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Declaration of Maintenance Covenant~z~ ~~~~ DECLARATION OF MAINTENANCE COVENANT ~~ ~ ~ ~~~~ ~Y or «`leridiar THIS DECLARATION OF MAINTENANCE COVENANT (the "Declaration") is executed by FIELD OF GRAMERCY, LLC, an Idaho limited liability company ("Declarant") and recorded against that certain real property owned by Declarant set forth on EXHIBIT A, attached hereto, and incorporated herein by reference (the "Property"). Declarant hereby declares that, for so long as the Property continues to be used as a multi-family residential development, it shall be held, leased, occupied, used and improved subject to the following covenants and conditions, all of which are for the purpose of uniformly enhancing and protecting the value, attractiveness and desirability of the Property. 1. Declarant shall cause to be maintained all of the Improvements in a commercially reasonable manner. Said Improvements include, but are not limited to the apartment buildings, clubhouse, amenities, carports, garages and common area light fixtures. No Improvement shall be permitted to fall into disrepair, and each Improvement shall at all times be kept in good condition and repair. 2. Declarant shall cause to be maintained all of the landscaping improvements owned by Declarant and constructed throughout the Property and any owned greenscape areas located on the Property in a commercially reasonable manner, including but not limited to repairing and and replacing, when necessary, automatic sprinkler systems and water lines, and replacing of shrubs, trees, and other landscaping when necessary. 3. Declarant shall cause any Declarant owned roads, walkways and sidewalks within the Property to be maintained in a commercially reasonable manner, including but not limited to repairing, seal coating, and resurfacing, when necessary, all paved surfaces in a level, smooth and evenly covered condition with the type of surfacing material originally installed or such substitute as shall in all respects be equal or superior in quality, use and durability; and restriping, when necessary. 4. Declarant shall cause the removal of any snow, papers, debris, filth and refuse and shall thoroughly sweep the Property to the extent reasonably necessary to keep the Property in a clean and orderly condition. 5. Declarant shall cause any erosion control and other similar features, including but not limited to, retaining walls and other similar features, on the Property to be maintained in a commercially reasonable manner and in compliance with all applicable laws and regulations. 6. Declarant shall cause any Declarant owned area drains, or storm water systems (not including any such systems owned by or the legal responsibility of parties other than Declarant but located on the Property) to be maintained in a commercially reasonable manner and in compliance with all applicable laws and regulations. 7. 8. Declarant shall maintain in a commercially reasonable manner and in compliance with all applicable laws and regulations any Declarant owned sewer laterals from any structures on the Property to the point that such laterals connect with sewer systems owned by or controlled by parties other than Declarant. 9. Declarant shall maintain in a commercially reasonable manner and in compliance with all applicable laws and regulations any Declarant owned culinary water systems from any structures on the Property to the point that such systems connect with culinary water systems owned by or controlled by parties other than Declarant. 10. Declarant shall cause all fences installed by it on the Property to be maintained, repaired, and replaced, when necessary, in a commercially reasonable manner. 11. Declarant may employ or contract with any professional management company or service provider deemed appropriate by it to perform any or all of the covenants and conditions set forth in this Declaration or to other assist in the maintenance and management of the Property. 12. Declarant may grant any and all easements, whether permanent or temporary, exclusive or non-exclusive, in its sole and absolute discretion in order to perform any or all of the covenants or conditions set forth hereunder or to otherwise manage the Property in a commercially reasonable manner. 13. Declarant may institute and impose any rules, regulations or policies not prohibited by law on any occupant of the Property in order to accomplish the goals of this Declaration or otherwise manage the Property in a commercially reasonable manner deemed appropriate by Declarant. 14. Nothing in this Declartion shall be deemed to be a gift or dedication of the Property, or any portion thereof, to the public, or for any public use. 15. Every person who occupies or acquires any right to use any portion of the Property does and shall be conclusively deemed to consent to this Declaration and the covenants, conditions and provisions set forth herein. 