11-28-2007 Council Agenda - Laserfiche WebLink

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cover the costs of keeping books and contracting therefore in the amount of five percent (5 %) of such out -of- pocket costs ( "Maintenance Costs "). The Owner of Lot 1 shall provide copies of invoices, paid receipts and other evidence reasonably satisfactory to such Owners of Lot 2 and Lot 3 of the amount of such Maintenance Costs. In the event such share of the Maintenance Costs is not paid by the Owners of Lot 2 or Lot 3 to the Owner of Lot 1 within such time, such Owners of Lot 2 or Lot 3 shall be responsible for interest thereon until paid at a rate equal to two percentage points above the "prime rate" of interest from time to time published in the Wall Street Journal (or if the Wall Street Journal is no longer published or no longer publishes such "prime rate ", such other publication as shall be indicative of the United States money center prime rate of interest charged to corporate customers of high credit standing). In the event the Owner of Lot 1 shall fail to maintain, repair and replace, if necessary, the Access Road and Utility Lines in good condition and repair, or shall fail to keep the Access Road reasonably free of debris, snow and ice, and such failure shall continue for ten (10) days after notice of such failure is given to the Owner of Lot 1 by the Owner of Lot 2 or the Owner of Lot 3 (or, such lesser notice as shall be possible in the event of an emergency which may result in the injury to persons or the damage to property or in the event of the need for snow plowing or ice removal), then the Owner of Lot 2 or the Owner of Lot 3, as the case may be, shall have the right to perform such maintenance, repair or replacement as they shall determine to be necessary, and the Owners of the other Lots shall, within ten (10) days after receipt of an invoice from the Owner performing such work, together with copies of invoices, paid receipts and other evidence reasonably satisfactory to such Owners of the amount of such out -of- pocket costs, pay to the Owner performing such work the out -of- pocket costs of such maintenance, repair, replacement and removal of debris, snow and ice, together with an administrative fee to cover the costs of keeping books and contracting therefore in the amount of five percent (5 %) of such out -of- pocket costs. In the event such shares of the costs incurred by the Owner performing such work and administrative fee is not paid by the other Owners within such time, such other Owners shall be responsible for interest thereon until paid at a rate equal to two percentage points above the "prime rate" of interest from time to time published in the Wall Street Journal (or if the Wall Street Journal is no longer published or no longer publishes such "prime rate ", such other publication as shall be indicative of the United States money center prime rate of interest charged to corporate customers of high credit standing). In the event of a dispute as to the proper performance of such maintenance, repair or replacement or such removal of debris, snow and ice, or the costs thereof, any such dispute shall be resolved by arbitration in accordance with the rules of the American Arbitration Association, and the parties, for themselves and their successors and assigns, agree to be bound by any such arbitration and that judgment may be entered in any court of competent jurisdiction based upon the award in such arbitration. 4.4 Compliance with Public Requirements. Each Owner and Occupant of each Lot shall use the Access Road and Utility Lines in compliance with all applicable laws, codes and ordinances and in compliance with all lawful requirements of any Zoning Authority.