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C. Provide for the annexation of the Property and provide for the terms of annexation <br />given that annexation is agreed to by the parties as set forth herein; <br />D. Specify the uses and development of the Property before and after annexation <br />given that annexation is agreed to by the parties as set forth herein, which <br />authorizes the City to modify any of the zoning regulations set forth in the San <br />Marcos Development Code. In connection with such authority, this Agreement will <br />modify the San Marcos Development Code as provided herein to provide for an <br />estimated 1412 single family residential lots and approximately 16.09 acres of <br />multifamily development; and <br />E. Pursuant to Section 2.4.3.1 of the SMDC, to prescribe land uses, environmental <br />standards, development standards, and public facilities standards governing the <br />Property during the term of this Agreement. <br />NOW THEREFORE, in consideration of the foregoing, the mutual covenants and <br />agreements of the Parties in this Agreement, and other good and valuable consideration, <br />the receipt and sufficiency of which are hereby acknowledged the Parties- agree as <br />follows: <br />SECTION 1: GENERAL TERMS AND CONDITIONS <br />1.01 Conceptual Land Use Plan <br />The City hereby approves the general use and development of the Property in <br />accordance with the Conceptual Land Use Plan, which is incorporated herein as <br />Exhibit "B". The Conceptual Land Use Plan shall constitute the land use plan under <br />Section 2.4.3.3 of the San Marcos Development Code ("SMDC"). The Conceptual <br />Land Use Plan may be amended from time to time in accordance with the processes <br />and procedures outlined in Section 2.4.3.7.0 of the SMDC or as stated in Section <br />2.04 below. Development applications for the Property shall be consistent with the <br />Conceptual Land Use Plan. <br />1.02 Proposed Schedule of Development and Phasing <br />Pursuant to Section 212.172(b)(7) and (8) of the Texas Local Government Code, <br />the Owner and the City have agreed upon annexation and have agreed to specify <br />the terms of annexation and the uses and development allowed after such <br />annexation. Owner shall submit applications for annexation and zoning of the entire <br />Property within 90 days of the effective date of this agreement. Upon submittal of <br />such applications, and in accordance with state law and the San Marcos <br />Development Code, the City shall promptly schedule any and all required public <br />2 <br />