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agian ste 4 z001NG = WILDERNESS RIDGE AT BILTMORE LAKE] MEMORANDUM OF UNDERSTANDING ‘THIS MEMORANDUM OF UNDERSTANDING (‘Memorandum’) is ‘and entered into as of the __'® day of September, 2023 (the "Effective Date" and BILTMORE LAKE ASSOCIATION, INC., a North Carolina corporation with its principal office located in Buncombe County, North Carolina (BLA"), and WILDERNESS RIDGE, LLC, a North Carolina limited liability company with its principal office located in Buncombe County, North Carolina (WRL'), (collectively the "Parties," and each individually a "Party", WHEREAS, BLA is a North Carolina non-profit corporation, formed and existing under Chapter 554 of the North Carolina General Statutes, with its principal offices located at 80 Lake Drive, Candler, NC 28715, BLA has numerous powers, as detailed in its Articles of Incorporation, including, but not limited to, to manage, ‘control, maintain and repair Common Area and facilities for the Biltmore Lake Community; to make rules and regulations for the Biltmore Lake Community; to ‘enforce covenants, conditions, and/or restrictions affecting property in the Biltmore Lake Community; and to otherwise operate and represent the interests of the membership of the BLA. WHEREAS, WRL is a North Carolina limited liability company with its principal offices loeated at 190 Broadway Street, Suite 201, Asheville, NC 28801. WRL has two members, CAD Holdings, LLC and Lake Bound Holdings, LLC and these entities shall be bound to and by this Memorandum as members of WRL. WHEREAS, WRL seeks to develop real property, identified as Buncombe County PIN 9616-23-8399 and located adjacent to Reeves Cove Road (the "Subject Property"), for a seventy-four unit condominium development with a mixture of duplex, triplex, and quadraplex buildings (the "Development. WRL is seeking a Special Use Permit (SUP) from the Buncombe County Board of Adjustment (Case ‘Number: ZPH2023.00003) and also shall be required to seek certain approvals from BLA pursuant to applicable covenants and governing documents. WHEREAS, BLA and WRL desire to enter into this Memorandum for the purpose of clarifying the relationship between the Parties, the Parties! shared understanding concerning the applicability of certain recorded governing documents, including, but not limited to, covenants, design and review guidelines, and other restrictions on the Development, and to provide the Parties with certainty regarding the Development and any and all applicable standards and review procedures to which it will be subject to by BLA. NOW, THEREFORE, in consideration of the mutual promises in this Memoranduin and other good and valuable consideration, the receipt and sufficiency ‘of which the Parties acknowledge, the Parties hereby agree as follows: 1. Incorporation of Recitals. The recitals set forth above are material, terms of this Memorandum and are incorporated herein as if fully set forth, 2. The Subject Property. To ensure clarity on the Subject Property, which is Buneombe County PIN 9616-23-399, the Parties have attached hereto and incorporated herein, as Exhibit A, a Geographic Information Systems (GIS) map of the Subject Property and the conceptual site plan submitted by WRL as part ofits Special Use Permit (SUP) application to the Buncombe County Board of Adjustment. Exhibit A shall he used to identify the Subject Property, its boundaries, certain demarcated "lots" referenced herein, and other features of the Subject Property andlor Development. This provision acknowledges that the site plan is conceptual and may be subject to change during subsequent reviews, subject to conditions agreed toby these Parties and the Buncombe County Board of Adjustment, and all applicable 3. Acknowledgment of Binding Governing _Documents_and Covenants. The Development and Subject Property are and shall be subject to the following governing documents, declarations, charters, covenants, and provisions, as listed herein and, where applicable, recorded with the Buncombe County Registry: @ The Community Charter for Biltmore Lake, Deed Book 2801, Page 692 in the Buncombe County Registry; Gi) The Supplement to the Community Charter for Biltmore Lake (Wilderness Ridge), Deed Book 6232, Page 1270 in the Buncombe County Registry; ii) The Biltmore Lake