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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ASSIGNMENT AND ASSUMPTION OF DEVELOPER PARTICIPATION AGREEMENT This ASSIGNMENT AND ASSUMPTION OF DEVELOPER PARTICIPATION AGREEMENT (this "Assignment") is entered into between C&G Development, Ltd., a Texas limited partnership ("C&G"), and Continental Homes 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 four tracts of land adjacent to or in close proximity to the Horton Property, being the 6.5 acre, 3.36 acre, 5.64 acre, and 2.63 acre commercial tracts of land situated in the City of San Marcos, Hays County, Texas, and being more particularly 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 Development 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 Development Agreement. Pursuant to the City Development 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, C&G, and Horton determined that additional improvements were necessary for the extension of electric service to the Lift Station (the "Electric Service Extension"). F. 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 Electric Service Extension. The City will act as the project manager under the Participation Agreement for the Electric Service Extension. The City and San Marcos Electric Utility agreed to participate in the cost of the Electric Service Extension, and the City's cost participation shall be for the first 800' of improvements and lines for electric extension for a total possible reimbursement from the City of $53,951.33 (the "City Participation"). Under the Participation Agreement, C&G is responsible for the remaining costs of the Electric Service Extension, estimated to be $26,975.66 (the "Developer Participation"). G. C&G and Horton have entered into that certain Construction and Escrow Agreement dated December 17, 2013 (the "Construction Agreement"), pursuant to which Horton ASSIGNMENT AND ASSUMPTION OF DEVELOPER PART[C[PATION AGREEMENT Page I Vista de los Santos 9761452v.2