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First Amendment of Development Agreement Paso Robles This First Amendment of Development Agreement ("Amendment") is made and entered into on August 16, 2011 (the "Effective Date"), by and between the City of San Marcos, Texas, a Texas municipal corporation (the "City") and Carma Paso Robles LLC, a Texas limited liability company ("Carma") to amend the Development Agreement previously entered into by the City and Carma ( collectively referred to as the "Parties") on October 5, 2010. Purpose of this Amendment The Purpose of this amendment is to maintain consistency with a concurrent amendment to the Planned Development District concept plan for the Property to eliminate the proposed Western Arterial roadway in its entirety (all segments) and to eliminate the proposed residential collector on the southeast corner of the Property. NOW, THEREFORE, the City and Carma, in consideration of the foregoing premises, the mutual covenants and agreements of the Parties hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby agree as follows: I. Section 1.06 of the Agreement is amended to read in its entirety as follows: Streets. Except as provided by this Agreement or the Governing Regulations, or as otherwise agreed to in writing by the parties, to the extent that any public streets are built within the Project (hereinafter defined), the Parties agree that such streets shall be built to the City's construction standards in effect on the Submittal Date. Except as may be otherwise agreed to in writing by the Parties, all other streets or driveways shall be constructed in accordance with the Governing Regulations. 2. Exhibit "C" of the Agreement is amended by substituting the attached Exhibit C in place of the original in order to eliminate the previously proposed Western Arterial (all segments) in its entirety and to eliminate the residential collector street previously proposed on the southeast corner of the Property. 3. Exhibit "I" of the Agreement, which contained a detailed depiction of the previously proposed Western Arterial, is deleted. 4. This Amendment shall become effective upon written notice from City to Carma confirming that City has entered into an interlocal agreement with Hays County providing for the County's contribution of tax increment from development of the Property into the tax increment fund. EXECUTED on the dates set forth in the acknowledgements below.