Association By-Laws; and (iy) The Biltmore Lake Design Guidelines Revised October 13, 202) ‘To the extent any declaration, covenant, by-law, or other enforceable document is not listed herein, its absence shall not nullify its enforceability and it shall remain in full force and effect. Additionally, WRL shall be subject to any and all amendments, supplements, restatements, andlor revisions to these documents, 4. Acknowledgement of Binding Biltmore Lake Design Guidelines dures, The Development shall adhere to the Biltmore Lake Design Guidelines (Revised October 13, 2021), and any validly executed amendment, supplement, restatement, and/or revision thereto. The Biltmore Lake Design Guidelines ‘are attached hereto and incorporated herein as Exhibit B. Unless expressly identified in this Memorandum, all such guidelines, including, but not limited to, review procedures and requirements shall apply to the Development, WRL, and any successors and assigns. 5. Road Construction in the Development. For the Development, WRL proposes constructing one (1) private road beginning from Reeves Cave Road and traversing the planned Development. But for conditions and specifications set forth herein, that private road — and any and all private roads andlor drives in the Development shall be built in accordance with the Design Review Guidelines and Standards for Biltmore Lake Association. Subject to that reservation, WRL shall build the identified private drive (as got forth in its current site plan) to a minimum of twenty (20) feet in width. All roadways shall, at minimum, meet Buncombe County and NCDOT construction standards. WRL shall be permitted to build said road in inverted crown design, in conjunction with required stormwater runoff maintenance and detention systems to minimize erosion and stormwater runoff impact to surrounding properties and Biltmore Lake. The standards set forth herein shall constitute a variance from the roadway construction and design standards in the Biltmore Lake Design Guidelines and shall not allow any additional variance from said standards except those expressly stated herein. WRL shall be solely responsible for construction of any road in the Development, including any and all associated costs and fees. Once such road is constructed, as it does for other service areas and sub-associations in the Biltmore Lake Community, BLA shall be responsible for management (ie., performing the work, contracting for the work, etc.) of maintenance, upkeep, cleaning, snow removal, ice removal and any repairs ‘concerning any road in the Development, However, WRL (or any successor or assign) shall be responsible for payment for all such maintenance, upkeep, leaning, snow removal, ice removal, and any repairs concerning any road in the Development, which shall be paid via assessment, 6. Acknowledgment of Assessments/Dues Per Condominium Unit. WRL acknowledges and agrees that any and all condominium unit owners in the Development shall pay both Biltmore Lake Master Association dues and jessments, and dues and assessments for the Development, Until such time, WRL shall be obligated to pay assessments and dues for the Subject Property, as a single Jot, as required by the governing documents. Dues and assessments for cach individual condominium unit (with seventy-four proposed individual units for the Development) shall be due upon the issuance of a certificate of occupancy for that individual unit, 7. Agreement to Execute Amendment to Supplement. It is the Parties’ shared understanding that, upon information and belief, Biltmore Farms ~ inits eapacity as "Founder" under the applicable declarations, covenants, and the like for Biltmore Lake and the Development — is composing an amendment to the ‘upplement to the Community Charter for Biltmore Lake (Wilderness Ridge) (the ‘upplement’), The Supplement, as recorded in Deed Book 6282, Page 1270 in the Buncombe County Registry, is attached horeto and incorporated herein as Exhibit ©. The Parties acknowledge and agree that the Development and Subject Property is subject to the Supplement, and any subsequently valid amendment to the Supplement. Upon information and belief, the proposed Amendment to the ‘Supplement shall clarify and confirm that assessments, dues, fees, and the like for the Development shall be assessed for each condominium unit owner, the responsibility for which shall begin upon the issuance of a certificate of occupancy. WRL agrees that it will execute said Amendment to the Supplement and ensure that each condominium unit owner in the Development has record notice of their individual assessment and dues obligations. 