Res 2018-201/approving a Real Estate sales contract with Life Style Development, L.L.C. for the sale of approximately 29 acres of city land commonly known as the “Leah” Tract near IH-35 and Cottonwood Parkway for a price of $3,114,317.15

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transaction. Rernedies for violations Of this pr0ViSi0I1 are limited to injunctions and no damages or rescission may be sought or recovered as a result of any such violations, 14. No fflahei- Notwithstanding any other provisions in this contract, the parties agree that this contract is not a contract for providing goods or services to a local governmental entity and Seller does not waive any limitations on liability or irurnUnity firom suit granted under applicable laws or the Constitution of the state of'"Fexas, 15. Binding],.'f PV. This contract binds, benefits, and may be enforced by the pat -ties and their respective heirs, successors, and permitted assigns. N. Special Provisions I ComlVelion of'Roaclway hn1wovements. On or before the date oil which the first permit is issued for the installation or construction of any improvements on Tract 1, Buyer shall post security for completion of public street and right-of-way Improvements for the extension of the 0.99 aerc, 70 foot wide portion of Leah Avenue, identified in Exhibit A and in accordance with the requirements of Chapter 1, Article 6, Division 6 of the City of San Marcos Land Development Code. Buyer, however, may replat Tract I at its sole expense. If such replat is approved without a requirement to build said 52 foot wide right-of-way, then Buyer shall be relieved of the requirement under this paragraph to build improvements for such 52 foot wide right-of-way. On or before the date on which the first permit is issued for the installation or construction of any improvements on Tract 2, Buyer shall post security for completion of public street and right -o F - way improvernents for the extension of the 0.99 acre, 70 foot wide portion of Leah Avenue, identified in Exhibit A and in accordance with the requirements of Chapter 1, Article 6, Division 6 of the City of San Marcos Land Development Code. No certificates of occupancy, including temporary certificates of occupancy, shall be authorized or issued for any improvements as to each Tract until the associated roadway improvements for cacti Tract has been cornpleted and accepted by the City of San Marcos. Buyer shall COIIStrUct all such public street and right-of-way Improvements in accordance with applicable City of San Marcos ordinances and specifications. The requirements of this paragraph shall survive and be enforceable after closing. 2. Zoning Ajy)i-oval, During the Inspection Period, Seller agrees to request or authorize Buyer to request amendments to the Preferred Scenario Map of the Comprehensive Plan and Of Zoning Map of the City of San Marcos if such an amendment is necessary to allow Buyer's proposed use Of the Property. Seller, however, makes no representations regarding the likelihood that any such request will be approved. If an appropriate preferre(] seenario map or zoning designation that allows for Buyer',, proposcd use is not approved during the Inspection Period, Buyer may terminate this contract, 'I'lie Inspection Period will be extended by the amount of time necessary to allow the San Marcos City Council to finally act on the Preferred scenario map and zoning requests. 3. No Tax-E',yenij)l )'w7.)oses. Buyer agrees that it shall not use the Property for any purposes that result In the Property being exci-ript from the assessment and payment of ad valorem property taxes applicable to both real and personal property. Accordingly, BUYCI- agFCCS that the special warranty deed from. Seller shall contain a restrictive covenant that provides as follows: