencing such work. Such work shall be accomplished in such a manner as to minimize any damage or adverse effect which might be caused by such work to the Lot on which the work is being done. If such work requires excavation of any portion of any road, the Owner causing such work to be done shall use all reasonable efforts to cause such excavation to commence and be completed during hours when the business places in the Property are not open for business to the public and, in any event, shall provide suitable alternative ingress and egress immediately adjacent to said road if it is not practical to keep at least one lane of said road open during the work. Any excavation of any access roadway within the Property shall be properly backfilled within twenty-four (24) hours, if reasonably practical. The Owner undertaking such work shall repair at its own cost and expense any and all damage caused by such work and, upon completion of such work, shall promptly restore the affected portion of the Property or the Lot upon which such work is performed to a condition which is equal to or better than the condition which existed prior to the beginning of such work. In addition, the Owner undertaking such work shall promptly pay all costs and expenses associated therewith and shall defend, indemnify and hold the other Owners harmless from all liens, claims of lien, injuries, damages, losses, or claims, including reasonable attorney's fees actually incurred at trial and appellate levels, attributable to the performance or non-performance of such work. No Owner shall undertake construction activity on another Owner's Lot or the Property not owned by such Owner without the prior consent of such Owner. 6. Water Flow and Sanitary Sewer. (a) Flow of Water. Grantor hereby reserves, grants, conveys, establishes and declares for the benefit of each Lot, a permanent, non-exclusive easement on, over, upon, across, under and through any portion of each Lot and as designated on the Site Plan for the benefit of the other Lots, as reasonably necessary for surface water run-off and, within any portion of each Lot which is not a Building Area, for the construction, installation, use, maintenance and repair of any underground drainage system to receive surface water from the benefited Lot and conduct such water over or under each Lot as necessary to a discharge area. The Owner of each Lot shall determine in its sole, but reasonable, discretion the most effective location for drainage purposes 5 for the placement of any and all components of such underground drainage system to be located on its Lot (the "Drainage Plan") and shall submit the Drainage Plan to the Grantor for review and approval. Following approval, each Owner hereby agrees to the location for such improvements as shown on the approved Drainage Plan and once any drainage line or lines have been installed on any Lot or otherwise, the portion of the applicable Lot encumbered by such easement granted in this paragraph shall be limited to the area within ten (10) feet on either side of the center line of such drainage line. Notwithstanding anything contained herein to the contrary, in no event shall any owner of a Lot be permitted to change the natural flow of the surface water run-off from such Lot in any manner which increases the concentration of such surface water run-off onto an adjoining Lot. (b) Storm Water System. Each Owner will construct on such Owner's Lot and shall thereafter maintain at such Owner's sole cost and expense, the improvements necessary to control the storm water run-off from such property and to transport the same under or across the Property to storm water sewer shown on the Site Plan and in accordance with the Drainage Plan. Each Owner shall indemnify and hold the Grantor and other Owners of Lots from and against any and all damages suffered by the Owner of a Lot including response costs, environmental clean-up costs and attorneys' fees and costs resulting from any environmental contamination to such Owner's Lot which contamination came from, over, under or across that respective Owner's Lot. (c) Sanitary Sewer. Grantor will provide sewer to the property line of each Lot at such location as deemed most efficient in the discretion of the Grantor and each Owner shall thereafter maintain each at its sole cost and expense, that portion of the sanitary sewer system serving the Property located on such Owner's Lot. Once any portion of said sanitary sewer line has been dedicated to and the responsibility for the maintenance thereof accepted by the appropriate government authority, then the maintenance responsibility set forth herein with respect to such portion shall automatically terminate. 