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The last item needing attention is the granting of utility easement across a portion of our <br />property (NW corner of LC Road and Middle Street) to serve the new 26,000 square foot <br />commercial building. Ultimately, the Developer will own this property, but an easement is <br />needed at this time to enable construction of utility lines to serve the new building. The only <br />issue with this easement is that, according to the Development Agreement for the Village, we <br />are not permitted to make any encumbrances on the property to be conveyed to the developer. <br />Mr. Sherman will need to acknowledge that this is a permitted encumbrance. <br />These documents have been reviewed by Tom Bray of Briggs & Morgan (he drafted initial <br />agreements) and recommended for approval. I have also attached the development overview <br />memos that discuss the key aspects of the development agreements for The Villas and The <br />Village to aid in your review. <br />2 <br />