Res 2004-184 - Laserfiche WebLink

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I I I As the Conference Center and the Hotel would be contiguous, any definitive agreements would include appropriate reciprocal easement and operating agreements pertaining to the Project Site, which agreements would address maintenance standards for the Hotel, shared parking arrangements (if applicable) and cross-access easements, and such other matters as may be applicable. VI. Non-Binding. This Memorandum is entered into solely for the purpose of providing a framework for negotiation. The execution and delivery hereof by Hammons or by the City, or any negotiations concerning this Memorandum or any possible agreements, shall not, and does not, create any contractual rights or obligations in favor of either party vis-a.-vis the other, nor shall the submission or acceptance of this Memorandum constitute any offer by either party to enter into any transaction with the other or bind either party to pursue a transaction with the other concerning the Project. Neither party hereto shall have any obligations one unto the other concerning the Project or any other matter until such time as definitive agreements are fully negotiated, drafted, executed and delivered by and between them. Furthermore, either party may, at any time prior to the execution and delivery of the definitive agreements, abandon discussions concerning the Project without liability, it being acknowledged that neither party has any obligation to the other to engage in or continue any negotiations regarding the Project. The terms ofthis paragraph are binding on City and Hammons. IN WITNESS WHEREOF, the parties hereto have caused this Memorandum to be executed by their duly authorized officers as of the date first written above. CITY: CITY OF SAN MARCOS, TEXAS By: Name: Dan Title: Ci t HAMMONS: Trustee of the John Q. Trust dated December 28, 6 693114 13