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Clerk's Note: At the time of recordation this
<br />instrument was found to be inadequate for the best
<br />reproduction, because of illegibility, carbon of
<br />photocopy, discolored paper, etc. All blackouts,
<br />additions and changes were present at the time the
<br />instrument was filed.
<br />19040949 AGREEMENT Total Pages: 13
<br />Filed and Recorded: 11/07/2019 11:21:44 AM
<br />DEVELOPMENT AGREEMENT PARTIAL ASSIGNMENT, ASSUMPTION,
<br />MODIFICATION, AND CITY CONSENT AGREEMENT
<br />This Development Agreement Partial Assignment, Assumption, Modification, and City Consent
<br />Agreement ("Agreement") is entered into by and among Craddock Avenue Partners LLC
<br />("Assignor"), Carson Diversified Land, LP ("Assignee"), and the City of San Marcos ("City"),
<br />with reference to the following recitals of fact and intention:
<br />A. Assignor and City have executed that certain Development Agreement regarding the Buie
<br />iq Tract Property dated November 24, 2009 and recorded in Volume 3914, Page 871 of the Official
<br />Public Records of Hays County, Texas, (the "Original Agreement"), concerning certain real
<br />property located in the City of San Marcos, County of Hays, State of Texas as fiurther described
<br />.a on Exhibit "A" to the Development Agreement (the "Overall Property"), as such Original
<br />'E Agreement was approved by the City pursuant to Resolution No. 2009-166R dated December 1,
<br />2009 (the "Resolution") and as corrected by the Correction to Recorded.,Development Agreement
<br />dated October 26, 2012, recorded on November 7, 2012 in the Official Public Records of Hays
<br />County as Document Number 1203224 (the "Correction"). Said Development Agreement was
<br />partially assigned and modified under terms of a Partial Assignment, Assumption and City Consent
<br />Agreement approved by the City by Resolution No. 2013-79R (the "Fust Assignment"). The
<br />Correction, the Original Agreement, Resolution and First Assignment are, collectively, the
<br />"Development Agreement".
<br />B. Assignee is under contract to purchase from Assignor a portion of the Overall Property as
<br />fiuther described on Exhibit "A" attached hereto (referred to herein as the "Craddock Mixed Use
<br />Property" and previously referred to in the Original Agreement as "Phase 1 MU"). As a condition
<br />to Ass'ignee's purchase of the Craddock Mixed Use Property, Assignor desires to assign all of its
<br />right, title and interest under the Development Agreement with respect to the Craddock Mixed Use
<br />Property to Assignee, and Assignee desires to assume all of Assignor's obligations under the
<br />Development Agreement with respect to the Craddock Mixed Use Property, and City desires to
<br />consent to such assignment and assumption, upon the terms that follow.
<br />C. City, Assignor, and Assignee (referred to herein individually as a "Party" and collectively
<br />as the "Parties") also wish to make certain minor modifications to the terms of the Development
<br />Agreement to clarify the current intent of the Parties.
<br />AGREEMENT
<br />Now, therefore, for good and valuable consideration, the receipt and sufficiency of which are
<br />hereby acknowledged, the patties agree as follows:
<br />1. Assignment of Rights. Effective upon closing of the sale of the Craddock Mixed Use
<br />Property from Assignor to Assignee (the "Closing"), and only if the Closing occurs, Assignor
<br />hereby assigns to Assignee all of its right, title and interest in, to and under the Development
<br />Agreement with respect to the Craddock Mixed Use Property. Assignor hereby represents and
<br />warrants that Assignor is not currently in default under the Development Agreement.
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