This ROAD MAINTENANCE AGREEMENT ("Agreement") made this 31st day of March 2003, by and between LINDEN RIDGE PARTNERS, INC, a North Carolina corporation ("Developer") and LINDEN RIDGE PROPERTY OWNERS ASSOCIATION, INC, a non-profit corporation organized and existing under the laws of the state of North Carolina ("POA")
WITNESSETH
WHEREAS, DEVELOPER is the Declarant named in the Declaration of Covenants, Conditions and Restrictions for Linden Ridge recorded in Book 2397, Page 343, New Hanover County Registry, as amended (herein, "Declaration")
AND WHEREAS, DEVELOPER, possesses certain rights, duties , benefits and obligations as described in the Declaration (herein, "Declarants Rights and Duties") relating to the Linden Ridge Subdivision (herein "Property")
AND WHEREAS, The Declaration provides that upon the happening of certain events, the Declarant's rights and Duties are to be transferred to and assumed by POA.
AND WHEREAS, DEVELOPER, has assigned to POA the DEVELOPER'S rights and duties under the Declaration relating to the Property; and POA has agreed to accept DEVELOPER'S rights and to assume DEVELOPER'S duties and obligations thereunder (herein, "Assignment and Assumption of Declarant's Rights")
AND WHEREAS, DEVELOPER, except as provided herein, has constructed the roads within the Property in accordance with the minimum construction requirements of the North Carolina Department of Transportation for transfer to the North Carolina Department of Transportation;
AND WHEREAS, a portion of said roads have not been completed in accordance with said standards and the DEVELOPER desires to retain the responsibility to complete said road;
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:
1. DEVELOPER shall retain the responsibility for the maintenance and construction of the following described road in accordance with the minimum construction requirements of the Department of Transportation:
that portion of Hedingham Lane from the intersection of Alder Ridge to the cul-de-sac located southwest of the intersection of Pleasant Dale Drive.
2. The responsibilities of the DEVELOPER with regard to said roads shall automatically terminate upon completion of the road as described herein and its acceptance by the North Carolina Department of Transportation;
3. Upon the termination of the responsibilities of the DEVELOPER as provided herein, the POA shall assume the rights and responsibilities of the DEVELOPER with regard to said road.
4. The DEVELOPER hereby indemnifies and holds the POA harmless from any claims or damage incurred by the POA as a result of any default by the DEVELOPER of its obligations under the Terms of this Agreement with regard to said road.
5. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their successors and assigns.
6. This Agreement shall be governed by and construed in all respects under the laws of the State of North Carolina.
