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Restrictions:
This conveyance to Grantee and its successors and assigns, is made
subject to the following restrictions (the “Restrictions”):
1. The Property and Project, as defined in that Development
Agreement dated August 7, 2026, by and between Grantor and Grantee, shall be
used for a parking garage and retail commercial space for thirty (30) years.
However, in the event of a total destruction or total loss of the improvements on
the Property, the Property shall be used for any allowable use under the then
current zoning ordinance and regulations of the City of Newport News, Virginia.
2. There shall not be effected or executed any agreement, lease,
covenant, conveyance or other instrument whereby the sale, lease or occupancy
of the Property or Project is restricted upon the basis of race, creed, color, religion,
gender, national origin, or disability.
3. Grantee will comply with all state and local laws in effect from time
to time, prohibiting discrimination or segregation by reason of race, creed color,
religion, gender, national origin, or disability in the leasing or occupancy of the
Property, or any improvements thereon.
4. Coal shall not be used for heating or developing fuel or for any other
operation on the Property provided, however, Grantee shall not be responsible or
liable for the use of coal by thirty-party suppliers of energy to the Property.
5. Any land area within the Property not occupied by structures, hard
surfacing or vehicular driveways shall be kept planted with grass, trees and plants,
shrubbery, or other reasonable ground covering, and maintained in a healthy
condition and neat appearance. If Grantee defaults in such planting or
maintenance obligation in any material respect, and fails to cure such default in all
material respects within thirty (30) days after receiving in writing a notice of default,
then the parties agree that the necessary planting and work may be done by
Grantor, with Grantor’s actual and reasonable third-party, out of pocket expenses
to be reimbursed by Grantee, from time to time and in keeping with this covenant.
6. Grantee agrees that the Property and the Project will be maintained
in a sound condition and neat appearance. Necessary repairs, maintenance and
upkeep will be performed so as to preserve the attractive appearance, the physical
integrity and the sanitary and safe condition of the buildings. If Grantee defaults
in such repair, maintenance or upkeep obligation in any material respect, and fails
to cure such default in all material respects within thirty (30) days after receiving in
writing a notice of default, then the parties agree that the necessary repair,
maintenance or upkeep work may be done by Grantor, with Grantor’s actual and
reasonable thirty-party, out of pocket expenses to be reimbursed by Grantee from
time to time and in keeping with this covenant.
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