Res 2001-081 - Laserfiche WebLink

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that it will not terminate Tanger's permit as long as Tanger is in compliance \\ith City requirements. The covenants by the City shall survive Closing. 8. Tanger agrees at Closing to pay Lowman 575,000.00 in full settlement of all claims that Lowman has or could assert in the above-referenced proceeding. 9, As to the 30 foot Drainage Easement, the City agrees to release the easement and accept the dedication of a substitute temporary drainage easement meeting City requirements, 'With a condition subsequent for the City's relinquishment of the easement upon completion of an alternative drainage system within the Lov.man property in accordance Vvith plans approved by the City's engineering staff. Tanger does not waive or release any rights it has or may have under Texas law with respect to drainage of water from Lowman's property. 10. The City \\ill accept the donation of the 4.904 acre tract that is described in Exhibit "F" hereto and incorporated by reference herein (subject to the roadway crossing the park area), dedicate the area as a public park, and credit this donation towards parkland dedication requirements for any property of the Lo\\'man Ranch, Ltd., or LOVvman Pasturelands, Ltd., or their assigns, that is described in Exhibit "D" attached hereto and incorporated by reference herein. The total area of any roadway that Lo\\'man causes to be built 'Will be deducted from the total area of the park tract for the purpose of determining the credit for parkland dedication. LOVvman Vvi11 provide input to the City on the initial park desi~ and the park 1,\111 be named LO\VIDan Park; prOvided, however, that if the City does not accept the obligation to name the park Lo\Vman Park when this agreement is approved, that shall not affect the enforceability of the remainder of this agreement. This covenant shall survive Closing. 'l -'