8. Agreement on Conditions for Approval of SUP. The Parties have negotiated, in good faith and at arm's length, specifi conditions that WRL agrees to submit to the Buncombe County Board of Adjustment as conditions of approval for its Special Use Permit (SUP) for the Development. The agreed-upon conditions are attached hereto and incorporated herein as Exhibit D. WRL agrees that it shall not unilaterally modify the conditions set forth in Exhibit A and that any such modification shall only be with the approval of BLA, or during its hearing if specifically requested by the Buncombe County Board of Adjustment andlor the Buncombe County Planning Department. To the extent any condition is not ultimately aecepted by the Buncombe County Board of Adjustment (or, otherwise, modified by said Board), WRL shall not be in violation of this provision. 9. No Development of "Lot 2. As identified in Exhibit A, the demarcated Lot 2 shall not be developed with any structure(s), infrastructure(s), utility, and the like, This provision shall not prevent the dedication of Lot 2 as open, space or common space for the benefit of WRL, BLA, andlor both, and shall not otherwise prevent the ability to place Lot 2 (in part or in whole) into a conservation easement, 10. i f Lot 3" Consistent with its responsibilities and obligations under the governing documents, WRL shall transfer to BLA, pursuant to said governing documents and the procedures outlined therein, "Lot 3" of the Development for open space andior common area for the benefit of BLA, 11, General Provisions. a. Governing Law. This Memorandum shall be governed and interpreted according to the Laws of the State of North Carolina, United States of America b. Dispute Resolution. Any controversy, dispute, o claim arising out of or relating to this Memorandum Gncluding its formation, validity or interpretation, any breach or enforcement of any obligations, or any liabilities arising therefrom), shall be brought in Buncombe County Superior Court, Insofar as a Party breaches this Memorandum, the non-breaching Party shall be entitled to injunetive relief (including, but not limited to, temporary restraining order, preliminary injunction, and permanent injunction), declaratory relief, and money damages, along. with attorneys’ fees and costs incurred in successfully prosecuting said claims, c. NoAssignment. The Parties hereto shall not be permitted to assign, in whole or in part, this Agreement or any of their respective rights or obligations hereunder, unless they first shall have obtained the written consent of all the other parties. Written consent for any such assignment shall not be unreasonably withheld or delayed. 4. Amendment or Modification. ‘The terms of this Memorandum may not be amended, modified, or waived, except by written agreement duly executed by all the Parties to this Memorandum, Binding Effect. All of the terms and provisions of this “Memorandum by or for the benefit of the Partie shall be binding upon and inure to the benefit of their successors and assigns. £ Counterparts; Electronic Signatures. This Memorandum may be executed simultaneously in multiple counterparts, each of which shall be deemed an original. The Parties agree that a signature obtained via a commercially reasonable electronic signature program, such as DocuSign, shall be considered an original signature. g. Entire Agreement. The Parties agree that this Memorandum constitutes the entire agreement between them concerning the matters contemplated herein and that the written terms of this Memorandum shall replace and supersede all prior oral and written understandings and communications between the Parties related to the terms and agreement set forth in this Memorandum, Further, there fare no terms or conditions of the Memorandum between the Parties, nor are there any other promises, inducements or any other factors or considerations that led either Party to enter into this Memorandum, except those which are specifically set forth herein, IN WITNESS WHEREOF, by