Res 2016-143/approving an assignment of and addendum to lease of property with Fraye B. Stokes for unimproved premises at the corner of LBJ and Edward Gary that assigns the lease from Fraye B. Stokes, as lessee, to Frayezur Properties Limited Partnership

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ASSIGNMENT OF AND ADDENDUM TO LEASE OF PROPERTY This Assignment of and Addendum to Lease of Property (the "Lease Addendum") hereby assigns, amends, modifies and supplements that certain Lease of Property (Industrial Lease- Unimproved-Year to Year) dated March 10, 2012 (the "Lease") by and between the City of San Marcos, Texas, a home rule municipal corporation ("Lessor"), as assignee of the Lease from Union Pacific Railroad Company, Fraye B. Stokes ("Lessee") and Frayezur Properties Limited Partnership, a Texas limited partnership ("Assignee"). The parties wish to enter into this Lease Addendum for purposes of assigning the Lease, extending the lease term and for changing certain requirements for notice under the Lease. In consideration of the mutual benefits to and obligations of the parties hereunder, it is agreed as follows: 1. Lessee hereby assigns the Lease and all of Lessee's interests, rights and obligations therein to Assignee. Assignee hereby assumes all interests, rights and obligations of Lessee in and under the Lease. Lessor, by execution of this Lease Addendum, consents to the assignment of the Lease from Lessee to Assignee. 2. Article 2 of the Lease is amended to read as follows: Article 2. TERM. The term of this Lease shall commence March 10, 2012, and, unless sooner terminated as provided in this Lease, shall extend f r- one year and thereafter shall automatically be extended from year to year terminate on March 31, 2023. 3. Paragraph C of Article 4 concerning the address for insurance notices is hereby deleted. Notwithstanding any other provisions in the Lease, all correspondence, certificates and endorsements related to Lessee's insurance requirements, and any other notices from Lessee to Lessor under the Lease, shall be directed to: City Manager, City of San Marcos, 630 East Hopkins Street, San Marcos, Texas 78666. The City Manager may, by written notice to Lessee, designate other persons to receive or change the address for notice and may provide for alternate means of communication such as e-mail or facsimile transmission. 4. All other terms and conditions of the Lease not amended by this Addendum, including, but not limited to, the provisions of Section 13 of Exhibit B of the Lease, shall remain the same and in full force an effect EXECUTED AND AGREED to be effective as of the date of the approval by the San Marcos City Council on October 18 , 2016. [SIGNATURES ON NEXT PAGE]