Declaration of Covenants and Easements by TCDC of La Porte, Inc.

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e e 3 pursuant to Sections I and II of this Declaration. Thereafter, the Owner of Parcel 1 shall make all payments due to the Owner of Parcel 3 as provided herein. XI. Obliqations of the Owner of Parcel 2. The obligation of the Owner of Parcel 2 to payor reimburse the Owner of Parcel 3 for the costs and expenses incurred by the Owner of Parcel 3 in connection with the road construction referred to in Section I hereof and the Railroad Improvements referred to in Section II hereof, and the obligation of the Owner of Parcel 2 to payor reimburse the Owner of Parcel 1 for the costs and expenses incurred by the Owner of Parcel 1 in connection with the water line extension referred to in Section IV hereof, the fire protection system referred to in Section V hereof, and the septic tanks and related sewer lines referred to in Section VII hereof, shall be of no force and effect until such time as the Owner of Parcel 2 commences construction on Parcel 2. At the time such construction commences, and to the extent the owners of Parcels 3 and 1 have incurred any expendi- tures, the Owner of Parcel 2 shall pay to (i) the Owner of Parcel 3 all amounts due to the Owner of Parcel 3 pursuant to Section I and Section II of this Declaration and (ii) the Owner of Parcel 1 all amounts due to the Owner of Parcel 1 pursuant to Sections IV, V and VII of this Declaration. Thereafter, the Owner of Parcel 2 shall make all payments due to the Owner of Parcel 3 and the Owner of Parcel 1, respectively, as provided herein. XII. Miscellaneous. A. The Owner of Parcel 1, the Owner of Parcel 2 and the Owner of Parcel 3 hereby reserve the right to use Parcel 1, Parcel 2 and Parcel 3,' respectively, and each and every part thereof, for any and all purposes not inconsistent with the purposes for which the easements granted by the Owner of Parcel -15-