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<br />118 <br /> <br />PROPERTY EXCHANGE AGREEMENT <br />BETWEEN THE CITY OF SAN MARCOS, <br />LEGEND COMMUNITIES, INC. <br />AND MIL TON DANIEL BUIE PROPERTIES PARTNERSHIP <br /> <br />This agreement (the "Agreement") pertains to an exchange of properties between the City of San <br />Marcos, Texas (the "City"), a Texas municipal corporation, 630 E. Hopkins Street, San Marcos, TX <br />78666, Legend Communities, Inc. d/b/a SDC Austin Communities (the "Developer"), a Texas <br />corporation, 515 Capital of Texas Highway South, Suite 245, Austin, TX 78746, and the Milton <br />Daniel Buie Properties Partnership ("Buie"), a Texas general partnership, c/o David Buie, 1402 W. <br />Hopkins Street, San Marcos, TX 78666. <br /> <br />RECITALS <br /> <br />1. The City and the Developer have entered into a development incentive agreement dated January <br />12, 1999, as amended by Amendment No.1 dated September 14, 1999, regarding the Developer's <br />proposal for a subdivision (the "Subdivision") on a 44.93 acre tract of property near the intersection <br />of Bishop Street and Franklin Street in San Marcos, Texas. That agreement called for the Developer <br />and the City to participate jointly in the realignment of Bishop Street (the "Realignment") near the <br />entrance to the Subdivision. <br /> <br />2. The Develope~.owns the tract of property described as Tract 2 on the attached Exhibit A, which <br />provides access to the Subdivision from Bishop Street. Buie owns the tract of property described <br />as Tract 1 on the attached Exhibit A, and the tract of property described as Tract A on the attached <br />Exhibit B. The City owns the tract of property described as Tract B on the attached Exhibit B. <br /> <br />3. To facilitate construction of the Subdivision and provide for the Realignment, the Developer <br />wishes to exchange Tract 2 with Buie for Tract 1 and Tract A. Upon the Developer's completion <br />of the Realignment, the Developer wishes to dedicate and convey Tract 1 and Tract A to the City, <br />and the City wishes to abandon the existing roadway in Tract B and convey it to Buie. <br /> <br />4. The Developer wishes to pay to Buie the net difference in value between the properties being <br />conveyed by Buie and the properties being acquired by Buie. <br /> <br />Section 1. Property Exchange Between Developer and Buie <br /> <br />A. Within 30 da~i 1fter the effective date of this Agreement, and coincident with the recording of <br />the final plat of the Subdivision, the Developer will convey Tract 2 to Buie by warranty deed, and <br />Buie will convey Tract 1 and Tract A to the Developer by warranty deed. <br /> <br />B. At the time of the closing on the conveyances, the Developer will pay to Buie the difference in <br />value between Tract 2, which the Developer is conveying, and Tract 1 and Tract A, which the <br />Developer is acquiring in connection with construction of the Subdivision. This difference in value, <br />together with the value of Tract B to be conveyed by the City to Buie, will be determined by <br />agreement by the Developer and Buie, or if no agreement is reached, the values will be determined <br />C:\Corel\WPDOCS\CONTRACT\property exchange K.doc 1 <br />