7.8., 7.9., & 7.10 SR 01-23-1995

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"" .' <.....<,<.~<.." ,.<..<_'"~.._~v"."_. "&"'"'7'''''''''''.'''"'''';- t e PROPERTY OWNERSHIP DESCRIPTION The proposed preliminary plat consists of sixty-five lots. Each of the townhomes is located on a separate legally described lot whose boundaries are generally described by the foundation of the townhouse. All property not included in the individual townhome lots is platted as the sixty-fifth lot and is common area owned by the Country Crossing Townhomes Homeowner's Association. Townhouse owners will have fee simple title to their lot and an undivided interest in the common lot. (Refer to the attached Preliminary Plat.) HOMEOWNER'S ASSOCIATION The Country Crossing Townhomes Homeowner's Association will be established to manage the common interests of the individual homeowners and to own and maintain the common area. The Association will oversee lawncare, snowplowing and exterior building and street maintenance. The Association will maintain fire and casualty insurance for the individual townhomes and will maintain a reserve fund for future repairs and maintenance requirements. It is anticipated that association fees will be approximately $75 per month. e It should be noted that utilities on the site will be installed by the developer, but shall be maintained by the City of Elk River. Easements shall be granted to allow access for utility maintenance. Phase I - Lots 1-22 Phase 2 - Lots 23-40 Phase 3 - Lots 41-64 CONSTRUCTION SCHEDULE Construction of the Country Crossing Townhomes will be divided into three phases: Upon approval of the proposed project, the Developer will commence with installation of the site improvements including the utilities and street for Phase 1 and will simultaneously begin construction of townhomes 1 & 2 as model homes. Townhomes 3-22 will be built when at least one home in a building is sold. It is anticipated that each phase will require approximately one year to complete. e 4