Res 2013-018/City Manager to execute a development agreement with Lazy Oaks Ranch, LP

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Any notice mailed to the City shall be addressed to: City Manager City of San Marcos 630 E. Hopkins Street San Marcos, Texas 78666 Any notice mailed to LOR shall be addressed to: Lazy Oaks Ranch, LP c/o Dubois, Bryant & Campbell, LLP Attn: Mr. William C. (Bill) Bryant, Manager 700 Lavaca Street, Suite 1300 Austin, Texas 78701 2.15 Force Majeure Owner and the City agree that the obligations of each party shall be subject to force majeure events such as natural calamity, fire or strike. 2.16 Assignment As of the Effective Date, LOR owns the Property. LOR may assign its rights and obligations under this Agreement to any third party (ies) only after providing written notice of assignment to the City. The terms of this Agreement shall be covenants running with the land and binding on successors and assigns. 2.17 Signatures The City represents that this Agreement has been approved and duly adopted by the City Council of the City in accordance with all applicable public meeting and public notice requirements including, but not limited to, notices required by the Texas Open Meetings Act, and that the individual executing this Agreement on behalf of the City has been authorized to do so. LOR represents and warrants that this Agreement has been approved by appropriate action of LOR and that the individual executing this Agreement on behalf of LOR has been authorized to do so. 2.18 Successors and Assigns and Recordation The terms of this Agreement shall be covenants running with the land and binding on successors and assigns. Pursuant to the requirements of Section 212.172(f), Local Government Code, this Agreement shall be recorded in the official public records of Hays County, Texas. The terms of this Agreement shall be binding upon: (a) the Parties; (b) the Parties' successors and assigns; (c) the Property; and (d) future owners of all or any portion of the Property. Notwithstanding the foregoing, however, this Agreement shall not be binding upon, and shall not constitute any encumbrance to title as to, any end -buyer of a fully developed and improved lot within the Property except for land use and development regulations within this Agreement that apply to specific lots, including architectural, environmental and water quality, landscaping and setback and dimensional standards, and impervious cover limits, together with applicable rights of enforcement in this Agreement as to such land use and development regulations. 2.19 Counterpart Originals This Agreement may be executed in counterparts, each of which shall be deemed to be an original. [Signature Page Follows] 15 1649956.1