16. Amendment of this Declaration may be undertaken by Declarant or its successors in interest to the Property so long as such amendment does not violate any legally binding provision of any recorded Development Agreement, or any state or local ordinance or law. 17. Declarant makes no representations or warranties to any third party of any kind, express or implied, with respect to the Property, its physical condition, it fitness for any intended use or purpose, its compliance with any laws or regulations except as is specifically set forth and stated in this Declaration. 18. This Declaration shall run with the land and be binding upon and inure to the benefit of Declarant and any and all successors in interest of Declarant to the ownership of the Property. 19. In the event that Declarant or any successor in interest is composed of more than one person or organization, the obligations of said Declarant shall be joint and several. 20. This Declaration and any amendment or modification shall be recorded in the land records of Ada County Idaho. IN WITNESS WHEREOF, this Declaration has been executed effective as of the day and year or its recording in the legal real property records of Ada County, Idaho. FIELDS AT GRAMERCY PLACE, LLC, an Idaho limited liability company by is manager: L.H. PERRY INVESTMENT, LLC a Utah limited liability company By: Name: William O. Perry, III Title: Manager STATE OF UTAH ) ss. County of SALT LAKE ) On this ~ hd .day of tt~r~ ( , in the year 2013, before me, a Notary Public in and for the State bf Idaho, personally appeared William O. Perry III, known or identified to me to be a Manager of L.H. PERRY INVESTMENT, LLC a Utah limited liability company, the Manager of Fields at Gramercy Place, LLC, an Idaho limited liability company and who subscribed said name to the foregoing instrument, and acknowledged to me that he executed the same in said company name. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written. ~~ Notary Public for Utah Residing at: sa-~f Lcz ~ can ~! ,...~ CAROLYN M WOOl8EY My commission expires: ~L6 O 8' , ~o ~5' NOTARI°PIISLIC•S111TE Of UiJIM .~ coMMisaioN~e 6051 d6 r ~~~~ ~ COMM. EXP. OZ-08.2015 EXHIBIT A Legal Description of Property Exhibit A The land referred to in this Policy is described as follows: A parcel located in the West half of the Northeast quarter of Section 20, Township 3 North, Range 1 East, Boise Meridian, Ada County, Idaho, and more particularly described as follows: Commencing at the Northwest corner of the Northeast quarter of said Section 20 (N 1/4 corner), from which the Northeast corner of said Northeast quarter bears North 89°46'02" East a distance of 2656.88 feet; thence North 89°46'02" East along the Northerly boundary of said Northeast quarter a distance of 1306.86 feet to a point; thence leaving said Northerly boundary South 0°13'58" East a distance of 45.00 feet to a point marking the Northeasterly corner of Gramercy Subdivision No. 1 as shown in Book 99 of Plats at Page 12619, records of Ada County, Idaho, said poirit also being the Northwesterly corner of Bonito Subdivision, as shown in Book 85 of Plats at Page 9784, records of Ada County, Idaho; thence South 1°42'39" West along the Easterly boundary of said Gramercy Subdivision No. 1 and the Westerly boundary of said Bonito Subdivision a distance of 1288.12 feet to a point marking the Northeast corner of Lot 3 of Block 7 of said Gramercy Subdivision No. 1 and the POINT OF BEGINNING; thence continuing along the Easterly boundary of said Gramercy Subdivision No. 1 and the prolongation thereof and the Westerly boundary of said Bonito Subdivision South 1°42'39" West a distance of 857.50 feet to a point; thence leaving said boundary South 89°54'13" West a distance of 613.48 feet to a point marking the Southeast corner of Lot 1 of Block 5 of said Gramercy Subdivision No. 1; thence along the Easterly boundary of said Gramercy Subdivision No. 1 the following described courses; thence North 0°02'37" East a distance of 341.62 feet to a point; thence South 89°35'56" East a distance of 89.82 feet to a point; thence North 0°02'37" East a distance of 298.01 feet to a point; thence leaving said Easterly boundary North 89°35'56" West along the Southerly boundary of Lot 1 of Block 7 of said Gramercy Subdivision No. 1 a distance of 33.81 feet to a point; thence along the Westerly boundary of said Lot 1 the following described courses; thence North 44°54'57" West a distance of 28.13 feet to a point; thence North 0°13'58" West a distance of 30.62 feet to a point; thence a distance of 88.96 feet along the arc of a 764.00 foot radius curve right, said curve having a central angle of 6°40'17" and a long chord bearing North 3°06'10" East a distance of 88.91 feet to a point; thence North 6°26'19" East a distance of 66.27 feet to a point; thence North 48°25'12" East a distance of 26.76 feet to a point on the Northerly boundary of said Lot 1; thence South 89°35'56" East along the Northerly boundary of said Lot 1 and Lots 2 and 3 of Block 7 a distance of 570.33 feet to the POINT OF BEGINNING. Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. AMERI C.4N LANn TITLE .~ssocl,~neu ALTA Plain Language Commitment Form (6/17!06) NXID-0052938/35