2020 - 10555 04/14/2020 2:24PM Page 1 of 7 AFTER RECORDING RETURN TO: Midland County Clerk Unofficial Copy as of partners THIS DECLARATION OF RESTRICTIVE COVENANTS URATION OF RESTRICTIVE COVENANTS (this "Declaration"), dated 1020, is made by SCP MIDLAND - THE HUDSON, L.P., a Delaware limited Declarant").
Background. Declarant owns the land described in Exhibit A to this Declaration (the "Burdened Tract"). Declarant desires to impose certain restrictions on the Burdened Tract.
2. Use Restrictions. For the term of this Declaration (as provided in Section 5 below): (a) no condominium map, condominium plat, condominium plan, declaration of condominium ownership, public report, filing or recording of any document for the conversion of the Burdened Tract or any improvements located on the Burdened Tract, or any part of the Burdened Tract or any such improvements, to a condominium or other common interest development involving separate ownership by residential purchasers of residential units therein, including, without limitation, any timeshare estate therein, stock cooperative or any other transfer of an ownership interest therein to a residential purchaser, or other device for the purpose of creating fractionalized ownership may be made effective as to the Burdened Tract or any improvements located on the Burdened Tract, or any part of the Burdened Tract or any such improvements, and any condominium map, condominium plat, condominium plan, declaration of condominium ownership, public report, filing, recording or other device attempted to be created during such term shall be void; (b) no dwelling unit located on the Burdened Tract may be conveyed separately from all other dwelling units located on the Burt Tract (other than by
mpted to be created during such term shall be void; (b) no dwelling unit located on the Burdened Tract may be conveyed separately from all other dwelling units located on the Burt Tract (other than by unit lease); and (c) neither the Burdened Tract nor any improvemens located on the Burdened Tract, nor any part of the Burdened Tract or any such invements, may be conveyed to a cooperative or other entity the purpose of which is to We occupants of the Burdened Tract or any improvements located on the Burdened Tract with any ownership interest in the Burdened Tract or any such improvements (collective Conversion Restrictions"). Nothing in this Section 2 is intended to prevent ownership of the Burdened Tract or any improvements located on the Burdened Tract by a partnership, corporation, limited liability company, trust or other entity so long as the ownership of the entity (other than incidental amounts) is not vested, directly or indirectly, in ons who are occupants of the Burdened Tract or any improvements located on the Midland County Clerk Unofficial Copy Tract.
Burden and Benefit. The Conversion Restrictions imposed by this Declaration the Burdened Tract, and the Burdened Tract shall be held, transferred, sold and ed subject to such restrictions, whether or not reference is made to this Declaration in the Crated conveyance document. The Conversion Restrictions imposed by this Declaration shall 50225816.1 1 Midland Midland 2020 - 10555 04/14/2020 2:24PM Page 2 of 7 Copy run with the land and be binding on all successors owners and other parties having any interest in the Burdened Tract, whether or not so stated in any conveyance ment. The Conversion Restrictions imposed by this Declaration shall benefit and may be morced by the Declarant and
having any interest in the Burdened Tract, whether or not so stated in any conveyance ment. The Conversion Restrictions imposed by this Declaration shall benefit and may be morced by the Declarant and any person or entity who is a member or partner of the Pasant, SCP The Hudson GP, LLC or SCP The Hudson LP, LLC, any person or entity wh member of SCP The Hudson Manager, LLC, and their respective successors and (collectively, the “Beneficiaries"). No termination or amendment of this Declara ay be made without the prior written consent of the Declarant and SCP The Hudson LLC or, if any of such entities has been dissolved, a majority-by-interest of the persons who are partners or members, as applicable of the dissolved entities, their successors and asigns.
Midland County Clerk Unofficial 4.
This Declaration may be enforced by injunction, it being specifically recognized that damages will not be an adequate remedy to compensate for a violation this Declaration. Failure by any person to enforce this Declaration shall not be waiver of the right to do so. Any person who prevails in any action to enforce this claration will be entitled to recover reasonable attorneys' fees and other costs of enforcement.
5. Term. The restrictions imposed by this Declaration will be in force until the date which is 10 years and one day after the date of the issuance of the last final certificate of occupancy with respect to the improvements to be constructed at the Burdened Tract (the "Expiration Date").
6. Indemnity. If there is a breach or violation of any of the Conversion Restrictions by any owner or other party prior to the Expiration Date, such owner and/or other party shall jointly and severally (a) mitigate any damages which might accrue thereunder, and
Conversion Restrictions by any owner or other party prior to the Expiration Date, such owner and/or other party shall jointly and severally (a) mitigate any damages which might accrue thereunder, and (b) indemnify, protect, defend with counsel reasonably satisfactory to Beneficiary, and hold Beneficiary and its respective affiliates harmless from and against any and all losses, claims, damages, liabilities, and expenses (including, without limitation, reasonable legal fees, court costs, and expenses) of every kind arising out of or in connection, directly or indirectly, with any violation of the Conversion Restrictions (collectively, a "Claim"), regardless of whether the Claim results from actions or individual unit owners, sellers, or the respective property owners or home owners association and regardless of the source of such Hain, including, without limitation, the construction, design or materials incorporated Burdened Tract. The benefits and obligations contained in this the termination of the Conversion Restrictions set forth to all Claims arising prior to the Expiration Date.
7.
Joinder.
For purp (a) Improvements on the tion 6 will not be affected by on 2 and will survive with respect Midland County Clerk Unofficial Copy following meanings: mortgage 50225816.1 Burdened Tract.
this Section 7, the following terms shall have the "Mortgage" shall mean a bona-fide unpaid and outstanding trust on the Burdened Tract or other instrument creating a security interest (ii) "Mortgagee" shall mean the holder of any Mortgage.
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