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AGREEMENT GRANTING A WARRANT FOR THE <br />USE OF PURPOSE BUILT STUDENT HOUSING <br />Pursuant to Section 1.5.2 of the San Marcos SmartCode, Subpart C of the San Marcos Code of <br />Ordinances, this Agreement Granting a Warrant for the Use of Purpose Built Student Housing (the <br />"Agreement") is entered into by and between 417 N. Comanche Partners, L.L.C. and the City of <br />San Marcos, Texas (the "City"). <br />Date: August 15, 2017 <br />Case No.: SCW-17-02 <br />Project: Multi -story student oriented residential development located on the <br />Property. <br />Project Address: 323 Lindsey Street and 410 North Street <br />Property: As shown in Exhibit A, attached hereto and made a part hereof for all <br />purposes. <br />Applicant: 417 N. Comanche Partners, L.L.C., 4801 Spicewood Springs Road, Suite <br />100, Austin, Texas 78759 <br />City: City of San Marcos, Texas, a home rule municipal corporation, 630 East <br />Hopkins, San Marcos, Hays County, Texas 78666 <br />1. Warrant Approved: The City hereby grants a Warrant under Section 1.5.2 of the San <br />Marcos SmartCode, Subpart C of the San Marcos Code of Ordinances, to allow the use of Purpose. <br />Built Student Housing on the Property, subject to the following: <br />a. Compliance with Laws. The Project shall be constructed in accordance with <br />applicable building codes, zoning ordinances, including all multifamily residential design <br />standards, and laws. <br />b. Consistency with Proposed Plans. All buildings, structures and improvements <br />related to the Project shall be completed in substantial conformance with the plans and <br />visual representations presented to the City Council as shown in Exhibit `B," attached <br />hereto and made a part hereof. <br />C. Student Leases. Any residential dwelling lease that is executed and effective <br />before the issuance of a certificate of occupancy by the City enabling the tenant to occupy <br />the premises shall include a late delivery provision providing as follows: <br />"In the event the Leased Premises are unavailable for occupancy on or <br />before the commencement date of this Lease, Landlord shall offer Tenant <br />the choice of. 1) accepting temporary safe, decent, and sanitary housing, <br />provided by Landlord, at an alternate location within the City of San <br />Marcos, or within a seven mile radius of the Leased Premises, with Tenant <br />