Res 2021-142/approving a Development Agreement with Harris Hill Residential Land Holdings, Ltd., providing for annexation and regulating the development of approximately 379.84 acres of land in the City’s Extraterritorial Jurisdiction generally located

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presented to the City Council by City staff will include an effective date that occurs after the date City Council finally approves zoning consistent with this Agreement but prior to the effective date of such zoning, so that a failure of City Council to vote to finally approve such zoning shall result in a failure of the City to complete annexation of the Property and the immediate revocation of Owner's consent to annexation prior to the effective date of the annexation ordinance. 1.09 Dedication of Land A. Parkland dedication requirements may be satisfied by providing publicly accessible private parkland owned and maintained by a homeowners' association ("HOA") and no additional parkland dedication to the City shall be required. Notwithstanding the foregoing, the Owner shall be allowed to provide other private parkland and amenities that are not publicly accessible, but such private parkland and amenities shall not count towards meeting the City's parkland dedication requirements. Parkland shall not be maintained by the City of San Marcos. The HOA shall be required to own, operate, and maintain the private parkland. The amount and location of such private parkland shall be approved administratively, notwithstanding anything in the SMDC to the contrary. SECTION 2: MISCELLANEOUS PROVISIONS 2.01 Term The term of this Agreement will commence on the Effective Date and continue for fifteen (15) years thereafter ("Initial Term"), unless sooner terminated under this Agreement. After the Initial Term, the Agreement may be extended for another fifteen (15) year period by Owner, with City's approval, by delivering written notice of such election to the City on or before the expiration of the then -current term. Following expiration of the second 15 -year term, the Agreement may be extended for up to three successive five (5) year periods by Owner, with City's approval, by delivering written notice of such election to the City on or before the expiration of the then -current term. 2.02 Enforcement and Default and Remedies for Default The Parties agree that the City shall be entitled to enforce the San Marcos Development Code as it exists on the effective date of this Agreement, as modified by this Agreement. If either Party defaults in its obligations under this Agreement, the other Party must, prior to exercising a remedy available to that Party due to the default, give written notice to the defaulting Party, specifying the nature of the alleged default and the manner in which it can be satisfactorily cured, and extend to the defaulting Party at least thirty (30) days from receipt of the notice to cure the default. If the nature of the default is such that it cannot reasonably be cured within the thirty 7