Res 2017-128/approving an agreement that grants a Smartcode Warrant allowing the use of Purpose Built Student Housing at 323 Lindsey Street and 410 North Street

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remaining bound by the terms of the Lease; or 2) terminating the Lease with no financial penalty and with full reimbursement to Tenant of all deposits and pre -paid items within 10 days." Before execution of any such lease, Applicant or Applicant's successor or assignee operating the Purpose Built Student Housing allowed by this Agreement shall, first, provide a copy of its form lease to the City for review and written approval consistent with this paragraph. d. Reports. Upon the written request of the City's staff, Applicant or Applicant's successor or assignee shall provide a written report to the City disclosing the residential occupancy rates and parking usage for the Project during the periods specified in the request. e. Parking. The parking ratio for the Project shall be at least 0.85 parking spaces per bedroom. L Subject to Zoning. The Warrant granted by this Agreement is subject to approval of a zoning designation of SmartCode T5 Urban Center District for an approximately .20286 acre portion of the Property addressed at 323 Lindsey Street. 2. Miscellaneous Terms. This Agreement is subject to the following additional terms and provisions. a. Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the matters contemplated herein. b. Amendments. This Agreement may only be amended by written and duly executed instrument approved by the City Council of the City following a public hearing after a review and recommendation by the Planning and Zoning Commission of the City. C. Assignment. This Agreement may be assigned only with the written approval of the San Marcos City Council, except that it may be collaterally assigned to any lender of Applicant in connection with the interim or permanent financing of the Proj ect upon written notice to the City of such assignment. d. Applicable Law and Venue. This Agreement is made, and shall be construed and interpreted under the laws of the State of Texas. Venue for any legal proceedings shall lie in State courts located in Hays County, Texas. Venue for any matters in federal court will be in the United States District Court for the Western District of Texas. f. Severability. In the event any provision of this Agreement is illegal, invalid, or unenforceable under applicable present or future laws, then, and in that event, it is the intention of the parties that the remainder of this Agreement shall not be affected thereby, and it is also the intention of the parties to this Agreement that in lieu of each clause or provision that is found to be illegal, invalid, or unenforceable a provision be added to this Agreement which is legal, valid and enforceable and is as similar in terms as possible to the provision found to be illegal, invalid or unenforceable.