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12-39 - RTOWN OF PROSPER, TEXAS RESOLUTION NO. 12-39 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, HEREBY AMENDING RESOLUTION NO. 12-33, RATIFYING THE TOWN MANAGER'S EXECUTION OF THE ESTOPPEL LETTER REGARDING INFRASTRUCTURE AGREEMENT. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS: SECTION 1: The Town of Prosper, Texas, hereby amends Resolution No. 12- 33, ratifying the Town Manager's execution of the Estoppel Letter regarding Infrastructure Agreement. SECTION 2: The Town Manager of the Town of Prosper, Texas, is hereby authorized to execute, on behalf of the Town Council of the Town of Prosper, Texas, a Estoppel Letter regarding Infrastructure Agreement. SECTION 3 rorei� OF PR�F, 00, . . •� s Amy Piukana,FRMC Town Secreta -v This Resolution shall take effect on June 12, 2012 APPROVE[: _, Ray Smit , -Mayor T 4 OF Prosper is a place Wtere everyone matters ORIGINAL "t, May 29, 2012 Mr. D. Craig Martin TVG Texas I, LLC 2241 E. Continental Blvd., Suite 140 Southlake, Texas 76092 RE. Request for Estoppel Letter ("Estoupel Letter) from the Town of Prosper, Texas ("Town"), regarding the Assignment and Assumption Agreement for Infrastructure Agreements ("AssiQnment") Bear Mr, Martin: You have requested that the Town provide you with this Estoppel Letter regarding the above -referenced Assignment. While the Town is not obligated to provide TVG Texas I, LLC, a Texas limited liability company, ("Terra Verde") with such letter, the Town, in an effort to work with you and Forest City Prosper Limited Partnership, a Texas limited partnership, ("Forest City") in this. transaction, is willing to inform you of the matters set forth herein.. On May 22, 2012, the Town Council passed Resolution No. 12-32 which approved the above -referenced Assignment. On that same date, the 'Town Council approved Resolution No. I2-33, authorizing the Town Manager to issue this Estoppel Letter; however, the Estoppel Letter made the subject of Resolution 12-33 inadvertently contained the incorrect form of the Assignment which was approved under Resolution 12-32; therefore, the Town is issuing this corrected Estoppel Letter for the purpose of remedying the inadvertent clerical error. The effective date of this Estoppel Letter shall be May 23, 20I2. Mr. D. Craig Martin May 29, 2012 Page 2 of 25 The form of the Assignment, approved by the Town pursuant to Resolution 1232, is attached hereto as Exhibit "A" and incorporated herein for all purposes. In consideration for the Town's provision of this Estoppel Letter, the Town is tendering the same strictly contingent on the Assignment, in the form attached hereto, being executed by all necessary parties and all provisions set forth therein being satisfied. As additional consideration and as a further condition for providing this Estoppel Letter, the Town is relying on the representations and warranties set forth herein, as well as in the Assignment. You have represented and warranted to the Town that Terra Verde Group, LLC has entered into a contract with Forest City to purchase the remaining approximate 2,030 acres of real property (defined in the Assignment as the Remaining Property), which property includes a portion of the Property; defined in and made the subject of the Infrastructure Agreements, containing 456.594 acres of land known as the Forest City Tract, which contract was assigned to Terra Verde on May 18, 2012 ("Contract Assignment"). To the best of the Town's knowledge and belief, but without waiving its rights under the Infrastructure Agreements, as of the date of this Estoppel Letter, no material default exists under the Infrastructure Agreements, and the Infrastructure Agreements remain in full force and effect. Should, after the date of this Estoppel Letter, the Town discover a breach and/or default of either or both of the Lnfrastnc_,tiire Agreements, which occurred prior to the Effective Date (as defined in the Assignment), the Town will, within a reasonable time of such discovery, notify, in writing, Forest City and Terra Verde of said breach and/or default. In this connection, because the Town desires for the project made the subject of the Infrastructure Agreements to succeed, the Town has made efforts to work with the parties thereto, and therefore, while the parties of the Infrastructure Agreements may not be in strict compliance with each covenant and condition, the Town offers, in addition to the other matters set forth herein, that (i) the Town has not given, and is not aware that any other party has given, a notice to any other party of failure to comply with any provision of the Infrastructure Agreements; and (ii) no outstanding monetary obligations are presently owed to the Town by any party under the Infrastructure Agreements. In the event of any inconsistency between the terms and conditions of the Infrastructure Agreements and this Estoppel Letter, the teens of the Infrastructure Agreemen% shall govern and control. All