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MEMORANDUM OF AGREEMENT <br />THE STATE OF TEXAS <br />HAYS AND CALDWELL COUNTIES <br />THIS MEMORANDUM OF AGREEMENT is executed for the purpose of evidencing, of record, the <br />existence of that certain Cotton Center Development Agreement dated effective as of D bj 2016 <br />(the "Agreement"), by and among the City of San Marcos, Texas, a Texas home rule city (the "City") and <br />Walton Texas, LP, a Texas limited partnership (herein referenced as "Walton"). Walton is an owner of <br />that certain real property located in Caldwell County, Texas, as described on Exhibit A ("Cotton Center"). <br />The Agreement provides for, among other things, certain restrictions and commitments imposed and made <br />in connection with the development of Cotton Center. In addition, the Agreement establishes, defines, <br />protects and clarifies, among other things, certain development rights, entitlements, land uses, intensity, <br />and other physical aspects of Cotton Center. <br />NOTICE TO BUYERS: ANNEXATION OF ALL OR A PORTION OF COTTON CENTER BY THE <br />CITY IS CONTEMPLATED. BY ACCEPTING A DEED TO ALL OR A PORTION OF COTTON <br />CENTER, EACH FUTURE OWNER OF PROPERTY WITHIN COTTON CENTER GRANTS ITS <br />CONSENT TO SUCH ANNEXATION. <br />The rights, obligations and benefits established pursuant to the Agreement shall run with the land <br />comprising Cotton Center and shall be binding upon all future owners of property in Cotton Center. This <br />instrument is executed solely for the purpose of (i) recording notice of the Agreement in the Official Public <br />Records of Caldwell County, Texas, (ii) providing notice to future owners of property in Cotton Center that <br />land uses and development intensities are flexible and may change within Cotton Center without notice, <br />and (iii) providing notice to future owners of property in Cotton Center that annexation of all or a portion <br />of Cotton Center by the City is contemplated and that by accepting a deed to property in Cotton Center they <br />are consenting to such annexation. This instrument does not alter, amend or modify the Agreement. A <br />copy of the Agreement may be obtained from either Walton or the City. <br />CITY: CITY OF, SAN_MARCOS, a Texas home rule city <br />W <br />Title: hs ST E <br />Date: 1) ,1'1- <br />