Ord 2013-053/C&G Development for Voluntary Annexation and annexing for full purposes a 45.02 acre tract of land

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PARTIAL ASSIGNMENT OF REIMBURSEMENT RIGHTS UNDER DEVELOPMENT AGREEMENT This PARTIAL ASSIGNMENT of REIMBURSEMENT RIGHTS UNDER DEVELOPMENT AGREEMENT (this "Assignment") is entered into between C&G Development, Ltd., a Texas limited partnership ("C&G"), and Continental Hames of Texas, L.P., a Texas limited partnership doing business as D.R. Horton — America's Builder ("Horton"). A. Horton and C&G have entered into that certain Contract of Sale dated December 31, 2012, whereby C&G agreed to sell and convey to Horton that certain tract of land comprised of 45.02 acres, more or less, out of the J. Williams Survey, Abstract No. 470 and the T.J. Chambers Survey, Abstract No. 2, in Hays County, Texas acres, and being more particularly described Exhibit "A" attached hereto and incorporated herein (the "Horton Property)"). B. C&G is the owner of two tracts of land adjacent to the Horton Property, being the 6.5 acre and the 3.4 acre commercial tracts of land situated in the City of San Marcos, Hays County, Texas, and being more described on Exhibit "B" (the "C&G Property"). C. The development of the Horton Property and the C&G Property as an overall project may be referred to in this Agreement as the "Project". The development of the Project will be governed in part by the Development Agreement between C&G and the City of San Marcos (the "City") approved by the City on May 1, 2012 and recorded under Document No. 2012-12015202, in Volume 4358, Page 447, of the Official Public Records, Hays County, Texas (the "City Agreement'). D. In connection with the development of the Horton Property and subject to Horton's closing of the purchase of the Horton Property, Horton will construct a lift station and associated infrastructure to serve the Horton Property and the C&G Property, as shown- on Exhibit "C" (the "Lift Station"). The Lift Station is the lift station described in Section 2.10 of the City Agreement, Pursuant to the City Agreement, the City has agreed to reimburse C&G an amount not to exceed the lesser of thirty percent (30%) of the construction contract price (as described in Section 2.10 of the City Development Agreement) or $113,000.00 (the "Lift Station Reimbursement"). E. The City and C&G have executed that certain Developer Participation Agreement dated November 6, 2013 (the "Participation Agreement"). The Participation Agreement sets forth certain requirements and covenants with respect to the construction of the Lift Station, including the associated Electric Service Extension, as more fully described and defined therein. C&G is designated as the project manager under the Participation Agreement, for the Lift Station, and the City will act as the project manager under the Participation Agreement for the Electric Service Extension. Pursuant to the separate Assignment and Assumption of Developer Participation Agreement, C&G has assigned its rights duties, and obligations as "Developer" under the Participation Agreement to Horton and Horton has assumed those rights, duties, and obligations, with the City's consent. F. C&G and Horton have entered into that certain Construction and Escrow Agreement dated December 17, 2013 (the "Construction Agreement"), pursuant to which Horton has agreed to construct the Lift Station and certain other infrastructure relating to the Project, subject to the terms of the Construction Agreement. PARTIAL AssIGNMENT OF REIMBURSEMENT RIGHTS Page I Vista de [os Santos 9174136v.5