terms used herein shall have the same meaning as in the Infrastructure Agreements. Notwithstanding anything to the contrary herein, this Estoppel Letter shall be governed by and construed in accordance with the laws of the State of Texas, and exclusive venue shall lie in Collin County, Texas. fl. #609999 Mr: D. Craig Martin May 29, 2012 Page 3 of 25 This Estoppel Letter may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. The foregoing statements may only be relied upon by Terra Verde, its assignees, and lenders and shall not benefit any third party, except as expressly provided herein. All warranties, representations and covenants made by Terra Verde to the Town as set forth in this Estoppel Letter shall be considered to have been relied upon by the Town, regardless of any investigation made the Town. Additionally, this letter is being tendered to Terra Verde strictly contingent upon the Town receiving a copy of the Contract Assignment and the fully executed Assignment, including any obligations set forth therein, within thirty (30) days of the date of this letter. Otherwise, this Estoppel Letter shall become null and void and of no force and effect. The Town will place a resolution amending Resolution No. 12-33 and ratifying the execution of this corrected, VvftM °Letter on the agenda of the Town Council's June 12, 2012 regularly sehedgl a®tfm ?R °°®s® 6 �y' o....°.,°R°pcS ®®e Regards, oe A '`mss°° THE TOWN OF ER, TEXAS y � • ° r By: •s °ce Lana, Town Manager ,a�`` AGREED AS TO T11�°,VQt CONTENT OF THIS ESTOPPEL LETTER: FOREST CITY PROSPER LIMITED PARTNERSHIP, a Texas limited partnership By: FC Prosper Partner, Inc., a Texas corporation Its: General Partner By: Printed Name: Title: Date: #609999 Mr. D. Craig Martin May 29, 2012 Page 3 of 25 This Estoppel Letter may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. The foregoing statements may only be relied upon by Terra Verde, its assignees, and lenders and shall not benefit any third party, except as expressly provided herein. All warranties, representations and covenants made by Terra Verde to the Town as set forth in this Estoppel Letter shall be considered to have been relied upon by the Town, regardless of any investigation made the Town. Additionally, this letter is being tendered to Terra Verde strictly contingent upon the Town receiving a copy of the Contract Assignment and the fully executed Assignment, including any obligations set forth therein, within thirty (301 days of the date of this letter. Otherwise, this Estoppel Letter shall become null and void and of no force and effect. The Town will place a resolution amending Resolution No. 12-33 and ratifying the execution of this corrected Estoppel Letter on the agenda of the Town Council's June 12, 2012 regularly scheduled meeting. Regards, THE TOWN OF PROSPER, TEXAS 0 Mike Land, Town Manager AGREED AS TO THE FORM AND CONTENT OF THIS ESTOPPEL LETTER: FOREST CITY PROSPER LIMITED PARTNERSHIP, a Texas limited partnership By: FC Prosper Partner, Inc., a Texas corporation Its: General Pa ` er Printed Name: J' 1�-'�(? '� i 1J/ Title: %i r�- ' ki _ Date: #609999 Mr. D. Craig Martin May 29, 2012 Page 4 of 25 EXHIBIT "A" Form of the Assignment ASSIGNMENT AND ASSUMPTION AGREEMENT FOR INFRASTRUCTURE AGREEMENTS THIS ASSIGNMENT (this "Assignment") is executed as of 2012 ("Effective Date"). by and between FOREST CITY PROSPER LIMITED PARTNERSHIP, a Texas limited partnership ("Assiartor"). and TVG TEXAS I, LLC, a Texas limited liability company ("Assienee"), upon the terms and conditions set forth below_ RECITALS WHEREAS, concurrently herewith, Assignor is conveying to Assignee approximately 2,030 acres of certain real property ("Pro criv" ), together with all improvements thereon, situated in the Town of Prosper, Denton County, Texas, in accordance with the terms of that certain Contract for Sale and Purchase of Unimproved Real Property between Assignor and Terra Verde Group, LLC, dated as of March 30, 2012, as amended, which contract was assigned to Assignee on May 18, 2012 ("Contract Assianment"). The Property is more particularly described in Fdtibit "A", attached hereto and incorporated herein for all purposes; and WHEREAS, Assignor desires to assign, transfer and deliver and grant, sell and convey to Assignee, and Assignee desires to acknowledge and assume, all of Assignor's rights, title, obligations, covenants, interest and conditions in and to: (1) that certain Water and Sewer Improvement Development Agreement between Assignor, Prosper Partners, L.P. and the Town of Prosper, dated September 15, 2011, as supplemented by that certain letter escrow agreement, dated October 10, 2011, and subsequently amended by that certain First Amendment to Water and Sewer Improvement Development Agreement, dated October 25, 2011, and further subsequently amended by that certain Second Amendment to Water and Sewer Improvement Development Agreement, dated May 22, 2012 (collectively, the "Dcvcloomcnt Aareement") and (2) that certain Water and Sewer Improvement Construction Agreement between Assignor and Prosper Partners, L. P_, dated October 27, 2011 (tile "Construction AgrecrnenY') (the Development Agreement and Construction Agreement are collectively referred to herein as, the "Infrastructure Agreements"), with respect to the 456.594 acres of the Property owned by Assignor (defined as the "Forest Citv Tract" in the Infrastructure Agreements), as more particularly described in Exhibit `B", attached hereto and incorporated herein for all purposes. NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration in hand paid by Assignee to Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows: Acs1anment and Asmimottign Aercement F"r (nrntslruHure Aereeme+nts —PzU 1 of 22 #609805 #609999 Mr. D. Craig Martin May 29, 2012 Page 5 of 25 1. Assignor hereby assigns, transfers and delivers and grants, sells and conveys to Assignee all of Assignor's rights, title, obligations, covenants, interest and conditions in and to the Infrastructure Agreements with regard to the Forest City Tract, from and after the Effective Date (collectively, "Assimted Rip -lits and Oblieations'). 2. Assignee hereby expressly acknowledges, assumes and agrees to perform; solely and completely, all of the Assigned Rights and Obligations, from and after the Effective Date, and agrees to be bound by the terms and conditions of the Infrastructure Agreements with regard to the Forest City Tract. 3. Assignor hereby acknowledges, represents and warrants that from and after the Effective Date of this Assignment it has absolutely no rights, title, obligations, covenants, interest and conditions as to the Forest City Tract and/or any other property described in the Infrastructure Agreements. 4. Pursuant to Section 10 of the Development Agreement and Section 20 of the Construction Agreement, any notice, communication, request, reply or advice (herein severally and collectively, for convenience, called "Notice") provided or permitted under this Assignment or the Infrastructure Agreements must be in writing and may be served by depositing same in the United States mail, addressed to the Party (as defined in the Infrastructure Agreements) to be notified, postage pre -paid and registered or certified with return receipt requested, or by delivering the same in person to such Party via a prepaid hand -delivery service, Federal Express or any courier service that provides a return receipt showing the date of actual delivery of same to the addresses thereof. Notice given in accordance herewith shall be effective upon receipt at the address of the addressee. For purposes of notice, the address of Assignee, until changed as provided for in the Infrastructure Agreements, is as follows: If to Assignee, addressed to it at: D. Craig Martin TVG Texas I, LLC 2241 E. Continental Blvd., Suite 140 Southlake, Texas 76092 Telephone: (469) 855-8300 Facsimile: (972) 982-2724 5. This Assignment may be modified only in writing, signed by Assignor and Assignee, or their respective heirs, successors or assigns in accordance with Section 26 of the Development Agreement. A5genmenl and Assumption Aercenwnt For Infrastructure Aerecments—Pave 2 of 22 #609605 #609999 Mr. D. Craig Martin May 29, 2012 Page 6 of 25 6. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective heirs, successors and assigns (as authorized in Section 26 of the Development Agreement). 7. Assignor shall provide the Town of Prosper, Texas with a fully executed copy of this Assignment. This Assignment shall be governed by the laws of the State of Texas. This Assignment shall be effective on the Effective Date. 8. The representations, covenants and recitations set forth in the foregoing Recitals of this Assignment are true and correct and are hereby incorporated into the body of this Assignment and adopted as finds of the respective authorized represenintives of Assignor and Assignee. 9. All warranties, representations and covenants made by Assignor heroin have been made for the benefit of Assignee and the Town and shall be considered to have been relied upon by Assignee and the Town, regardless of any investigation made by the Town. The Town shall be a third party beneficiary to this Assignment for the purpose of the warranties, representations and covenants made by Assignor herein. IN WITNESS WHEREOF, the undersigned have executed this Assignment to be effective on the Effective Date. ASSIGNOR: FOREST CITY PROSPER LIMITED PARTNERSHIP, a Texas limited partnership By: FC Prosper Partner, Inc., a Texas corporation, its general partner IN Printed Name: 'rifle: i .