duly authorized representatives of each Party, ‘each Party executes this Memorandum of Understanding as of the Effective Date. BILTMORE LAKE ASSOCIATION, WILDERNESS RIDGE, LLC INC. Name:Gon S. Bre Name: Title: Mes BEST. Title: Addross: ive. Address Puamode lace, Ne asTS [ND-4863.6487-0288, v2 IN WITNESS WHEREOF, by duly authorized representatives of each Party, each Party executes this Memorandum of Understanding as of the Effective Date. BILTMORE LAKE ASSOCIATION, INC. Name: Title: Addréssi No-407e-9466-5102, v.10 WILDERNESS RIDGE, LLC fp Name: [evig er Tile: Adaresd yh Sab 40( A heath He g8I00 IN WITNESS WHEREOF, by duly authorized representatives of each Party, each Party executes this Memorandum of Understanding as of the Eifective Date. BILTMORE LAKE ASSOCIATION, INC, Name: Title: a Address: 1ND:4878.9485-5102, v.10 WILDERNESS RIDGE, LLC Coe: Sostw Le. Caos Title: Memon euns ERD Address: /f0 Breede, St. Suite 301 Asheoile 76 B88! of Asheville Department of Water Resources Water Engineering PO Hox 7148, Asheville, NC28802 LEECVER OF COMMITMENT FOR WATER AVAILABILITY Ofc: (028)250-5403 ware ahevitlen gov Gyo Asheile Water Resourses Post Office Box 7148 ‘seville, North Carolina 28802 Issue Date: Feb 15,2023, (Revision 2), Applicant: Advantage Civil Engineering $346 Merrion Ave ‘Ashevile, NC 28801 Purpose: Wilderness Ridge Subvision (50 Condo Units) Leeston; Reeves Cove Road PIN 9616-23-3399| ENGINEERING PROJECT #: WPFY-21-22-098, Commitment Provided: Maximum Gallons Per Minute: (per appli 248 Maximum Gallons Per Day: 29,600 Method of Metering o be Determined Customer's Next Step: Submit water system extension plas and supporting documestation tothe Engineering Division ofthe ‘Water Resources Deparment Resquirement to Issue Certieate of Occupancy: Accepd water system extension and release of water meter, ire Flow Needed by Applicant ‘500 gpm (sated on aplication) Fire Flow Available at Nearest Hydrant During Review of Application: Flow Test #!-Staie Pressure: 167 psi Residual Pressure 97 psi Flow 80 gpm Flow Test #2 ~Staie Pressure: 165 psi Residual Pressure: 93 psi low: 690 gpm Flow Test #3 ~ Sai Pressure: 168 psi Residual Pressure: 92 psi Flow: 670 gpm The City of Asheville is commited to delivering an excellent quality of service 1 enhance your quay of lite ‘Water Pressure Fluctuation ‘The conducted flow test represents only a momentary sample ofthe water presture aad flow available ‘te projet location. The Applicat is hereby advised that water pressure Nuetations are normal within the City of Asheville water system. The magnitude of these Suctuations i affect by location, tine of ya nl ime of day, Water System pressures can also be affected by fe fighting actives and oatine (or emeigeney Water System operations. The Appliaat/ Customers expected to install contol devies ‘reset protet andar enance their privat pmbing systems from these normal erste ‘ucustions. ietive Pet of Commitment: ‘This Leer of Cmmitment permits the Applicant to extend the public Water System a defined herein provided that enginceing plans are approved wit the issuance of an Autorizaton to Construct by the ‘Water Resources Departnent by Febery’ 15,2024 and provided issuance of Cetfiat of Accepance of constuction bythe Water Resouces Department occurs within one yar following the date of ‘Authorization to Conte Approval ofthis Letter of Commitment is condidoned a fellows and failure to comply withthe following conditions shal be sufficient grounds fr the City of Asheville to deny the requested water service ‘Spssla.Conditans 1. Aspat ofthe plan review process, please submit all sprinkler cleulatons showing the overall demand forthe fre protection. 2. This project willbe required to havea single combined fie! domestic meter hat will need tobe located dieetly adjacent othe Right of Way of Buckhorn Gap Rand the tp of the vault and bickow wil be required tobe located in a at ara. No retaining walls willbe allowed within the uty easement ‘es ofthe val nd bek flow 53, Asa requirement fortis comestion athe proposed location shoe a hyde analysis wil need be performed to verify tht his project will not negatively impact water forthe existing homes on Roondop Ridge Cx during peak domestic use and peak fire low. All alculations will nee to be provided

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