11311 19TH AVE SE 2018-01-02 MF Import

9H[n H H 8 1-3 C/� H x OH yxyH rHH gy H oGv+ 1 h HOrA !NC3116 1 2 3 4 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 agreed to comply with such terms and conditions in the construction and maintenance of the Project by Bay Ridge. NOW, THEREFORE, in full and complete settlement of the Appeal and any and all claims thereunder, to fully dismiss, resolve, and settle all disputes thereunder, and in consideration of mutual promises of the parties hereto, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: AGREEMENTS: 1. Density. Bay Ridge agrees to reduce the density from the approved level of 188 units (24.9 units per acre) to 152 units (20.13 units per acre) and maintain that lower density for a period of at least fifteen (15) years. The ratio of one, two and three bedroom units shall be substantially the same as in the approved Project (approximately 25% one bedroom, 50% two bedroom and 25% three bedroom) . Prior to the issuance of any certificates of occupancy for the Project, Bay Ridge and all owners of record of the Property shall cause to be recorded against the Property a covenant substantially in the form attached hereto as Exhibit B and incorporated herein by this reference, which has been either recorded prior to the lien of the Project lender or approved by the Project lender (the "Declaration of Covenants"), limiting the number of dwelling units of the Project to no more t`an 152 units. This density limitation shall be in effect for fifteen (15) years from the date of this Agreement. uw orris is ar STIPULATED SETTLEMENT AGREEMENT - 3 ANDERSON HUNTER . r..oru sio...s s[w¢c co ero,una" a aoa o.ecs .v["oc. ro. cos ass• [vc wcn. wss..�..oao"scans nacre on[ Rou aoa vs, ncawiu Roo xv aaas