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I. <br />DEFINITIONS <br />1.1 Approved Plans means the plans and specifications that meet the requirements of <br />this Participation Agreement, the City of San Marcos Codes and Ordinances and any other applicable <br />laws and that have been submitted to, reviewed and approved by the City of San Marcos relating to <br />the Project. <br />1.2 CITY means the City of San Marcos, Texas, a Texas home rule municipal <br />corporation located at 630 E. Hopkins Street, San Marcos, Tx 78666. <br />1.3 Effective Date. The date on which this Agreement is signed by the last party whose <br />signing makes the Agreement fully executed and all conditions precedent have been satisfied. <br />1.4 Final Completion. The term "Final Completion" means that all the work on the <br />Project has been completed, a written guarantee of performance for a one year maintenance period <br />has been provided, all final punch list items have been inspected and satisfactorily completed, all <br />payments to materialmen and subcontractors have been made, all documentation, and all closeout <br />documents have been executed and approved by the DEVELOPER as required, all Letters of <br />Completion and other CITY documentation have been issued for the Project, all reports have been <br />submitted and reporting requirements have been met, and DEVELOPER has fully performed any <br />other requirements contained herein. <br />1.5 Letter of Completion: A letter issued by the Director of Engineering stating that the <br />construction of public improvements conforms to the Approved Plans and the specifications and <br />standards contained the San Marcos Land Development Code. <br />II. <br />CONDITION PRECEDENT <br />2.1 Condition Precedent. This Agreement will not become effective unless Developer <br />submits a request for annexation of Developer's Property in conjunction with a petition for extension <br />of utilities in accordance with SECTION 2.3.1.2 OF THE SAN MARCOS CODE and that such petition has <br />been considered by the City Council and either granted or granted with conditions. <br />III. <br />CITY COST PARTICIPATION <br />3.1. Construction of Improvement. The Developer agrees to design and construct the <br />Improvement as generally described in paragraph 2 of the Recitals and more specifically described in <br />Exhibit B attached hereto and incorporated herein approved by the City, and in accordance with the <br />City's construction standards and specifications. <br />2 <br />