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Article II. <br /> Project, Consideration, Term and Termination <br /> 2.01. Project. The Property is proposed for development as a single-family and mixed-use <br /> commercial subdivision(the"Project"). <br /> 2.02. Consideration. The Parties enter this Agreement for the mutual consideration received, <br /> the sufficiency of which is acknowledged, including the following: <br /> a. Dismissal of the Complaint with prejudice by Owner concurrently with the execution <br /> of this Agreement; and <br /> b. The Agreement of the City to serve the Property with water and wastewater utilities <br /> under the terms and conditions established in State and local laws and regulations <br /> governing City of San Marcos utility services provided to customers inside its CCN. <br /> 2.03. Term of Agreement; Termination. The term of this Agreement shall be 45 years from <br /> the Effective Date Upon the expiration of this Agreement any and all rights pursuant to this <br /> Agreement shall expire. <br /> Article III. <br /> Annexation <br /> 3.01. Recognition of ETJ Removal. The City acknowledges removal of the Property from the <br /> City's ETJ by approved Release of ETJ(RETJ-23-54)as being in accordance with Section 42.101 <br /> of the Texas Local Government Code. Except as otherwise provided herein and notwithstanding <br /> the outcome of any legal challenge to Section 42.101 of the Texas Local Government Code, the <br /> City will continue to recognize and honor the removal of the Property from the ETJ. <br /> 3.02. Annexation and Dissolution. The City agrees not to annex the Property into its <br /> extraterritorial jurisdiction ("ETJ") or its corporate limits or to dissolve the District, in whole or <br /> in part for a period of forty (40)years from the Effective Date, at which time the City may annex <br /> the Property. <br /> 3.03 Owner's Consent to Future Annexation. On behalf of itself and all future owners of the <br /> Property, Owner consents to the future annexation of the Property into the ETJ and corporate city <br /> limits of the City without the necessity of any future act or consent on behalf of the Owner or <br /> future owners of the Property. This Section 3.03 of the Agreement shall be binding on Owner, its <br /> successors and assigns and all future owners of the Property,regardless of division of the Property <br /> into lots or parts. <br /> SETTLEMENT AGREEMENT PAGE 2 <br />