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125. ADVERTISING PROGRAM AGREEMENT This agreement (the "Agreement"} is being entered into on this 12th day of February, 2002, effective October 1, 2001, between the City of San Marcos (the "City"),Tanger Properties Limited Partnership ("Tanger"), and San Marcos Factory Stores, Ltd. ("Prime"). RECIT ALS WHEREAS, Tanger is the owner and operator of the Tanger Factory Outlet Center in San Marcos, Texas (the "Tanger Outlet Center"). Prime is the owner and operator of Prime Outlets at San Marcos in San Marcos, Texas (the "Prime Outlets"). The City derives significant revenues from retail business and tourism activity in the City. Tanger, in collaboration with the City and Prime, will develop and implement a cooperative marketing program (the "Co-op"); and WHEREAS, in order to ensure the continued success of the San Marcos outlet mall area, and to enhance revenue to the City from retail business and tourism activity, Tanger will facilitate a joint advertising program; the program will be the result of the combined efforts, resources and input of the 3 participants involved in the Co-op. NOW THEREFORE, in consideration of the mutual promises and covenants contained herein and good and valuable consideration, receipt of which is hereby acknowledged, the parties agree as follows: 1. The City agrees to contribute to Tanger $50,000 (including Prime's contribution of $25,000 to the City), and Prime agrees to contribute $25,000 to the City, towards advertising costs incurred by Tanger under this Agreement during the period of time from the date of this Agreement through September 30, 2002. Tanger agrees to use these funds with its best professional efforts for the implementation of an advertising program to promote retail business and tourism activity in the City generally, at attractions in the area of the City, and at the Tanger and Prime outlet malls. 2. Tanger will facilitate an advertising program, developed in collaboration with the City of San Marcos and Prime (the "Program") towards which City funds and Prime funds are to be contributed, in coordination with the City Manager, the San Marcos Convention and Visitors Bureau (the "CVB"), and the marketing department of Prime. The Program will include a preliminary advertisement/promotion concept, media schedule and advertising plan for the period from the date of this Agreement through September 30, 2002. Once initial development of the Program is complete, Tanger will prepare a proposal and provide a copy to the City Manager, to the CVB Director at 202 C.M. Allen Parkway, San Marcos, TX, 78666, and to Prime at 3939 South IH-35, Suite 900, San Marcos, TX 78666. The City and the CVB shall provide comments on the Program through the City Manager, and Prime will provide its comments on the Program to Tanger. The City and Prime will have ten business days after receiving the Program to provide Tanger with changes or objections to the Program, after which all matters not changed or objected to will be deemed approved by the City and Prime. Once the C:\TEMP\Tanger-Prime ad K 2002-revised.doc 1