Ord 2022-005/Granting the Consent of the city of San Marcos to the creation of Hays County Municipal Utility District No. 8 including approx 567.663 Acreas vicinity of old Bastrop Hwy. Between Redwood Rd and San Marcos River.

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3.05. Property taxation during limited purpose annexation. The District and the City agree that upon and after the effective date of this Agreement, the District may continue to levy and collect its property tax on all assessed valuation within the District boundaries and the City shall not levy and collect ad valorem taxes on property in the District until the time the City elects to annex the land within the District for full purposes. ARTICLE 4 DEFAULT, NOTICE AND REMEDIES 4.01. Default; notice. A breach of any material provision of this Agreement after notice and an opportunity to cure shall constitute a default. The non -breaching party shall notify the breaching party of an alleged breach, which notice shall specify the alleged breach with reasonable particularity. If the breaching party fails to cure the breach within a reasonable time not sooner than 30 days after receipt of such notice (or such longer period of time as the non -breaching party may specify in such notice), the non -breaching party may declare a default hereunder and exercise the remedies provided in this Agreement in the event of default. 4.02. Remedies. In the event of a default hereunder, the remedies of the non - defaulting party shall be limited to either or both of the following: a. Monetary damages for actual losses incurred by the non -defaulting party if such recovery of monetary damages would otherwise be available under existing law and the defaulting party is not otherwise immune from paying such damages; and b. Injunctive relief specifying the actions to be taken by the defaulting party to cure the default or otherwise comply with its obligations hereunder. Injunctive relief shall be directed solely to the default and shall not address or include any activity or actions not directly related to the default. ARTICLE 5 MISCELLANEOUS 5.01. Beneficiaries. This Agreement shall bind and inure to the benefit of the parties, their successors and assigns. This Agreement shall be recorded with the County Clerk in the Official Public Records of Hays County and shall bind and benefit each owner and each future owner of land included within the District's boundaries in accordance with Tex. Local Gov't Code, Section 43.0751(c). In the event of amlexation of the District by the City, the Developer shall be considered a third -party beneficiary of this Agreement. -6- 9609134