�fl°uent and Assumntion Agreement KfftarastructurcAereemo� —Page 3 of 22 11609805 #609999 dunment and Assuniniton Agreement Q Mr. D. Craig Martin May 29, 2012 Page 8 of 25 TIfE STATE OF TEXAS § COUNTY OF § BEFORE ME, the undersigned authority, on this day personally appeared of FC Prosper Partner, Inc., a Texas corporation, general partner of Forest City Prosper Limited Partnership, a Texas limited partnership, known to me to be the person whose name is subscribed to the foregoing instrument, who acknowledged to me that he or she executed said instrument for the purposes and consideration therein expressed. WITNESS BY HAND AND SEAL this day of , 2012. Notary Public in and for the State of Texas THE STATE OF TEXAS § COUNTY OF § BEFORE ME, the undersigned authority, on this day personally appeared of BP Terra Verde Investors, LLC, a Delaware limited liability company, Sole Manager of TVG TEXAS I, LLC, a Texas limited liability company, known to me to be the person whose name is subscribed to the foregoing instrument, who acknowledged to me that he or she executed said instrument for the purposes and consideration therein expressed. WITNESS BY HAND AND SEAL this day of '2012. Notary Public in and for the State of Texas A.&ALnment and Acwmnilon Agreement ForinftwiructweAereements PnreSuM #609805 ;I Y #609999 Mr. D. Craig Martin May 29, 2012 Page 9 of 25 EXHIBIT "A" Legal Description of the Property mr,rr9 AND BOUNDS DrSCRIPTION 2028.515 ACRES nKINci a Into or load outorOA m.GP. R P.R.R. SURVEY, Abstrm't No. 1476. P. 11MMES SURVEY, Abslract No. 79, the 11. HADGES SURV8Yy Abv1rnel No. 593, the A.B, ,IAMISON SURVEY, Absimet No. 672, ilia &H, WAUION SURVEY, Abalrtct No. 1369, the T. 13111'I'ON StIRVEY. Altgtraet No. 88, Ilse P.R. 12tir SURVEY, Ahmmet No. 1555, the J. 7LTrEll SURVEY, AbatraaM Na, 126]; the I. N£THIMA' .4URVEY. Abwha:I No, 952. ilia ft. Rtir SURVEY, AbOrnct No. 1113, Iho A. ROMRTS KIRVE;Y, Abmihvt NO. 1115, thv 32. YXI70 SIiRVEY. Abklroet No. 15.58, ilia L. RUE S11RVI:Y, Absititet No. tIID. ilia L. MORTON SURVEY: Ablo:ia No, 793. ilio 11.1', St\T.JN(1,81111VIiY. Alrstracf No. 1628, the J. HATES SURVKY. Abstract No. 1620, Ilia e. 1fit11111 SURVPY, Abmrw No. 1681. atnd Ilia 1.. SALW4 SUR VEX. Alminicl Thu. 1675. in Denton Camay. Twain. hcing part oft: Oohed 1.616:90 ame tenet orlond devibvd its dcc+I to Por -1 City Pr<kpos• l.iutiteJ pat ittet3hil>, ,cc lt,lr 1 in rlmAmwtti Nmnhar 2011-3-1763. Decd RemuttlK of DentAit County. Texai (DRUC1) (heron mrerreh to tri 'Tract 1), and being Imn ofthow cwrtain tlroeat dewrihrd in deed to sane, recorded in Doctoucnl Nond+cti, 2007-144196 (herein tenured to ax Tract 2) and 2008.29SR (eosin rvremd to ox Tract 3). ORDCIT, and being pro of that mitifu tract tltaaribvd In dvvtt lu blahard 2003. VS. I.P, recorded in Oacatnent Nuodwr 2004-63827, DRUC't: and being more particularly daerihcd tm 1'ellmta: BIWINNING at u PK Nall staid of the. appnoaimato c_esiiarline intcroeblioo of rislt Trap Rand and 1-1elda Raid, at Ili.! notiWast conkr ol" rtnat 2: "I71I11=9 along rieldx Road. Otc lhllowing coursaxc S (10"00'44" n. 2327_A91ect S 8912516" W. 21.24 rack And S 00°01'37" Et 5D2.49 feet to a point 1'or Ota norllteast, conwr or that cantuht tract d6wribM in thud lit Rirlmttl unit Nathan Malice. recanted in Ductancol Number 2(K17• 144901 DROCT. said point being uu ilia approximate centerlhro ora crick: TTIENCK many said evoc); and ilio common lino al'vaid Donike irael,.tha following ewnxex, all to poinIm 1'orconwr: S 6fil-WIN" W. 11.20 feet: S 21°01'06" W. 17.751aet; S 2612T27" W. 12.20 feel: S 12°,15,'20" W. 23,11 rxt; S311 59'18* W, 20.67 Icon S 37+,�11'19" \V.22.22 fact: S. isfW28'1 R' \V, 22 38 kvn. S 69Q59'21" \Y, 88:60 IM; 'N t(Ol.'48" W, 12.36 reek. N 661Yi07" N'; 6511 Icet: N 6103'03" W. -17.42 1eat: S 83°53'17" W. 15.58 fool: N W3945" W, 22.37Not. N 44112719" W. ITO rent: N 19°20'1.1- W. 52.9814vl: N 38'11'44" q', 17.58 Net: N 57156'15" W. 39.09 reel, N 74"26'38" W.:35:89 reei.- N 73"55'32" W, 120.741'let; N 82133'23' W. 39.11 feet; N 88" 19'50' W. 25.45 tMi N 8513605" \V. 33.61 Iter: N 81141139" W. 22:21 feet: N 89'29'59" N. 28.40 tact: S 75'32',0 W. 23.72 lkin S 1i6152YA' \\'. 36.11 Icet; N 87`03.12' 4Y, 33.63 feet; N 91.3t'_T7" W:.T6.9I tact: N 72'58'412" W. 44.69 Net: S 82'2.3'IW' W. 31.63 Ices: N 72'39157" W: 57.371ecl: S 88°59'22" %V. 2791 Icat: N 71"4145" W. 57.72 IM; N 68'17.19" W. 33.371eett. N 63527'08" 1V..20.98 teat: N 80°08'47" \li. 47-04 tecy S 80"2874" W. 20.04 fav: N 85'29'57" W. 31.46 reef; N 8 N 15'31" W, 34.73 rect. Assl�ent and Assumption Agr entent For lnf restructure AMements- Page 6 of 22 #609805 #609999 Mr. D. Craig Martin May 29, 2012 Page 10 of 25 N 17-2051" W. 34.9:11tet: N 7.1 15'04" 14; 25 19 rwtl N69 -D114" 4U. 122 73 fa Mi N 88'21'15" W. 45:13 feet; N R4'18'09" 1V, 34,54 Feet; N 6$"35'21" W. 20.96 feel: N 139'1304" W, 40.51 tegl; S 77u55'OS" 1V, 10.61- fee(, S 60"5tf'O9' W. 17. SOTcut; S 3 •33'22 441, 24-p lung S 31'22'02" 4t', 33:14 sect; � atr2 ' 1<ii,' 4V, 32.92 r&a $�3e17 iT' W, l7, C2 suet: S tFi o77'3I" \V. 21.86 l:il; S 77 T?