7. Retaining Walls. Grantor must approve all initial construction of any retaining walls on any Lot, including design and building materials. All wall construction must be of materials approved by Grantor and shall be consistent with the design and appearance of any retaining walls on any adjoining Lot. Grantor shall have the right to design a common retaining wall for the northern facing boundary of the Property and each Owner of a Lot on which a portion of the wall is located shall be required to reimburse Grantor for the pro rata cost of the construction of the retaining wall based upon the number of square feet of wall area located on the Fee Owner's Lot compared to the total square footage of the entire retaining wall. If following initial construction of the retaining wall on any Lot, the wall is damaged, then the Fee Owner of the Lot on which such damaged area exists shall be responsible for the repair of such wall and shall do so in a prompt manner so as not to cause any additional damage to the wall or the structural integrity of the entire retaining wall. Unless 6 maintenance of the retaining wall is treated as a common area expense described in Paragraph 12(e) below, each owner shall be responsible for maintaining that portion of the retaining wall on such owner's Lot. Once initiated, all wall construction, maintenance or repairs must be diligently prosecuted to completion. 8. Signage. Each Owner shall have the right to maintain such signs on the interior of buildings located on its Lot as it desires, whether or not such signs are visible from the exterior. As permitted by applicable governmental regulations, each Owner shall have the right to erect, maintain and replace freestanding signs or signs on the exterior of the buildings ("Building Signage") located on its Lot; provided, such Building Signage shall be constructed so as to lie flat against such exterior fascia facing outward and shall not protrude more than two (2) feet from the surface thereof, and provided further, in no event shall Building Signage be located on the roofs of any buildings in the Property without the prior written consent of the Grantor for so long as Grantor owns any interest in the Property and thereafter the Board of Managers of the Owners Association. Building Signage shall be either back lit or front lit individual channel letter signs and shall be in accordance with any city ordinances. No temporary standalone signage shall be permitted an any Lot along Remington Road or Talley Road following the initial construction and occupancy of improvements on such Lot, which prohibition shall include, but not be limited to, the placement of "For Lease", For Sublease", "For Sale," "Financing Provided By" or other similar signs on the Property which are not intended to be permanent in nature. 9. Enforcement of Obligations. In the event legal proceedings are brought or commenced to enforce any of the terms of this Declaration against any owner or other person with an interest in any Lot, the successful party in such action shall be entitled to receive and shall receive from the defaulting owner any and all damages permitted by law, plus a reasonable sum as attorneys, fees and costs, to be fixed by the court in the same action. Grantor, for so long as Grantor owns any portion of the Property, and thereafter a majority of the owners of the other lots reflected on the Plat, as may be hereafter amended or modified (with such majority in interest being determined based on the respective square footage of such lots) shall have the right to commence any action to enforce the obligations of the Fee Owner under this Declaration. 10. No re -Plat, Subdivision or Re -Zoning of Lot Permitted. No Fee Owner of any Lot shall be permitted to re -plat, subdivide or re -zone any portion of the Lot during the term this Declaration is in effect without the without written consent of the Grantor for so long as the Grantor owns an interest in the Property, and thereafter a Majority of the Owners of the Property reflected on the Plat, as may be hereafter amended or modified. Any such requested consent may be withheld in the sole and absolute of the Grantor or other Lot Owners as the case may be. 7 11. Modifications. All negotiations and oral agreements acceptable to the Grantor have been incorporated herein. Except as otherwise provided herein, this Declaration may not be modified in any respect whatsoever or rescinded, in whole or in part, except by a writing executed by the Grantor, for so long as the Grantor owns an interest in any of the Property and then thereafter by a Majority in Interest of the Owners of the Property, based upon the respective square footage of each Lot located within the Property compared to the total square footage of the Property. 12. Owners Association. (a) Formation of Owners' Association, Annual Meeting and Voting. Effective upon the filing of this Declaration, the Grantor and the Owner hereby form an Owners' Association to be known as the "Remington Drive Owners Association" (the "Owners' Association") covering the Property described on Exhibit "A-l" attached hereto and made a part hereof, for purposes of administering, enforcing and overseeing the respective rights, duties and obligations of the Owners under the Declaration. The Owners' Association shall not incorporate, but instead shall operate as an unincorporated association. Once formed, each Owner (including Grantor) and its successors in interests, shall be a member of the Owners' Association pursuant to the terms of this Declaration. The Owners shall hold a meeting not less than annually at such time and place as the Board of Managers may decide. Notice of such annual meeting shall be sent to each Owner not less than ten (10) days prior thereto. In any action requiring a vote of the Owners, each Owner's vote shall be based upon such Owners' Pro Rata Share of the total gross square footage of