BK5442 PG llllllllllllll llllllll llllllllllllllllllllllllllllll llllllllllllllllllllllllllll

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1 ., -. ~ llllllllllllll llllllll llllllllllllllllllllllllllllll llllllllllllllllllllllllllll Doc IO: Type: CRP Recorded: 07/01/2016 at 10:32:51 AM Fee Amt: $26.00 PaRe 1 of 6 Workflow# Buncombe County, NC Drew ReislnRer ReRlster of Deeds BK5442 PG / PREPARED BY AND RETURN TO: Rebecca J. Reinhardt of Roberts & Stevens, P.A., P.O. Box 7647, Asheville, North Carolina, (Box 39) STATE OF NORTH CAROLINA COUNTY OF BUNCOMBE PARKING AGREEMENT THIS PARKING AGREEMENT is made and entered into as of the 30th day of June, 2016, by and between MOUNTAIN HOUSING OPPORTUNITES, INC., a North Carolina corporation (hereinafter referred to as "MHO") and GLEN ROCK CONDOMINIUM OWNERS' ASSOCIATION, a North Carolina non-profit corporation (hereinafter referred to as "Glen Rock"). The designations MHO and Glen Rock as used herein shall include said parties, their heirs, successors and assigns and shall include singular, plural, masculine, feminine and neuter as required by context. W I TN E S S E T H: THAT WHEREAS, MHO is the owner of a certain parking lot located on Depot Street and more particularly described in a deed to MHO recorded in Book 4503 at Page 143, Buncombe County Registry (the "MHO Property); and WHEREAS, the Glen Rock Condominium (the "Condominium") is also located on Depot Street, which condominium is more particularly described in that Declaration of Condominium for the Glen Rock Condominium recorded in Book 4868 at Page 578, Buncombe County Registry (the "Declaration"); and WHEREAS, Glen Rock provides for the administration of the Condominium, including the operating and maintenance of the Condominium and undertaking and performing all acts and duties incident thereto; and WHEREAS, Glen Rock Commercial, LLC is the owner of Unit 100 of the Condominium, which is limited to office, retail or commercial use only (the "Commercial Unit"), and requires additional parking to accommodate such use; and

2 WHEREAS, Glen Rock desires MHO to grant to it the right for the Commercial Unit to use sixteen (16) parking spaces on the MHO Property for the benefit of the Commercial Unit, and MHO has agreed under the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein, the receipt and sufficiency of which is hereby acknowledged, MHO and Glen Rock agree as follows: 1. PARKING SP ACES. MHO does hereby give, grant, and convey unto Glen Rock, its successors and assigns, for the benefit of the Commercial Unit, its guests, customers, employees and invitees, a non-exclusive right to park in up to sixteen (16) parking spaces located on the MHO Property. Parking on the MHO Property shall be open and non-reserved on a firstcome first-served basis. MHO further hereby grants to Glen Rock, for the benefit of the guests, customers, employees and invitees of the Commercial Unit, vehicular and pedestrian ingress and egress rights in, over and through the portions of the MHO Property as are appropriate or necessary for the Commercial Unit's use of the parking spaces. The parties acknowledge and agree that this Parking Agreement shall not be construed so as to prevent MHO from modifying or altering the parking areas, drive lanes, or other improvements contained within the MHO Property; provided however, that such modification or alteration shall not unreasonably interfere with the parking rights created herein. If all of the parking spaces located on the MHO Property shall be regularly full and the guests, customers, employees or invitees of the Commercial Unit, including portions thereof, shall be unable to use one of the 16 parking spaces granted herein, MHO reserves the right to designate the 16 parking spaces for the Commercial Unit, including any and all portions thereof, in MHO's sole discretion. Neither this Parking Agreement nor the grant or reservation of any right hereunder, nor the use and enjoyment of any such right, shall be deemed in any way to create or confer upon any member of the public any right to use or enjoy the same, or any estate therein. The Commercial Unit's use of the parking spaces shall be limited to access, ingress and egress thereto and parking of motorcycles, passenger vehicles and light commercial vehicles. The parking spaces shall be available for parking use 24 hours/day, 7 days/week; provided, however, Glen Rock or the owner of the Commercial Unit, including any portions thereof, shall not permit any junk or abandoned vehicles to remain in the MHO Property and shall not permit the repairing of vehicles within the MHO Property, except in the case of emergencies. 2. MAINTENANCE. MHO, its successors and/or assigns, shall keep the MHO Property in good condition and repair, including, but not limited to, maintaining and repairing the surface of the parking area such that the parking area on the MHO Property will at all times be kept and maintained in good order, condition and repair. Glen Rock shall be responsible for 30% of the actual costs for any and all maintenance and/or repairs to the MHO Property, which amount shall be tendered by Glen Rock to MHO within fifteen (15) days of receipt of an invoice therefor. Under the Declaration for the Condominium, Glen Rock shall have the right to assess the Commercial Unit for such expenses related to the maintenance and/or repairs which shall be a limited common expense attributed to the Commercial Unit.

