Exhibit 10.3
After recording please return
to:
Ms. Kate Moore
Holt Ney Zatcoff & Wasserman, LLP
100 Galleria Pkwy., Suite 600
Atlanta, Georgia 30339
RESTRICTIVE COVENANT
THIS
RESTRICTIVE COVENANT (the “ Restriction ”) is
made and declared this 29 th day of October, 2004 (the
“Effective Date ”), by ROBERTS PROPERTIES
PEACHTREE PARKWAY, L.P., a Georgia limited partnership (“
Roberts ”).
W I T N E S
S E T H :
THAT,
WHEREAS, Robert is the owner of the real property described on
Exhibit A attached hereto and made a part hereof (the
“ Property ”); and
WHEREAS,
Roberts desires to place a restriction upon the Property as
hereinafter set forth.
NOW,
THEREFORE, for and in consideration of the sum of Ten and No/100
Dollars ($10.00) in hand paid, Roberts, intending to be legally
bound, hereby promises, declares and agrees as follows:
1.
In the event the Property is developed by the then-owner of the
Property within ten (10) years after the Effective Date for
residential use (the “ Project ”), (i) Roberts
Properties, Inc., or any other entity designated by Charles S.
Roberts, will be engaged as the development c
