Res 2016-150/approving the Landowner Agreement and Notice of Special Assessments Agreement with Highpointe Trace, LLC for the Trace Public Improvement District (PID).

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If to Landowner: Highpointe Trace, LLC Attn.: Timothy D. England 2 Venture Suite 350 Irvine, California 92618 Facsimile: 949-472-0198 With a copy to: Metcalfe Wolff Stuart & Williams, LLP Attn: Steven C. Metcalfe 221 W. 6th, Suite 1300 Austin, Texas 78701 Facsimile: (512) 404-2244 If to City: City of San Marcos Attn: City Manager 630 Fast Hopkins San Marcos, TX 78666 Facsimile: 512-396-2683 B. Parties in Interest. In the event of the sale or transfer of an Assessed Parcel or any portion thereof, the purchaser or transferee shall be deemed to have assumed the obligations of the Landowner with respect to such Assessed Parcel or such portion thereof, and the seller or transferor shall be released with respect to such Assessed Parcel or portion thereof. Notwithstanding the foregoing, the holders of Bonds are express beneficiaries of this Agreement and shall be entitled to pursue any and all remedies at law or in equity to enforce the obligations of the Parties, subject to the limitations set forth in the Indenture. C. Amendments. This Agreement may be amended only by a written instrument executed by all the Parties. No termination or amendment shall be effective until a written instrument setting forth the terms thereof has been executed by the then -current owners of the Land and recorded in the Official Public Records of Hays County, Texas. D. Estoppels. Within 10 days after written request from any Party, the other Parties shall provide a written certification indicating whether this Agreement remains in effect as to an Assessed Parcel and whether any Party is then in default hereunder. E. Termination. This Agreement shall terminate as to each Assessed Parcel upon payment in full of the Special Assessment against the Assessed Parcel. [SIGNATURE PAGES TO FOLLOW] Landowner Agreement (Trace PID) Q Final