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84/22/2884 13:48 5124821918 <br /> <br />SCHRAM <br /> <br /> PAGE 82 <br /> <br />133, <br /> <br />April 27, 2004 <br /> <br />Bill Hale <br />Carper-Carma Properties No. 1, Ltd. <br />do/Carper-Canna Prol:~l'i~ No, 1 Management LLC <br />P.O. Box 341299 <br />Austin, TX 78734 <br /> <br />Re: Notch IH-35 Wastewater Improvements Project <br /> <br />Dear Mr. Hale: <br /> <br />This letter, upon countersignature below, will be an agreement between the City of San Marcos (the <br />"City") and Carper-Carina Propeaies No. 1, Ltd. ("Carper-Carina") related to funding for the <br />construction of thc North II-I-35 Wastewater Improvements Project (the "Project"). The City and <br />Carper-Carina are parties to a separate Amended and Restated Wastewater Utility Improvement <br />Agreement (the "Wastewater Agreement"). Paragraph 1.6.A.2 of the Wastewater Agreement calls <br />for Carper-Carina and Bennett Realty Group ("Bennett") to make a contribution to funding for <br />construction of the Phase 1 Project, The total of the contribution to be .made by Carper-Carrna and <br />Bennett is $687,908.53 (the "Contribution Amount"). Carper-Canna is willing to contribute the <br />Contribution Amount towards the Phase 1 Project subject to thc right of r¢imburse.men.t fi.om the <br />City described in this agreement. <br /> <br />In consideration of the mutual covenants stated in this agreement, the City and Carper-Carina agree <br />as follows: <br /> <br />1. Carper-Carma will pay the Contribution Amount to the project manager for the Phase 1 Project <br /> no later than April 30, 2004. <br />2. Carper-Canna will detem-dne, no later than July 30, 2004, whether to remain a party (alongwith <br /> Bennett) to the Wastewater Agreement, or to withdraw as a party on behalf of itself and Bennett <br /> in accordance with paragraph 1.8,A. 1 of thc Wastewatcr Agreement. If Carper-Carina decides <br /> to withdraw on behalf of itself and Bennett from thc Wastewater Agreement, Carper-Canna <br /> will provide writtcn notice to all partics to thc Wastcwater Agreement no later than. July 30, <br /> 2004. <br />3. If the City rtw,~ives a notice from Carper-Camm of its decision to withdraw on behalf of itself <br /> and Bennett from the Wastewater Agreement, the City will pay the Contribution Amount to <br /> Carper-Carina within 30 days of receipt of the notice. <br />4. Thc City and Carper-Carma acknowledge and agree that ifCarper-Carma decides to withdraw <br /> <br /> <br />