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<br />DECLARATION OF
<br />PROTECTIVE COVENANTS AND EASEMENTS
<br />
<br />THE STATE OF TEXAS
<br />
<br />s
<br />s
<br />s
<br />
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />
<br />COUNTY OF HARRIS
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<br />THAT, PORT CROSSING LAND, LP, a Texas limited partnership (hereinafter called the
<br />"Developer"), being the owner of certain tracts of land containing a total of approximately 231 acres in
<br />Harris County, Texas, being more particularly described in Exhibit A attached hereto and made a part
<br />hereof for all purposes (said tracts of land being hereinafter referred to as the "Port Crossing" or "Subject
<br />Property") and any portion thereof platted as a separate tract or conveyed to third parties or developed by
<br />Developer or an affiliated entity being hereinafter referred to as a 'Tract", for the purpose of adopting a
<br />uniform plan for the benefit of the present and future owners of any portion of the Port Crossing, does
<br />hereby adopt and establish restrictions, covenants and easements as hereinafter provided for the Subject
<br />Property.
<br />
<br />Powell Road Logistics, L.P., a Texas limited partnership, National Property Holdings, L.P., a Texas
<br />limited partnership, Del Piso Investments, LLLP, a Arizona limited liability limited partnership and FLPCW,
<br />LP, a Texas limited partnership, the owners (collectively, the "Other Owners") of certain tracts of land also
<br />containing a total of approximately 63 acres, Harris County, Texas, being more particularly described in
<br />Exhibit B attached hereto and made a part hereof for all purposes (said tracts of land also comprising part
<br />of the "Port Crossing" or "Subject Property") are joining in this "Declaration" (hereafter defined) for the
<br />purpose of adopting and establishing the restrictions, covenants, and easements as hereinafter provided
<br />for the portion of the Subject Property owned by the Other Owners. Port Crossing, when platted and
<br />following the realignment of certain roads, will comprise approximately 300 acres.
<br />
<br />Developer contemplates developing Port Crossing in a manner which will include public streets, a
<br />water distribution system, a sanitary sewer system, and drainage/detention facilities within the Subject
<br />Property and Developer reserves the right to create such public streets and utility-related facilities. Any
<br />portions of the Subject Property reserved or restricted or conveyed to the "Association" (hereafter defined)
<br />for private streets, utility facilities, and landscaping shall not be subject to "Assessment" (hereafter
<br />defined). Additionally, any portion of the Subject Property dedicated for utility facilities (excluding,
<br />however, any portion of a Tract) or conveyed to governmental authorities shall not be subject to the
<br />restrictions contained in this Declaration, except for the prohibited uses described in Article 1.
<br />
<br />Developer, for itself, and its successors and assigns, and the Other Owners (as to the portion of
<br />the Subject Property owned by each of the Other Owners, respectively) hereby declare that the Port
<br />Crossing and each part thereof shall be owned, held, transferred, conveyed, sold, leased, rented,
<br />hypothecated, encumbered, used, occupied, maintained and improved subject to the covenants,
<br />conditions, restrictions, limitations, reservations, easements, equitable servitude and other provisions set
<br />forth in this Declaration Of Protective Covenants And Easements ("Declaration"). The Tracts and Private
<br />Facilities within the Subject Property shall be subject to the jurisdiction of the "Association" (hereafter
<br />defined). The covenants, conditions, restrictions, limitations, reservations, easements and equitable
<br />servitudes shall run with, inure to the benefit of, and shall be binding upon, all of the Subject Property, and
<br />each Tract and any common area therein, and shall be binding upon and inure to the benefit of (a) the
<br />Developer, its successors and assigns, (b) the Association and its successors and assigns, and (c) all
<br />persons or entities (the "Owner(s)") having or hereafter acquiring any right, title, or interest in or to any
<br />portion of the Subject Property and their heirs, legal representatives, successors and assigns, other than
<br />for security purposes.
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<br />H-Final Version of Declaration of Protective Covenants and Easements(620880_ 4).DOC
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