3 Notwithstanding the foregoing, any damage caused as a direct result of an intentional act or the negligence of one party, including a unit owner within the Commercial Unit, or its guest, customers, employees and invitees shall be the sole responsibility of that party, and such party shall pay the full cost associated with such repairs. If a unit owner within the Commercial Unit, its customers, employees or invitees related to the Condominium are responsible for damage and the responsible individual refuses immediately to repair the damage, MHO may repair the damage and seek reimbursement from the responsible party. 3. TAXES AND INSURANCE. Glen Rock shall be responsible for 30% of the real estate taxes and assessments of every nature assessed against the MHO Property and 30% of the insurance premium for property insurance, including liability insurance, on the MHO Property (the "Taxes and Insurance"), which amount shall be tendered by Glen Rock to MHO within fifteen (15) days of receipt of an invoice therefor. MHO shall have the right to request the Taxes and Insurance to be prorated over a twelve month period, with each monthly installment to be due and payable on the first day of each month. If the actual costs of the Taxes and Insurance were less than estimated, the following month's installment shall be reduced by the excess amount paid. If the actual costs of the Taxes and Insurance were more than estimated, MHO shall invoice Glen Rock for any additional expenses owing, and Glen Rock shall immediately tender to MHO such invoiced amount. 4. INDEMNIFICATION. Glen Rock hereby agrees to indemnify and save harmless MHO from and against any and all claims, demands and actions arising from this Agreement and the use of the parking spaces described herein by Glen Rock, its guests, customers, employees and invitees, and from and against any and every suit, action or proceeding to enforce any such demand, claim and action, and from any and all loss, costs, damages and attorneys' fees and expenses which it may at anytime suffer or incur as a result thereof. 5. REMEDIES. It is hereby declared that irreparable harm will result to the parties and to the beneficiaries of this Agreement by reason of any breach or default of the provisions or covenants herein and, therefore, each party or other beneficiary shall be entitled to relief by way of injunction or specific performance. 6. NO WAIVER. The failure of any party to this Agreement in any one or more instances to insist upon compliance with any provision or covenant herein or to exercise any right or privilege herein shall not constitute or be construed as a waiver of such or any similar provision or covenant, including the right to cure a breach or default, but the same shall continue and remain in full force and effect, as if no such forbearance has occurred. 7. SUCCESSORS AND ASSIGNS. This Agreement shall run with the lands described herein and shall inure to the benefit of and be binding upon the respective successors, assigns, their guests, customers, employees and invitees, and shall remain in full force and effect and shall be unaffected by a change in ownership of either the MHO Property or the Condominium Unit, including any subdivision thereof. 8. NOTICES. Any notices which MHO or Glen Rock is required or desires to give the other hereunder shall be in writing and delivered personally or sent by certified mail, postage R&S _ 1

4 prepaid, or by delivery by a nationally recognized overnight delivery service for which a written acknowledgment of receipt is given at delivery, to the following addresses: ToMHO: To Glen Rock: Mountain Housing Opportunities, Inc. 64 Clingman A venue, Suite 101 Asheville NC Attn: Cindy Weeks Glen Rock Condominium Owners' Association c/o Mountain Housing Opportunities, Inc. 64 Clingman Avenue, Suite 101 Asheville NC Attn: Cindy Weeks Any notice given hereunder by personal delivery or express mail shall be deemed delivered when received. Any properly addressed notice given herein by certified mail shall be deemed delivered when the return receipt thereof is signed, or failure to accept the mailing by the addressee is noted thereon by the postal authorities. 9. APPLICABLE LAW. This Agreement shall be governed by North Carolina law and the venue for the enforcement hereof shall be in Buncombe County, North Carolina. 10. AMENDMENTS. This Agreement contains the full and final agreement between the parties hereto with respect to the subject matter hereof. The parties shall not be bound by any terms, conditions, statements, warranties or representations, oral or written, not contained herein. This Agreement may be amended, changed, modified or canceled only by a written instrument signed by the parties hereto, or their respective successors or assigns. IN WITNESS WHEREOF, MHO and Glen Rock have executed this Agreement as of the day and year first above written. /Signature pages to follow]

5 MOUNTAIN HOUSING OPPORTUNITIES, INC., a North Carolina corporation STATE OF NORTH CAROLINA COUNTY OF BUNCOMBE I, a Notary Public of the County and State aforesaid, certify that R. SCOTT DEDMAN. appeared before me and being personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity, and that by his/her/their signature(s) LLO on the instrument the person(s). or entity upon behalf of which the person(s) acted, executed the instrument. Witness my hand and official stamp or seal, this 30th ~ NOTARY PUBLIC R&S _ 1

6 GLEN ROCK CONDOMINIUM OWNERS' ASSOCIATION, a North Carolina non-profit corporation STATE OF NORTH CAROLINA COUNTY OF BUNCOMBE I, a Notary Public of the County and State aforesaid, certify that R. SCOTT DEDMAN, appeared before me and being personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity, and that by his/her/their signature(s) on the instrument the person(s), or entity upon behalf of which the person(s) acted, executed the instrument. Witness my hand and official stamp or seal, this 30th d:io ~M. '-' NO ARY PUBLIC [NOTARIAL S~f.\W,,,,,,,~,~!\ G. r.'',,,, o'-- 'rte "1 ~' <:> ~ -~ f / ~OTARY \ '\ ~. ~ ~ \ PUBLIC.J c.i ff. - : 0 ~- ~.... ~.. ~.-, C A"'... #,,,, OA 'v/s....._\"'\',.. co\)\""',... ' 01,,,.... '''