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<br /> ;l~13 <br /> -3- <br /> 2. $25,000 borrowed from state Bank & Trust for the <br /> Construction Project. <br /> SECTION 5. OWNERSHIP OF PROJECT SITE; INSURANCE <br /> A. Ownership of Prolect site <br /> -~~- <br /> The legal description of the Project site is all of Lot Nos. <br /> 6, 7, 8 and 9, and part of Lot No. 10, in Block 16, of the Original <br /> Town of San Marcos, a subdivision in Hays County, Texas according <br /> to the map or plat thereof recorded in Volume 46, Page 448, Hays <br /> County Deed Records, and being the same property as described in a <br /> .' <br /> deed from San Marcos Coca-Cola Bottling Company to Central Texas <br /> Beverages, Inc., recorded in Volume 241, page 957, Hays County Deed <br /> Records. The Project site will be owned jointly by the City and <br /> the Foundation, with a 67% undivided interest owned by the City, <br /> and a 33% undivided interest owned by the Foundation. The city and <br /> ~ <br /> the Foundation agree to maintain this joint ownership during the <br /> contract period. <br /> 1. In the event either party chooses to abandon its <br /> participation in this contract during the last three <br /> years of the contract period, the Foundation will <br /> terminate all programs and activities of the Incubator, <br /> and the Project site shall.be sold. The net proceeds of <br /> the sale, after sale expenses, shall be distributed, with <br /> 33% going to the Foundation, and 67% going to the <br /> Department. <br /> 2. After the end of the contract period, the city may grant <br /> or sell its interest in the Project site to the <br /> Foundation. The City acknowledges that any proceeds it <br /> receives from the sale of its interest must be paid to <br /> the Department. <br /> B. Casualty Insurance <br />