+23"'IV; GR 83 fitit; S Y4'S1 ZII: ' W. 5716 reel;8 tt9'1:;4'02"' W, b.dO Feel; N 80°16'19" L4; 113 3G 11,I., 9'7013 03" 4V. 113 1 f 61. S 64" 15'01" W, 66.71 feat; S 0-470k A', 64 d6 Peal. N MOTU" 4y, 20.74 fed. N 71"273?" W, 38:03 rent: N 65.46"21" W. 40,90 redt; N 61`22',16" 4N, 39.67 reel; N .53P54-49' W. 25.98 reel; N 38°29'00 W 25,14 FeO. N 27'' 11123" 11r. I fi;12IM. N OS,°SS!I2" W, 38.?2lisii N3I"21',13" 1V, 20.55 1tei: N 65-09'i2" W. 2VOA 11.61- N 61-544-v Wi .11%f0 Pi.;ii: \1:4051039" W, 44,34 Nil; And 05'0896" W, 34.26 keel to lbe cammun line botw6:n the frost iksciihed Aontkc tract. and a seeoud tract dcceliW in deed to Richard laid \atlas MAW recorded in MollmentNhokiher.20J9.1Qi59 DIMT: 11WINCli cpnlinuing a10114 the uppluxiluate ce;lwrlinc 01,10W creek laid along tic zoltaniill fine Itc •ntur Ilio foltoti'ing'cuuraets ell us points Orr dantor, N 01=23'47" W-11.91 Peep N WOW' W, 30.78 reet: N 67*36'54" W. 7.0.47llecC N 2R°503." W, 81.03 (eet; N 70°02`51"1V, I25.09 feel; N 42�11i'Q3" 14',-20.44 YcGI; And.8 77.3Cl20" W, 201.71 Net to the slitithclisl ellnicr of iliat Cetliilll tract dewilvd ill decd to Tim Moori. et al. metvded in pututucul Number $004-I2O34I I)POL•"1_ TIENCE Una North. 444:64 reel to the northeast corner therooC TI IENCR slung Oi� nonh fins of said Moore tract, thee following coin:sew Ar11und a note-taugeni curve to tit, !iglu having a central neijel 211913", u radio» 1117 518(8.00 feel. a eleord 4S 6G43'3P li' - 224.11 feet: mi iur.diatailca ar!N.32 lets: Arotoid a compound surto to lho iigit leaving a ""ural nage! of 17"14'18". a radiati of 1530,00 feet, a chard of S 76035'13" W - 459.59 feel, an ani d+:•:lasiecor49Q,32 fi:4- And around 4 rnorsc auna ft h to tF14 loaving a asiunl afge! of 1^50.41", a radius of 670.06111"1, a churdL6FS 83°19'02" 1V- 44.95 feat w1'aiv-Sislaiteb of 34961def tdii point on Ilia ea -t lied iif Claud l lop, stood tiir ilid smiliw6t oohier lharc6l; TF1I;NCG N 00°OR10" W, 6M.43 I'm along said lino to a,519" iron red found; MENC6 N 00"08'34" W, 124.1.09 keel to a lenec corner being the soutinedcl comer of that ceq:Cih uocl note Wider owueishlp of.ludy kcev.A; I HIMCh N 8)"14'55" 1;: 939.(;3 I -CA along ibc s11u11) fine 111MOt; 17ILNC11, N 00°16'13" W, 197.22 Ibet aloog the cast line theirarto a lit" iron rat t•6uarl on the south line orrish Torr Road; AsciSilent and Assumution Aarewneat Furrasunu'tureAereements—Parte 7 of 22 #609805 1!609999 Mr. D. Craig Martin May 29, 2012 Page 12 of 25 N 22°20:98" L, 4 L52 icct to u poise forcumcr_ S 7S°5?'1G' E. 152.12 feel too i12" iron pin foundal comar, '1 HIiNCE S 31°21'12" W altiog iltc resat !tile orfsaid NW 380 & 423. LP imcl ror o dixlanco or 879.42 reetloo point ott tw 1104, line ori aw US if ighway 380; TIIONCI: N 9894114" W along.suid US Highway 190 liar a diEmnce o1' 587,94 Not to a point for coater. THENCE Out; 0>e east Iximdaq, Or a tract of lasld ctiitncyad to A 1. Taylor Ilusssal acconli+ig to ilia dada! rokaodod in Cme+ly t Jarkihi}a Number9,14 0091793 tDR1x)T1. OwTol lowinW N 09'56th114 2411:781' .:t to tie putul rorcomer,. N 5505701" P 112.211 lkA irra polut lbr cunhIr; 5 20"18'01" W. 155:74 Net to a Assiut 0>rconser, S 80"4919" 0; 88.40 Cwt to a prsinl fbrenmer. N 45°13'01"P„. 26-I.101cet to a point Car copier. S 62015'59" R' 216.20 feel tti i poibi lbr sumer" N I544VI ,0. 184.7i (&,t to a poial IbrccPmr, N 5ikM I" r. tR3.40I'm tu'a liajsd fbr com%. N fro" I It 197.90 rest to a point for u,rrtd: Asid, N 73°1959" W. 688,80 £def to a Cvgy t l' Eagha;orx MORUmCnl found ul fin Sowltcad comer or01enlslbols Iislnlcs Phwt c 1, dc<onling to the Bled plrtt rvcofded in Cobilhl -N, Mi};a 718 O1 IIxPlot Res nndx nJ` 13eniUit CAnn ty 1 Asa:, (YR IX1T', THENCE alougthe bourulnry Noc ul said Olenbrook Walcs.Phuse. 1, tilt l'ullotring: N 29102'0:1" It, 67.81 fwci to a point for writer, N 2VO.F26' B.110.31 foci to a Corps omogbtectx mwnntmcnl round at eoni'm N 33-0731" S. 221.33 feet to o Corpa.of Eaginaers rmnurtwenl 1'uund.ut comm And N 5813015" 110, 111,55 Y'ct Gard lwitil of awmcr; THENCE N 07'5924" E..710.05 feet departing said lino to a point for corny 'rump atangihe bouadnry ora total uf' Iand eonveycd to 171SHTRAP 45,1,11. according to the deed rcetirtled in lostnunent Numhcr 2009.149491(17RDUri, tha following: S 7512A'I'G" Tsf 27SiO fell f0 n C-kglt e8filgni::rx m6ft allt lbO d at aomr; N 19'1103'719; ?3 j-x5`6ht to a nlol111fil it Ibmnl at corner; N 3S.) 4UI"x,.331.03 fc sl So 3 Corji of Sngiaecwo utonnatcsU lbwtd at tamer: N 02°0422" % 172.93 tact to a !moil font Ibund m comor Leong in lba:soutit !tilt Ora tract Of land canwyed to t,•lury Wio, cl ai, accordlog in llwa deed o"orded in County Clerks lr� Nnusber 90..80031655 (lllll)C t k '111I NCE: S 77'28'43" R, alusng said Weber tract liir a iirtnnce or 55.,mm rest to a Corps or Kngimeem munument !band ul comer; THENCE N OI° 1636"E alofig the east floe of a:iid \Yahcttrstct f ul a liislastce of 278.91 feel Loa 1/2" iron rod Found rorcomer, Ansi�(�sineitt andAssnmution Aerecmeut For TarrostruclnreAucaments—Pa2e9 of 22 W980 #609999 Mr. D. Craig Martin May 29, 2012 Page 13 of 25 '['HENCE N 110'5733" E continuing along the unit tine or Naid Wehor tract for it tib lanoo of 510.60 foci to a Corps of Engiucers monument found at comer; THCNCB uloug Iho boundary ora wid orlmrd comtiyud to Hay Hlawriish, Ltd, aecording to the dccdraconkd m Ii0runw o Nunther1h10-75.153.