all Lots contained within the Property described on Exhibit "A-1". The foregoing notwithstanding, the Owners shall have the right to formally incorporate the Remington Drive Owners Association upon the adoption of Articles and Bylaws which are consistent with the governing provisions set forth in this Declaration and containing such additional terms and conditions as approved by the unanimous consent of the Owners. (b) Board of Manama. The Owners' Association shall be governed by a Board of Managers which shall be elected annually. Each Owner shall have the right to designate one representative to the Board of Managers for each Lot owned by such Owner (i.e., if the Grantor owns three Lots, then the Grantor would be entitled to appoint three representatives on the Owners' Association). Each Owner of a Lot shall have the discretion to remove and replace its manager representative(s) in such Owner's sole and absolute discretion. The Board of Managers shall meet on a semi-annual basis or as more frequently determined necessary by the Board of Managers in order to address the concerns of the Owners or to address enforcement and administration of the Owners' obligations under this Declaration. In any action requiring a vote of the Board of Managers, each manager shall have a voting right equal to one (1) vote with respect to each Lot 0 represented by such manager. A manager may represent more. than one Lot and shall have the cumulative voting rights of each Lot represented by such manager. (c) Dues and Assessments. The board of managers shall have the discretion to establish assessment or dues to be paid by the Owners to cover the cost to be paid by the Owners under this Declaration and to determine the timing of such payments. The Owners' Association may also undertake such joint promotion of the Remington Drive as approved by a Majority in Interest of the Owners. The foregoing notwithstanding, any capital expenditure or non -recurring special assessment in excess of $10,000 in the aggregate during any twelve (12) consecutive month period shall require the ratification and approval of all of the Owners of lots contained within the Property and, in the event the Owner of Lots 12, 14 and 15 joins in the Owners' Association, the Owners of Lots 12, 14 and 15. (d) Officers. The managing board shall, on an annual basis, designate officers of the Owners' Association, which shall consist of a President, Secretary and Treasurer, and such additional officers as may be approved by the board of managers. The offices of Secretary and Treasurer may be held by the same person. The President shall be the chief executive officer of the Owners' Association and shall preside at all meetings of the board of managers and Owners and perform all duties incidental to the office of the President in overseeing the general day-to-day operation of the Owners' Association and such additional duties as the board of managers designate. The Secretary shall attend all meetings of the board of managers and Owners and shall keep full and accurate records of all proceedings at such meetings, shall perform such duties as are incidental to the office of Secretary and such additional duties which may be assigned to the Secretary by the board of managers. The Secretary shall retain custody of all of the Owners' Association record books. The Treasurer shall have charge of the Owners' Association funds and pay all of the Owners' Association's bills, collect all monies due the Association and keep full and accurate books of account and all monies paid to and paid out of the Owners' Association. All such books and records shall be constantly open to the inspection of the Owners and the Treasurer shall provide an annual financial statement and reconciliation of the amounts received and paid out to the Owners. The Treasurer shall perform such duties as are incidental to the office of Treasurer and all duties that the board of directors may from time to time assign to the Treasurer. No bond shall be required for the Treasurer unless expressly required by the affirmative vote of a Majority in Interest of the Owners. (e) Payment of Pro Rata Share. The Fee Owners of the Lots and each owner of a lot or portion of the Property described in Exhibit "A-1" shall be responsible for their respective pro rata share of the costs of any common lawn maintenance, irrigation and landscaping, utilities and maintenance of any sign easement area designated on a Lot or off of the Property for the benefit of the Owners or any portion of each Lot shown on the Plat along its boundary adjoining Remington Drive between the sidewalk and right of way of 9 such road to the extent an Owner fails to do so as required under Paragraph 4 above, the installation, maintenance and utility costs of any entrance lighting along Remington Drive approved by the Owners, reasonable administrative fees for overseeing the handling of the common areas and obligations hereunder if not handled by a third party agent, and such other common expenses approved by the Owners' Association. Grantor, for so long as Grantor owns a Majority in Interest of the Property described on Exhibit "A-1 ", and thereafter the Owners' Association, shall approve such costs, which approval may not be unreasonably withheld. A vote of not less than a Majority in