Res 2019-185/approving a Partial Assignment of a Development Agreement from Craddock Avenue Partners, L.L.C. to Carson Diversified Land, L.P. for an approximately 10 acre undeveloped portion of the Buie Tract located along Craddock Avenue at Bishop Stree

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2. Assumption of Responsibilities. Effective upon the Closing, and only if the Closing occurs, Assignee assumes and agrees to be bound by and liable for all of the covenants, warranties, representations and agreements to be observed or performed under the Development Agreement with respect to the Craddock Mixed Use Property from and after the Closing, with the same effect as though Assignee was the original and named developer under the Development Agreement with respect to the Craddock Mixed Use Property. Assignee acknowledges receipt of a copy of the Development Agreement previously provided to Assignee, and Assignee has read and fully understands the Development Agreement. 3. Rights and Responsibilities as to Overall Property. Assignee has no liability whatsoever for performance of Assignor's covenants, warranties, representations and agreements to be observed or performed by the Assignor, if any, under the Development Agreement with respect to portions of the Overall Property other than the Craddock Mixed Use Property, whether required to be performed before or after the Closing. Assignor has no liability whatsoever for performance of Assignee's covenants, warranties, representations and agreements to be observed or performed by the Assignee under the Development Agreement with respect to the Craddock Mixed Use Property after the Closing. Prior to closing, Assignee has no liability whatsoever for performance of Assignor's covenants, warranties, representations and agreements to be observed or performed by the Assignor under the Development Agreement with respect to the Craddock Mixed Use Property. 4. Modifications. Upon the Effective Date (as hereinafter defined) the following modifications shall be made to the Development Agreement: (a) Buildings Along Craddock. Subsection B.1 of the Original Agreement shall be deleted in full and replaced with the following: Buildings in the Phase 1 MU tract must include, in the aggregate, at least 5,000 square feet of retail/office space. be broia ht to the street edge „� r,..,,a,aeek St -Feet and ntai greend floo . i!etail .. e (flee, Future platted lots within in the Phase 1 MU tract abutting Craddock Street must include a principal building brought to the street edge of Craddock Street, said street to include any public easement grants to which the applicable lot is subservient., (b) Future Assignments. Notwithstanding anything in subsection D.8 of the Original Agreement to the contrary, Assignee and its successors -in -interest may further assign the rights under the Development Agreement and this Agreement without further consent by Assignor or the City, provided that: (i) no modifications of the terms of the Development Agreement are made; (ii) such further assignment is done in conjunction with, and effective only upon the closing of, a transfer of ownership of all, or a fully platted portion of, the Craddock Mixed Use Property; (iii) the City is given written notice and a copy of the proposed assignment document no less than fourteen (14) days prior to said closing; and (iv) the assignment instrument is recorded in the Official Public Records of Hays County and a file stamped copy is delivered to the City within fourteen (14) days of recordation. Any assignment made in violation of the aforementioned terms may be voidable by the