(DRUC'I'), the Miming; N 0095T07" W, 149.86 fiat to a Qnrpv al' Lngloccra ownunsont Pound at comer. N OlPf i 44" K 1393.34 feel to a 112" iron rod found ror comer. N 89°49'12" W, 50A feet to n Pont% I'osl Pornud for cvunen; N 00'30' 11" IV aping she etiat lids 61'a Intel of land c4iov oil to Ocnny Nolo: a`vordiog w the Decd reaurdcd in Volumq 1399, pd0o 9,1 (DRDC'I) fiir a dieluncu 0'110.75 fern to ponce lies[ found for eorncr; 11MINCG N 89°1721" E pail or the taay along Oita tenth line or a Inict or fund conveyed to Imuell Giles uccoWhig tv the deed reoonled in Inatrunenl Nluntref02•25573 (DRDCT) and 111111 ol,f!w r:ay eloug ate sollili lin, oft Ia:. t of l_ad a'oee)ed to Walter fain necurdiug to lite decd m,"ise,d in lnanirneol Nu relict 04-951t0R {DRDC'I'}, for u total tumairco or 1389.64 feet to u puiol forcomci; THENCE, N 03='33',17" W along ilia eno line ol'said Pain andilio east line orsnid Giles (rnci 1`01`11 111,'11 distance )f929.90 feel to a 112" icon rod 1;)tond fvr. vurner. ,nii,NCli continuing along dw huundaq' ut'Imld 1puell titter tract- aha following: S 851,1735" W. 223.77 Ieot to u pvini far corner; N 02106.10" E, 1767,381'eet to a3/8" iron rad found for corner_ S 8R"23'11" 1;, 1111,78 fleet to a point t'or come' in the wort line of a tract of land comv)vd to 9a nmic Curley ucconling to [lie decd recorded in Volnane 21A6. Page 541 (DRI)CI); IVENCE 8 W'] 032" W along said west No, 125.32 lect to u point for comer. Till --NCV. N RR°59'25" E along the south Linc of raid Carey tract and the south line of a tract or land convoyed to florinc Alton asecardtng to the deed rcearded in Volnnt i 375, Inge 395 (DRDCI) for a total dislunce of 2644.08 feet to a 112" iron rod round for corner in IN: dppipshnatocenterliho ot'Good Hopc Road: 'fHENCEN 0(1"4855" W along the approsJntate eenlerline of'said Good Hope Rand for a dlntauicc 01'992:21 Icer to a 112" iron rod lbwid toraonrer. 111ENCE S 89"44'00' F. 457,55 feet to a point For corner towards die cast side ol'said Good }tope Rood; I HENCE N 01`471,10" W along said coat line, 935-341 wet Ut a point for comer; T7S1iNCC N (104522" W ulolig sold cast line and dong ilne east line ortrtract orl.and conveyed to Brice Judson, et al. roar a Ictal distance of 1726:79 feet la a point Htr armee AEripmantand Assuntotion Agreement For Tnfrasuveture Agreements—Page 10 of22 IMD9805 #609999 Mr. D. Craig Martin May 29, 2012 Page 14 of 25 THENCE N 89"45'36" E eiloag Ilio south line of raid Aekson tract and Ilse south line ofit inial of Innd conveyed to Smiley howl. I.td according to the decd recorded in Insinmrent Ntuulier 2006- 15660 (DRDCT►, for it distance of 154410 teal to a PR Nail PoWid ror choler in ilio apprwdronio centerline of Partin Road; TIIRNCC along the Approximate ecnterlino dollid porvin Road, the lollocting! N 70"109" E, 77;52 feel to a Puuu Ibr cumcr. N 74"05138" E, 206.69 feet to a point fur corner. N 7742529" IL 112.3,1 !bet to a 112" iroii nod found lbr vomer; N 011'29'12" Ti, 17.04 A4 tp a point Rif Onnur, N $910953" E, 1300.09 feel to a 112" iron rod lenlrtd fin corner; N 89°0915" E, 3454.64 Peel to n 112" iron rad round for earner_ THENCE % 00039'16" 1V ataug One weal line of a Incl of land conveyed to RIl:rWO. Ll' according to Dee decd reent-M in lnstnanoutNnmNi- 2004-OOS6307 (DRDCTa torn distance of 2RO7.R6 feet to a PK ball Iroeed loi tomer in the aiiproxiietuto e,liltMlik of Prndper Rwtd; TlIENCC S 89.723:16" W along said approximate centerline, 31112.71 feel to a 112" irou rod found lbr conrcr. 'RIENCE N 00112'4-,1" W departing soid crnlcrline. for n distance of 16.61 feet to it point for cf,enoy oa wo north cew orsuid Prosper Rtpad; TIENCE S 1101030" W albug salt] north edge, 297.09 feet to a 518" iron and found i'or earner, 'IlIENCQ along the hotmdary of a Iraq of taw cuo%rgvd to Tati Comer. L.1.0 according to the deed record, in Instrummit Number 2010-5696.1(DRDCn the folipwing: N 00104110' f:, 19931 feet to a point Nr curver, S fi9"41'l7" N', 307.79laot to it paint for vomer. S WOW, fi, 230.O01ect to a po(ru tor conrcr. N 60^53'04" 1i, 46:091oct to a point 1'ar comer $ 7V15'12" f; 126.57 feet to a point for corner. N 89141'1511 E, 21,70 fact toa'p6hit forromer. 11IENC1i ahntg the apphrxinuic comertine Srnaid Vieldt RwA the folloccirig: SO(N ZVZ"\V. 1346.3iNei tonpoWjorcoMar, S 00"08'41" G, 1196. 