reaidential lots, and One (1) two-family residential
lect, pursuant to Schedule "B" hereto, and to facili-
tate the use and development of that portion of the
land, the Developer covenants and agrees, as a condi-
tion precedent to the approval of the plan of subdiv-
ision thereof, to enter into an agreement with the
Municipality subsequent hereto (hereinafter called
the "Development Agreement No. 4") to provide, con-
struct and install such off-site works and landscap-
ing as shall be deemed necessary by the Municipal
Engineer and the Municipal Planner respectively, to
serve the said land and the development of that por~
tion thereof, and to pay the entire costs of the
completion of such work; and it is understood and
agreed that this Phase shall be carried out in con-

formity with the following Schedule:-

APPROVAL OF
SUBSIVISZON:

Upon entry into “Development Agreement No.
4" and not prior to August 1, A.D. 1978,

March 1, A.D. 1979

July 1, A.D. 1979

each of the foregoing phases of the subdivision and development
of the land shall be undertaken, carried nut and completed in

conformity with the requirements sot out herein.

PROVIDED HOWEVER, and it is understood and agreed by the parties
hereto, that notwithstanding the schedule of dates herein con-
tained for the carrying out of each phase of the development

ana subdivision of the land, the Developer shall not be permitted
to proceeé with each succeeding phase until Building Permits

for not less than 75% of the lots created by the then preceding

phase and phases have been issued by the Municipality; AND

If IS FURTHER UNDERSTOOD AND AGREED that the total development
and subdivision of all the land which is to be carried cut

in the four phases herein Provided, shali be completed not
“later than the 31st day of December, A.D. 1933 and that in

the event that any phase or phases thereof shall not have been
completed as herein provided by that date, this Land Use Contract
Shall cease and determine with respect to that portion of the
land contained within the boundaries, as shown on the Plan
which forms part of Schedule "c* hereto, of the phase or pnases
which are then incomplete and the use thereof shall thereupon
revert to those uses permitted by the Zoning By-law of the
Municipality then in effect for the zone in which the said

lands are then situate.

The Developement Agreements, hereinbefore referred

to, shall be of a standard forn, approved by the Municipality

and revised from time to time, where deemed atvisable by the

Municipality andé the Developer hereby acknowledges receipt of
a copy of the standard form Development Agreement currently

in use by the Municipality. The Mayor and Clerk of the Hunic~
ipality are hereby authorized to execute any and all such
Developmen: Agreements which may be required to give effect

to the p-ovisions of this Land Use Contract.

It is further understood and agreed by and between
the parties hereto that pursuant to a Memorandum of cnderstand-
ing entered into by the parties, the Developer has undertaken
to set aside, for use as a public park, approximately 6 acres
of the lands herein, which is to be conveyed to the Munici-
Pality for such use pursuant hereto, and is to be set aside
by the Municipality; and it is understood and agreed that this
6 acre park shall be improved by the Developer in accordance

with the plans therefor approved by the Municipality, which