Res 2020-187/approving the First Amendment to Purchase and Sale Agreement with Pursuant Ventures Development, LLC relating to the development of a new multi-use Sportsplex Facility in the vicinity of Centrepoint Road and IH-35 South to revise the descrip

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FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT This First Amendment to Purchase and Sale Agreement (this "Amendment") is made and entered into effective as of the 1st day of September, 2020, by and between PURSUANT VENTURES DEVELOPMENT, LLC, a Texas limited liability company ("Seller"), and THE CITY OF SAN MARCOS, a home -rule municipality ("City"). WITNESSETH: WHEREAS, Seller and the City heretofore entered into that certain Purchase and Sale Agreement (the "Contract") dated effective as of December 2, 2019, pursuant to the terms of which Seller agreed to sell and the City agreed to buy the Sportsplex Property, as more particularly described therein; and WHEREAS, Seller and the City now desire to amend the Contract as more particularly described below. NOW, THEREFORE, for and in consideration of the promises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and the City hereby agree as follows: AGREEMENTS: Master Site. The definition of "Master Site" in Section 2 of the Contract is hereby deleted in its entirety and replaced with the following: " "Master Site" means that certain real property containing approximately 70.894 acres of land, such land being a portion of a 109.22 acre tract of land out of the Edward Burleson Survey, No. 18, Abstract No. 63, Hays County, Texas; which Master Site includes the land described in Exhibit A hereto, including a portion of Cottonwood Creek, along with any land occupied by the streets to be constructed as part of the Public Improvements (including Transportation Way and Cormnercial Loop) and the existing detention pond, as such land is further described and shown on Exhibit A attached hereto, and which land Seller is currently under contract to purchase in accordance with the Underlying Contract." 2. Escrowed Funds. The following is hereby added to Section 11 of the Contract as a new subsection h.: "h. Disbursement of Escrowed Funds. Pursuant to the terms of the Underlying Contract, in the event Seller fails to timely commence, pursue, or complete construction of such Public Improvements in accordance with the terms of the Underlying Contract, then the City and Seller hereby acknowledge and agree that (i) following such failure, Outlet West