19 feet to a IW iron rod l'otrud lbr corner, S (10, (9'01" r 1051.65 Leel to a 15" iron end fouud lou comer; S 00"46'08" 1V. 705.12 reel to a point for corner; 9 2tP3771" 11, 9&22 foci to a pobd rot comer: S 28' 1 S73- Ii. 199.49 I'M to a 318` iron rod romid tor comer, And S 4)Z`1WlG' I. a diataneo of 18b3;1PP feel In the MINT OF UEGINNlNO and containing 8&362,11.1 squaro rector 2028:515,acres orland. Asrj meet and Assutnntion Aereeemratt For �frastructuro Aireaaents—Parte 11 or22 #609205 #609999 Mr. D. Craig Martin May 29, 2012 Page 16 of 25 'Ricove South 00'042" WI, along the connnon line of said I(H) and All ucra Iraulx and said (loud Hope 14rad Inrciug•at o dislanco of 1553.28 cat Ilia ntnilw%v x comer of it Call 39.37 iwre It.14 of lond as &xcribrd in decd to ilio Mallard 2003 Varinaship, 01., recorded is Colony Clerk* Pi o No. 2004-0M,19, lk�al Fropclty R&oidx, fhtlfnn Cnunfy.'IVUA; ond'aanlinajng I'or a Wall &'Iinc> lif S{xlinuav of f901.59 &ot la.b point for comermrd ilie iintlltraut comar of called 1011 iters Iracl and the mnilwasl coiner ut`stid 61 5.936 ewm Inc[ orinud; 111ta1Ce Sou11a O6"24r56" Ei ut. alone ilia connnnu plies of'suid 615,956 and 3937 testa Irnds and said Uood Ilopr Road u distance of' 42.9914CI to the point orhegituting: ll� n.a Coulh W24'36" Reel, contimih+g along lho L-owniun lint orsaid 635.956 and .9-37 aora tncfa and xnid Uoaxl Hope Raid. it dislnncc ol'335119 reel to it point for vurmn 'Iltmwe South 81°59'31" Neil. leaving the conation line orsaid 615.956 trod 38,37 acus truets and said Ct d Hope Road a distance ol':.32.67 rcc to it point for conwr at 1he boginniny of u 11611-t6hgelit curve to Ute WL 'Iltcnee Northerly. nCrtxts said 615.9.6 nero trdctaud alw%snid curse toilia14:11,hnvinr, a Cealnd eagle ol'00°5102°. a;adius of 1966.00 cct, an aro dixlanre cif' 27.50 reel (whose chord britt- North 0023140" W" Rir a diManeu of 29. SO feel to n point Forcontcr. 'ponce North 08°3111" Nest, ueruss said 615.956 acre! into . a distance 60 0.31 feet to a point ror cottter. '!hence North RI VR'49" East across said 615.956 acre trao4 a distance of 46.61 feel to dw Point ol'Begintuiuq Lind containing 13.216 stpnrc reel or 0.303 acres or hand. SAVi;ANU EXC:1S1''1' 2 LAST GOtla II0VX ROM' (Wing 0.312 am- tract or land located id the R. Yules Surky, Abstract No. 153:x, Town of Prosper. Danson County,'rasas and being a portion ora called 39,37 ocre tract of ianit described in decd to the Ilia lnud 2003 Parincrahip. I -P„ recouped !it County Clerk's hila No; 2004-00Z4453 Rent Property Reaor& Ikanou County, Trsav mid Iwhig more particularly dcscrihed as Iitllo%vs; CouttacItChIg At a ill" iron rad fpaud attht uoatbtest onwr ora CAW IN acro wacl Oland As described in dead 10 lite WhArd 200.1 Purincndtljt¢ 11' wi mined in Cowtiq Clerk's File No, 2111144Hi24r142, Ital I'mperly'l(carorda, 1)rnto1I Cluny. 'ryas. And b6ng;ht the Approsinattla center line orGoottIlopc Raid and lltt (vest pinta oY a atdled 40 acro tinct of and os dasaribed in decd lolho Wfalwd 2003 Paitndiship, I,P,.mv:orded in County Clerk's F.He No. 20044)(1211446 Real Propictty Records, Iknlotr County, Texan AA�ss'��'1�lntent and Assmmntion At r [t7nj�'�t For7nfrastruatareAareamcats Pate13of22 0609801 #609999 AsdLrnmvzzt wid AM,Itrlt[Dp AV-rccmmt X7 Y;.Io to X6 903 1 a X6 903 Mr. D. Craig Martin May 29, 2012 Page 22 of 25 BEING IN TIM NORM LINE OF V.S. IIIGIIWAY 380. A 160 FOOT WIDE, I'uBl3C RmITC•Or-WAY ATT1181iEOINNINO OT A CORNER CLIP: THENCE NORTH 46"404" WEST, DEPARTING THE NORTIi LING OF SAID U.S. 131011 VAY 380. A INSTANCE OF 83.(1.1 FEET TO A 1i2" [It0N R0D 141171 A YELLOW 1 I'LASTle CAE' STA\II)El) "SI'LUtSLNG" SliT' FOR CORNER AICD ULM; M-1,11 F END OP A CORNER CLIP IN TTIL EAS'FLINE 0 GOOD HOPE ROAD. '111ENC'E NOIC[bl OW2536" WEST. CO WNUING ALONG SAID HAST LINE01, (1001) HOPL•' ROAD. A DISTrtNCE OF 11 U5.55 FEET TO A VV IRON ROD WITTY A YELLOW PI-49TIC.CAP SIA AWED "SPIARSXNG" SET rOR Comm, THENCE NORTH 14"07'39' EAST, A DIST'ANCIi Olt 83.38 FEST' TO A VV IRON ROD WMI i1YELLOW PLASM CAP STAMPED "SPIA.RSENG" SL'TFOR CORNER; THENCE NOI 711 36"2571.1" LAST. A D1STANCL' OF 122.80 Fldl "1'U A 1/2" IRON ROD W iTH A YELLOW PLASTIC CAP STAM PED "SPWRSENG" SLT FOR mum: T'11ENCE NORTH Cxt"UU'29" EAST. A DISTANCE OF 62.17 VELT TO A L2" IRON ROD' T WITH AYELLOW PLASM CAP srADIPED"SPL-IRSENO"SL'T'FORCOit1VER; 'I'TIENCL NOIVFII 38114'06' EAST, A DISTANCE' Olt 51.46 FEET 1'O A 112" IRON ROD WITH A YELLOW PI.45'f1C CAP S'TA&1PI?D "SPIARSENG" SCC FOR CORNER; { TIIENCti NUR'I'I11O°02'15" 1 AS'1 A DISTANCE OF 172.36 HM' T•O A 112" IRON ROD W1111 A YELLOtYI'LAST'1C CAP 91'AM1'BD' 81IL-U ENO" SETFOR CORNER: THENCE N0It'I'I1 48'0(,:14'' EAST', A DISTANCE OP 15.28 FEETTO A 1/2- IRON ROD ;j WITH A YH,61AW PI:AS'1'IC C,�l' $'Ii1AIPED "Sl'L4RRIiNO" Sl; l• Ftllt C0 N8R; ! '['HENCE NORTH 28"00'20'• EASE, A DISTANCE OF 40.16 FEET'fo A 112" IRON ROD WITH A YELLOW PLAS'T'IC LAI' STAMPED "SPWR8I:NU" SVl' FOR CORNF*lt; ,rKENCE NOR'I'li 66°02'53" LAST. A DIST'ALN+CE OF 18.53 rM TO A L'2" IRON ROD i WITH A YELLOW PLASTIC CAP STAMPED "SPW1tSEN0" SET FOR CU]LNER; t; THENCE.SOU'[A 8`x'5115" EAs'C, A DISTANCE OF m.62 FEED f0 A.1121, IRON ROD .