Ord 2020-008/Annexing approximately 62.48 acreas of into the City at the intersection of Gregsons Bend and Commercial Loop

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SECTION 5. Effective as of the Effective Date (as defined below), the inhabitants of the Property are entitled to all the rights and privileges of other citizens of the City, and are bound by the acts, ordinances, resolutions and regulations of the City. SECTION 6. If any word, phrase, clause, sentence, or paragraph of this ordinance is held to be unconstitutional or invalid by a court of competent jurisdiction, the other provisions of this ordinance will continue in force if they can be given effect without the invalid portion. SECTION 7. All ordinances and resolutions or parts of ordinances or resolutions in conflict with this ordinance are repealed. SECTION 8. This ordinance shall be effective only from and after the date (the "Effective Date") that all of the following conditions (the "Conditions") have been satisfied: (i) its passage, approval and adoption on second reading, and (ii) the closing of the purchase of the Property by Pursuant Ventures Development, LLC or its designated assigns from Outlet West Investors, Ltd., as permitted in that certain Purchase and Sale Agreement dated December 2, 2019 by and between Pursuant Ventures Development, LLC and the City. In the event that all the Conditions have not been fully satisfied by April 2, 2021, then this ordinance shall be of no further force or effect. PASSED AND APPROVED on first reading on March 17, 2020. PASSED, APPROVED AND ADOPTED on second reading on April 7, 2020. Attest: Tammy .. Cook Interim City Clerk 25522371v.2 JJa Hug hson Mayor Approved: Michael Cosentino City Attorney