Interest of the Owners shall be required to approve any such actions (which Majority in Interest shall include the Owner(s) of Lot 12, 14 and 15 if such owner(s) elect to participate in the Owners' Association). Such costs and assessments against any Lot may be enforced against the Fee Owner of such Lot in accordance with Paragraph 6 above and shall constitute a lien on such Lot if unpaid within thirty (30) days of the date of invoice. In the event the Grantor or the board of managers of the Owners' Association (as defined in (a) above) determines it is in the best interest of the Owners of the Lots, and if a Majority in Interest of the Owners ratify such decision, the Grantor or the Owners' Association, as the case may be, may appoint a third party as agent of the owners to maintain the common lawn maintenance and landscaping, if any. Each Owner of a Lot shall be responsible for its Pro Rata Share of the costs described in this Paragraph 12. The Owners shall be billed for such charges not less than semi-annually (or as otherwise approved by the Owners' Association or, if not formed, a Majority in Interest of the Owners) and shall pay all invoices within thirty (30) days of receipt. 13. Indemnification and Insurance (a) Indemnification. To the extent of such Fee Owner's negligence, or willful or intentional act, each Owner hereby indemnifies, defends and saves the other owners and tenants of the Property harmless from any and all liability, damage, expense, causes of action, suits, claims or judgments arising from personal injury, death, or property damage occurring on or from its own tract, except if caused by the act or negligence of the other Owner or tenant or invitee of the other Owner's Property. (b) Insurance. Fee Owner agrees to procure or cause to be procured and maintained in full force and effect throughout the term of this Declaration general public liability insurance and property damage insurance against claims for personal injury, death or property damage occurring upon, in or about its property, Fee Owner's insurance to afford protection to the limit of not less than $1,000,000.00 for injury or death of a single person, and to the limit of not less than $2,000,000.00 for any one occurrence, and to the limit of not less than $1,000,000.00 for property damage. In the event that inflation renders the foregoing insurance limits commercially unreasonable, then Fee Owner shall carry insurance in commercially reasonable amounts. The foregoing notwithstanding in the event the Owners' Association is able to obtain coverage described in this subparagraph (b) for the benefit of all Owners covering the Access Drives, Detention Pond and any other 10 common areas the Owners shall be excused from maintaining coverage required under this subparagraph (b). At all times during the term of this Agreement, Fee Owner shall or shall cause the improvements on its property to be insured against loss or damage by fire and other perils and events as may be insured against under the broad form of Uniform Extended Coverage Clause in effect from time to time in the state of Arkansas, with such insurance to be for the full replacement value of the insured improvements. (c) Waiver of Certain Rights. Fee Owner hereby releases all other Owners for itself and its property insurer from and against any and all claims, demands, liabilities or obligations whatsoever for damage to each other's property or loss of rents or profits of the other resulting from or in any way connected with any fire or other casualty whether or not such fire or other casualty shall have been caused by the negligence or the contributory negligence of the Owner being released or by any agent, associate or employee of the party being released, this release being to the extent that such damage or loss is covered by the property insurance which the releasing Owner is obligated hereunder to carry, or, if the releasing Owner is not carrying that insurance, then to the extent such damage or loss would be covered if the releasing party were carrying that insurance. (d) Contractor's Insurance. Prior to commencing any construction activities within the Lot owned by such Owner, the Owner thereof shall obtain or require its contractor to obtain and thereafter maintain so long as such construction activity is occurring, at least the following minimum insurance coverage: (i) Workers' compensation - statutory limits; (ii) Employer's liability - One Hundred Thousand Dollars ($100,000); (iii) Comprehensive General and Comprehensive Auto Liability as follows: (1) "Combined Single Limit" (covering bodily injury liability, death and property damage) in any one occurrence of not less than One Million Dollars ($1,000,000); (2) Independent Contractors Liability or Owner's Protective Liability with the same coverage as set forth in (1) above; (3) Products/Completed Operations Coverage which shall be kept in effect for two (2) years after completion of work; (4) "XCU" Hazard Endorsement, if applicable; (5) "Broad Form" Property Damage Endorsements; (6) "Personal Injury" Endorsements; (7) "Blanket Contractual Liability Endorsement. Provided, however, the Majority -in -Interest of the Owners may increase the coverage amounts required hereunder. If the construction activity involves the use of the Common Access Drives or another Owner's Lot, then the Owners of such Lots shall be named as additional insureds and such insurance shall provide that the same shall not be canceled without at least thirty (30) days prior written notice to the named insured. 