+ Wl'fH A' YELLt1W PLASTIC CAP S'I'rliJll'lii)"SPIARSIiNU" Slil' FOR COR'wER; THENCE SOUT11 7W26*37" EAS P, A• DISTANCE OF 24.93 FEET TO: A 112" IRON ROD. WITH A YELLOW 1'L1ISCIC CAI' $TAM2'EU "SPLIRSENG" WITOR CORNER: I^ '11-IRIVUH SOU HI 82'07.13" LAST. A DISTANCK OF 1581 FIil f TO A 112" IRON ROD w tVI'fH A YELLULV I'LA fl'IC CAP STANIPED"SPIARSENG" SET FO1tCURI41?It: Page 6ofR s; Ash mentand Assvmution Aerer vont (� For frostructureAareements—FaeeT9of22 i i .i 0609RD5 #609999 THENCE SOUTH 55'IMr BAST. A DISTANCE OF 70.84 FEC1' ID A 112" IRON ROD ITIJ A'YCLLOIY PI Wi if CAP RTASIPED "SPIARn.N0" Slf' FUR Cf1RNr.R: 11iENCL SULr17i 7400p'48" L 1St', A D15'fANCL•' OF 93.31 FE1 T TO A 112" IRON ROD t1 MI A YELCOW PI_AS:fIC CAP STAmPF?D "SPLARSENO" SITFOK CORNER: THENCE SOL111 50"23'53" EAST. A DISTANCE OF 26.68 FEET" I'O A 112" IRON ROD WITH A YLLLDW PLASTIC CLAP 8T:1AIP);D "SPIA119EN6" SET FOR CORNER: lliliNCli NUR'1'LI 77'3(,'11" L'AS'T, A DISTANCE OP 267.50 FEti'1"111 A IQ" IRON ROD \t'1'I7TA`: [.' L[)NPI iSF[C CAP'STID1i'CD "SPLA SFNG•'SEi F02CORN112; TRENCH SOUTlf ,11"38'1 I" EAST, A.D1S'C•1NC1: 01`2b.94 FELi7"'O A 112" IRON ROD 11TH A 1'ELL011' PLASTM Cr1P STAAI PED "SPIARSENG" SET FOR CORNER; THENCI, SOUTH 70"03'DU" BAST. A DISTANCE OF 125.111 FEET TO A V2" IRON ROD wrRi A YELLOW PLASTIC CAP STAMPED "SPUM L'NO" SETFOR CORNER: THENCE SOUTH 28"51'42" 6AS'T, A Df -STANCE. SL03 F); T 1'O A lit" IRON ROD WITH A YELLOW PLASTIC CAP STM-1PED "SMUSENG" SET FOR COIL\ER: 'ITIENCE SOUTH 6797Y13" !?AST, A DISTANCE OF 7047 1160''10 A 1i2" IRON ROD Wffii r11'ELIAl1' PLASl'ICCa!' S'1'i\A11'liD"SPIr11[SENO"SL7" FUIt CO$NBl$ fHBNCE SOU'1EI 8G 0978" 1 �\S'f, r1 lll1'1'r1NCE OF SQ7S, FL E'L"1'O rl lfx" lEd[l�! 90D WITH A YELLOW VLAS'11[5CAI? StASil'CI) "S0IARSJ,.N4 "SET Foft CORNER. SAID CORNUR ALSO Mi NG "fIM NORTFi11UT CORNER OFA 13:03,1 ACRE TRACl'OP L5N0 UESCRAWD'fO RICIIARI3 1, St NAULAN 1. BONIKI's BY SPECIAL WARRANTY DI'T"D AS &CORMA) IN COUNTY CLERK F11AE 1007-144901, DEED RE['ORDS, DENTON COUNTY, IUAS; THENCE SOUTH 111"23'46" EAST. CONTINUING ALONG THE WENT LINE OF SAID 15.034 ACRE TRAM A DISTANOR OF 1321.07 To A ir'2" IRON ROD WITIT A YELLOW PLAS'11Ct4SIAMPED'SPIARSENO" SEf FOR CORNER IN THC Nowril LINE: 09 SAIDUA. HIGHWAY 38.11; 'fHENCE SOUTiI 88"JG'0V W ?ST CON'i'MIN'O ALONQ S,OUD NOW111 I.IXT OF SAID US, 11WH1YAY 30. A DISTANCE OF 1123,34 lg'V1' TO 7'IiE POINT OP LifiowNI.'\G AND CONTA1NINO 1,671.17.5 SOUART1 , 38.364 ACRES OF LAND, MORE OR Paige 6 of H Asci iment and Asrimption Agreement Far drastruclureAgrwments—Paae2floF22 #609999 Mr. D, Craig Martin May 29, 2012 Page 24 of 25 SAVEANDrX(�ri r—UVALDESCR1P'1'ro1—TRACTS 13G11N:U a 5.5115 acre Iraot of Imtd out of Ilia J. 13AUS SURVEY, Abstract No, 1620, in Donlon Counly, 'Texas, bring pert ora culled 27.157 tract of land described in dead to Forest CRF' Protlier. I.P., recorded in Danson County Clerk's File No. 7.008.9958 of tiro Real Property Recor& of Venton C'ounly, 'I'exac. haing purl oC called -28.1,420 new tract or land deacrihvd in deed to I'urol City Prdspor, LT., rrcbrdgd in Utdon'County Clerk'tt mile No. 2001-01176 of lite !teal 11roprd), Record¢ of Nnicii Connta, Texaw and being more putiantarly doaeribed as Ibllows: COMMENCING at n polut [it the conwr clip of the north glit4 vtrty 11110 of U.S. Highway No. 180. mid lite east line or Uooa Hope Road (no dedication rveordtdion brand) and Ilse soalhov,rt comer of n hurl or land dcsmbcd in deal to Richard J. IJonike dad Ndlhnn P, Noolke roconlad in Denlwi Counly C lerk's 1•i1c Aro. 2009-10359 of the Rival 11ropoity R.eords of Donlon County. '1'at;tts; THENCE North 00°2536" Wc+t, with raid east line or flood Hope (toad turd along a fence nrtd die west tiers of said Snotkc Imeti.a disiuncti.of 1105.55 fact to n fence comer found in the toulh ling ur aiw 283:420 sere tract mrd bring the 1'oiwr of i3FCJtNNING; THENCE With 00°25'36' Neat, trill) said west lint orsaid 283.420 acro Intel and:don8 to renco a dlalalWo of 348.15 J�vt to a 518" imn rad rtl kith a platnic cap nlamped " KIIA" (hc(clilancr called 5/9" iron tod sui) Inr comer in ilia cul line ofsaid flood Hvpc Road and lho soothacat eomor of avid 27.157 acre Irate TKbNC'G Nortli UO"O8 28" Wcsl, .cilli mid %i,,,i lino of said 27.157 nese tmcl and Ilic cast line of Good (lope Roud and along a f rare, a distance of 193.83 Cert to a poi4l jbr ebrrrer ill the begimring of n nor[-totigarl cunt t0 the rigid tvliorn chard !kart Nortli 133117'02" Vow. 44.95 feet; TNENCii lcaving.aald QOod Hop.) Rood verau void 27,137 acre Intel and along a curve to l& right through n e mitt tinea of 03°50'110"; a mdim of 670.00 fuel mid a me kor)h of -14,96 real to it Trtdnt t'or conrcir nl She bcglntiing Id' a tt!Ona Curve" lq lbe telt whoso ehvrd hears North 76"1513" Cul. 45&59 j'ool. THENCE across said 27.157 acro Ircet and along n carver to the lett through a centrad angle or 17' 14' I8", u mdirty or 1530.on reel mrd a arc ierrglh of 460..12 reel to a prism for evnior at Ilse beginning urn evvne to lite Ml +vhose chord bears North 6643'39" Gaal, 2211.31 1aMt 77IISNCI6 acros5 said 27.IS7 acre Yuri and along it Curve to the lett throu8ll a ccurrd angle of a radius of S18110) fet and a arc length or224.33 fest fork poiul For eomcr, Kate 7 01'8 PAsrination AereementQ� ar�frastructure Agreements—Pato 21 of 22 6609805 #609999 For Infrastructure Agreements—Page 2of22 9609SO3