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

Home Browse Search

r City. Any assignment made involving any modification of the terms of the Development Agreement other than those contemplated by this Agreement must receive the prior written consent of the City. 5. City Consent to Assignment Assumption, Modification, and Effective Date of Agreement. City hereby consents to such partial assignment, assumptions, and modifications in conformance with the terms and conditions of the Development Agreement. This Agreement shall be effective upon the full satisfaction of the City's Approval and Closing (the "Effective Date"), and City hereby agrees that, from and after the Effective Date of this Agreement, it shall recognize Assignee as the "Owner" of the Craddock Mixed Use Property for all purposes under the terms of the Development Agreement. 6. Recording. Within fourteen (14) days of the Effective Date, Assignor shall cause this Agreement to be recorded in the Official Public Records of Hays County and a file stamped copy to be delivered to the City and Assignee. 7. Notice Address. If any notice is given by the City to either the Assignor or the Assignee, the City shall also give such notice to the other Party. For purposes of notices under the Development Agreement, the address for Assignee is PO Box 666, San Marcos, TX 78666 with copy to 407 S Stagecoach Trail, Ste 203, San Marcos, Texas 78666, and the address for Assignor is P.O. Box 50324, Austin, Texas 78763, with a copy to Douglas Bender, Esq., 1208 West Avenue, Austin, Texas 78701. Notices to the City shall be sent to: City Manager, City of San Marcos, 630 East Hopkins Street, San Marcos, Texas 78666. 8. Indemnification. Assignor shall indemnify and hold harmless Assignee from any claims, obligations, or liabilities related to the Development Agreement for any actions or events that occurred prior to the Closing. Assignee shall indemnify and hold harmless Assignor from any claims, obligations, or liabilities related to the Development Agreement with respect to the Craddock Mixed Use Property for any actions or events that shall occur after the Closing. Assignor shall indemnify and hold harmless Assignee from any claims, obligations, or liabilities related to the Development Agreement with respect to portions of the Overall Property other than. the Craddock Mixed Use Property for any actions or events that shall occur after the Closing. 9. Assignor's Representations and Warranties. Assignor does hereby represent and warrant to Assignee and City as follows: (a) The Development Agreement is in full force and effect in all respects, and has not been amended or modified (except as specifically contemplated in this Agreement) and has not been terminated; (b) Assignor has performed all of its obligations -under the Development Agreement as of the Effective Date, and no condition, act, or omission that constitutes or would constitute, with notice, the passage of time, or both, a default by Assignor under the Development Agreement has occurred; and (c) Assignor has full power and authority to enter into this Agreement and assign all