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<br />{~ý.. HI,'", R1,'Jí \',fàlt <br />, .. ,! tJ , ~o <br /> <br />O<r\Pf <br /> <br />t..., ,i', ' <br /> <br />nrn <br />c' <br /> <br />RELEASE AND WAIVER <br /> <br />STATE OF TEXAS <br /> <br />§ <br />§ <br />§ <br /> <br />KNOW ALL PERSONS BY THESE PRESENTS: <br /> <br />COUNTY OF HAYS <br /> <br />WHEREAS, the City Council of the City of San Marcos, Texas <br />(the "Citv"), adopted an ordinance on January 22, 1990, (the <br />"Ordinance") creating Reinvestment Zone No.5 for purposes of tax <br />abatement under Chapter 312 of the Texas Tax Code; <br /> <br />WHEREAS, the City Council of the City, by resolution adopted <br />on January 22, 1990, authorized the City Manager, Larry D. <br />Gilley, to execute tax abatement agreements with San Marcos <br />Factory Store, Ltd. and VF Factory Outlet, Inc.; <br /> <br />WHEREAS, a referendum petition pertaining to the Ordinance <br />has been presented to the ci ty Secretary in accordance wi th <br />section 6.02 of the City Charter of the City; <br /> <br />WHEREAS, the time period for filing of referendum petitions <br />pertaining to the Ordinance does not expire until March 3, 1990; <br /> <br />WHEREAS, if the petition described above or a similar <br />petition filed by March 3, 1990, is certified by the secretary of <br />the City, then the ordinance described above will be subject to <br />reconsideration by the City Council of the City and approval by <br />the qualified voters of the City; and <br /> <br />WHEREAS, San Marcos Factory Stores, Ltd. and VF Factory <br />Outlet, Inc. desire the City tp execute the tax abatement <br />agreements described above, subject to such reconsideration and <br />subject to such voter approval, and are willing to waive and <br />release any rights they might otherwise have for breach of such <br />agreements by the City by virtue of the ordinance described above <br />being ei ther reconsidered by the ci ty Council of the ci ty or <br />disapproved by the voters of the City. <br /> <br />NOW, THEREFORE, in consideration of the premises and of the <br />execution by the City of the tax abatement agreements described <br />above, VF Factory Outlet, Inc., acting through its duly <br />authorized representative, does hereby release and waive any and <br />all rights, claims and demands it may have against the city in <br />connection with or arising out of any breach of such tax <br />abatement agreements that result from reconsideration by the City <br />Council of the City or disapproval by the voters of the <br />Ordinance, which disapproval results from a petition filed on or <br />before March 3, 1990 in accordance with Section 6.02 of the <br />