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<br />SECOND AMENDMENT <br />TO <br />MASTER DEVELOPMENT AGREEMENT <br /> <br />This Second Amendment to Master Development Agreement (hereinafter referred to as <br />the "Amendment") is executed and entered into this ~ day of October, 2006, to be effective <br />October 3, 2006, by and between The City of San Marcos, Texas, a Texas municipal corporation <br />(the "City"), JQH-San Marcos Development, LLC, a Missouri limited liability company <br />("JQH"), and John Q. Hammons, Trustee of The Revocable Trust of John Q. Hammons, Dated <br />December 28, 1989, as amended and restated ("Guarantor"). <br /> <br />R E C I TAL S: <br /> <br />The following Recitals form the basis of, and are, therefore, made a part of, this <br />Amendment: <br /> <br />(a) City and JQH previously entered into that one certain Master <br />Development Agreement dated effective as of March 6, 2006, as amended by that certain <br />First Amendment to Master Development Agreement dated effective September 14, 2006 <br />(the "Development Agreement"); and <br /> <br />(b) City, JQH and Guarantor agree to amend and modify the Development <br />Agreement as set forth below. <br /> <br />NOW, THEREFORE, for and in consideration of the premises and mutual covenants set <br />forth herein, and other good and valuable consideration, the receipt and sufficiency of which are <br />hereby acknowledged and confessed, JQH, Guarantor and City hereby covenant and agree as <br />follows: <br /> <br />I. Amendments to the Development Agreement <br /> <br />1.1 Section 1.3 of the Development Agreement is hereby deleted in its entirety and in <br />its place the following is added. <br /> <br />"1.3 Term. This Agreement shall commence on the Effective Date and <br />shall continue for a term (the "Term") lasting through September 30, 2031, unless <br />earlier terminated in accordance with the terms hereof." <br /> <br />1.2 Article III, Section 3.5 is hereby amended in its entirety to read as follows: <br /> <br />"3.5 Hotel Construction. JQH shall, subject to events of "Force <br />Majeure", cause Commencement of Construction of the Hotel to occur on the <br />Hotel Site on or before December 8, 2006 ("Commencement of Construction <br />Deadline") and cause Completion of the Construction of the same on or before <br />May 1, 2008 ("Completion of Construction Deadline"). The Hotel must be <br />constructed in a good and workmanlike manner and free of liens in favor of any <br /> <br />965618.1 <br />