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Section 2.11. The "Term" of this Agreement shall commence on the date this Agreement <br />is executed by all Parties and shall continue for a period of five years from the Effective Date <br />unless sooner terminated under Section 5.03. However, the Term of this Agreement shall be <br />continued for the limited purpose of Developers making the Incentive Repayment if one is required <br />under Section 5.03. <br />ARTICLE 111 <br />PRELIMINARY MATTERS <br />Section 3.01. Subject to Approvals. The provision of the Electric Service is dependent <br />upon the construction by the City of a I38kV electric substation on an approximately 2.4 acre tract <br />as identified in Exhibit A. The substation is subject to the approval of both the Electric Reliability <br />Council of Texas ("ERCOT") and the Lower Colorado River Authority ("LCRA"). The City shall <br />be responsible for processing all necessary requests to ERCOT and LCRA for such approvals. If <br />the City's requests approvals of the substation are not approved by both ERCOT and LCRA, this <br />Agreement shall terminate effective as of the date of the first denial. Notwithstanding the foregoing, <br />UMC shall pay for costs of electric utility line extensions to the City's Redwood Road or McCarty <br />Lane substations, together as with the City's costs to provide the service to UMC, i.e., prorated <br />amounts of any substation transformers, expansions, etc., and such payment obligation will survive <br />termination of this Agreement. <br />Section 3.02. Easements and Dedication of Land. The extension of electric utility <br />service by the City to the Land will require Developers, at no cost to the City, to grant to the City <br />electric utility and drainage easements across portions of the Land, and to convey to the City, in <br />fee simple, approximately 2.4 acres of land for a 138 kV electric substation. <br />a. Easements. The required easements shall be generally located in the areas <br />