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<br />Larry Lee <br />October 13, 2003 <br />Page 2 <br /> <br />5. This license constitutes the entire agreement between the City and Fairfield on <br />this subject, and it may be amended only by written instrument executed by both parties. The <br />term "will" is mandatory in this agreement. <br /> <br />6. Upon sale or transfer by Fairfield (or any subsequent owner) of The Exchange at <br />San Marcos project: (a) Fairfield (or such subsequent owner) will have no further obligations <br />hereunder; (b) the then owner of The Exchange at San Marcos project will be responsible for all <br />obligations of Fairfield hereunder; and (c) Fairfield or such subsequent owner of The Exchange <br />at San Marcos project shall provide written notice of such transfer to the City. <br /> <br />Please execute both originals of this agreement. and return one fully executed copy to me, <br />retaining the other for your files. <br /> <br />Sincerely, <br /> <br />Ù~J~ <br /> <br />Dan O'Leary <br />City Manager <br /> <br />Agreed to and accepted: Fairfield San Marcos Exchange II, Ltd., a Texas limited <br />partnership: <br /> <br />By: <br /> <br />FF Studentco, LLC, a Delaware limited liability company, General Partner <br /> <br />By: <br /> <br />Studentco LLC, a Delaware limited liability company, Managing Member <br /> <br />4.~ <br />Glenn D. Jones, Vi President <br /> <br />By: <br /> <br />11- ZO - 03 <br /> <br />Date <br />