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1302M82 OF R 4723 6-1 <br />When recorded, return to: �� �'�� f t' ; L L <br />um ies, 3I a �i� C ✓c s Sc.. � to 366 <br />431 Offie&*ark444w <br />Bk4w $IsAm, Alah�� �J ,�! TA —7 --Ty6 <br />DEVELOPMENT AGREEMENT PARTIAL ASSIGNMENT, <br />ASSUMPTION AND CITY CONSENT AGREEMENT <br />This Development Agreement Partial Assignment, Assumption and City Consent <br />Agreement ( "Agreement ") is entered into by and among Craddock Avenue Partners LLC <br />( "Assignor "), Capstone Collegiate Communities, LLC ( "Assignee "), and the City of San Marcos <br />( "City "), with reference to the following recitals of fact and intention: <br />A. Assignor and City have executed that certain that certain Development Agreement <br />regarding the Buie Tract Property dated November 24, 2009 and recorded in Volume 3914, Page <br />871 of the Official Public Records of Hays County, Texas, (the "Original Agreement "), <br />concerning certain real property located in the City of San Marcos, County of Hays, State of <br />Texas as further described on Exhibit "A" to the Development Agreement (the "Overall <br />Property "), as such Original Agreement was approved by the City pursuant to Resolution No. <br />2009 -166R dated December 1, 2009 (the "Resolution ") and as corrected by the Correction to <br />Recorded Development Agreement dated October 26, 2012, recorded on November 7, 2012 in <br />the Official Records as Document Number 1203224 (the "Correction "; the Original Agreement, <br />Resolution and Correction collectively, the "Development Agreement "). <br />B. Assignee is under contract to purchase from Assignor a portion of the Overall <br />Property as further described on Exhibit "1" attached hereto (the "Capstone Property "). As a <br />condition to Assignee's purchase of the Capstone Property, Assignor desires to assign all of its <br />right, title and interest under the Development Agreement with respect to the Capstone Property <br />to Assignee, and Assignee desires to assume all of Assignor's obligations under the <br />Development Agreement with respect to the Capstone Property, and City desires to consent to <br />such assignment and assumption, upon the terms that follow. <br />C. Assignor desires to retain all of its right, title and interest under the Development <br />Agreement with respect to all portions of the Overall Property other than the Capstone Property <br />( "Assignor's Remaining Property "). <br />D. City, Assignor and Assignee (referred to herein individually as a "Party" and <br />collectively as the "Parties ") also wish to confirm the status of and clarify certain matters <br />addressed in the Development Agreement. <br />E. The Parties do not intend to alter or amend the terms of the Development <br />Agreement, but only to set forth how the rights and obligations of Assignor under the <br />Development Agreement will be split between Assignor and Assignee following the sale and <br />transfer of the Capstone Property to Assignee. <br />1597482_2.doc <br />