14. Duration. Unless otherwise canceled or terminated, all of the easements granted in this Declaration shall continue in perpetuity and all other rights and obligations hereof shall automatically and be of no further force and effect ninety-nine (99) years after the date of filing hereof. 11 15. Removal of Restrictions on Replat of Lot. So long as Grantor owns a Lot, Grantor retains the right to remove such Lot from these Restrictions for purposes of removing such Lot from Remington Road Centre and replatting such Lot as part of Colonel Glenn Centre Addition lying immediately north of the Property. 16. Miscellaneous. (a) Not a Public Dedication. Nothing herein contained shall be deemed to be a gift or dedication of any portion of any Lot to the general public or for any public purposes whatsoever, it being the intention of the Owners that this Declaration shall be strictly limited to and for the purposes herein expressed. (b) Severability. If any term or provision of this Declaration or the application of it to any person or circumstance shall to any extent be invalid and unenforceable, the remainder of this Declaration or the application of such term or provision to persons or circumstances other than those as to which it is invalid or unenforceable shall not be affected thereby, and each term and provision of this Declaration shall be valid and shall be enforced to the extent permitted by law. (c) Governing Law. This Declaration shall be construed and enforced in accordance with, and governed by, the law of the State of Arkansas. (d) No Presumption. This Declaration shall be interpreted and construed only by the contents hereof and there shall be no presumption or standard of construction in favor of or against any Owner. (e) Inurement. This Declaration and the easements, covenants, benefits and obligations created hereby shall inure to the benefit and be binding upon each owner, and their respective successors and assigns (f) Other Agreements. Nothing herein shall restrict an owner from imposing upon an tenant of any Lot more restrictions and/or higher standards than set forth herein. (g) Subdivision and Zoning Ordinances. Notwithstanding any provision hereof to the contrary, any lawful restrictions imposed by the City of Little Rock which is more restrictive on use than the provisions hereof shall be applicable and shall supersede the provisions hereof. (h) Entire Agreement. This Declaration constitutes the entire agreement regarding this subject matter between the Parties hereto. The Parties do not rely on any statement, promise or representation not herein expressed, and this Declaration, once executed, delivered and filed, shall not be modified or altered in any respect except as provided herein. (i) No Third Party Beneficiaries. No party, other than the Owners and Grantor shall have any rights or benefits of this Declaration. 12 IN WITNESS WHEREOF, this Declaration has been executed as of the date first above written. Remington Road Centre LLC By: • ^ y fA, Leonard Boen, Manager ACKNOWLEDGMENT STATE OF ARKANSAS ) ) ss. COUNTY OF PULASKI ) On this day, before me, a Notary Public, duly commissioned, qualified and acting, within and for said County and State, appeared in person the within named Leonard Boen, to me personally well known, who stated that he was the Manager of REMINGTON ROAD CENTRE LLC, an Arkansas limited liability company, and that he was duly authorized in his capacity to execute the foregoing instrument for and in the name and behalf of said limited liability company, and further stated and acknowledged that he had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal thisy `a day of Q . , 2006. .••''�,�P KAY✓•''''••. •.• " .»a......�'q,A •,� My �` Won ExIi�e!�tn ` Coirm. Expiroe —1 JMt. 8, 2016 13 Notary blic Doc# 2006099326 JOINDER AND ACKNOWLEDGMENT BY MORTGAGEE The undersigned, Pulaski Bank & Trust, holds a mortgage in the property described in Exhibit "A-l" of this Agreement. The undersigned hereby joins in the execution of the Declaration for the following purposes only: 1. CONSENT. To grant consent to the execution of this Declaration by the owner of the property. 2. ACKNOWLEDGMENT OF AGREEMENT. To subordinate and subject any and all security interests it has in the property to the provisions of this Declaration solely to the extent that, if title to the property is acquired through sale under foreclosure or by deed in lieu of foreclosure or otherwise, such title shall be subject to the charges and burdens affecting the property by virtue of this Declaration, including, but not limited to, the Access Drive Areas, Utility Easement Areas and Detention Pond descriptions therein. PULASKI BANK & TRUST: By: Date: �0' — (V O/Irl /Revielued c^Iy fcr i7;..^ t;" .^.R cf rrini!rum stz—. ar�'.a d., �Q1.��Jil�Cy4.. ;J i' - r.-^ :vl�J. il dovelc.,,cr r'nny c.ccc cd r ir,. ^r., cf 0-1-- Little Rock subdivLion and zcninrq crcincncc7'. 0 (a a 1 oZ, Wy of Little Rock Planning Commiscion 14 Doc# 2086099326 Exhibit A-1 Property Description 15 Do�� �A6A sa Exhibit A-2 Preliminary Plat 16