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

Home Browse Search

Now, THEREFORE, for and in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, C&G and Horton agree as follows: 1. _Assignment. C&G has ASSIGNED, TRANSFERRED, CONVEYED, AND DELIVERED and by these presents does ASSIGN, TRANSFER, CONVEY, AND DELIVER unto Horton the right to receive fifty-six percent (56%) of the Lift Station Reimbursement (the "Assigned Reimbursement Rights"). 2. No Prior Assignment or Default,• Additional Documents. C&G hereby represents and warrants to Horton that C&G has not previously assigned the Assigned Reimbursement Rights to any third party. C&G represents and warrants to Horton that C&G is not in default under the Development Agreement and that the Development Agreement is in full force and effect. C&G agrees to execute any additional documents which may be reasonably requested by Horton in order to allow Horton to obtain the Assigned Reimbursement Rights. 3. Payment of Lift Station Reimbursement. C&G and Horton hereby request that the City pay the Lift Station Reimbursement to Corridor Title, LLC, at the following address: Corridor Title, LLC Attn: Theresa Ruiz 133 W. San Antonio Street, Suite 100 San Marcos, Texas 78666 4. Notices. Any notice or other communication given under this Assignment must be in writing and may be given or served: (i) by depositing it in the United States Mail, postage paid, certified, and addressed to the party to be notified with return receipt requested; or (ii) by delivering it to the party, or an agent of the patty. Notice deposited in the mail in the manner specified will be effective three days after such deposit. Notice given in any other manner will be effective only if and when received by the party to be notified. For the purposes of notice, the addresses of the parties will, until changed as provided below, be as set forth on signature pages hereto. The patties may change their respective addresses for purposes of notice by giving at least five days written notice of the new address to the other patty. 5. Default; Attorney's Fees. If either C&G or Horton defaults in the performance of its obligations hereunder for any reason, then the non -defaulting party will be entitled to pursue the remedies available it to under Article V of the Construction Agreement, which C&G and Hotton agree applies to this Assignment. In the event of any lawsuit based on this Assignment, the prevailing party will be entitled to recover reasonable attorney's fees and related costs. 6. Governing Law and Venue. The laws of the State of Texas and the United States of America will govern the validity, enforcement and interpretation of this Assignment. The obligations of the parties are performable and venue for any legal action arising out of this Assignment will lie in Hays County, Texas. 7. Invalid Provisions. If any one or more of the provisions of this Assignment, or the applicability of any such provision to a specific situation, is held invalid or unenforceable, such provision will be modified to the minimum extent necessary to make it or its application valid and enforceable, and the validity and enforceability of all other provisions of this Assignment and all other applications of any such provision will not be affected. 8. Counterparts. This Assignment may be executed in multiple counterparts each of which will have the force and effect of an original. PARTIAL ASSIGNMENT OF REINIBURSE ENT RIGHTS Page 2 Vista de los Santos 9174136v.5