HomeMy WebLinkAboutC2007-031 - 1/31/2007 - NAFIRST AMENDMENT TO
DEFERMENT AGREEMENT
~1'his First Amendment to l)eferment Agruement (this "First AmendmenP') is entered into
effective as of January~ ?y, 2007 (the "Effective Date"), by and between ValPlace Corpus Christi
Texas (,P ("Developer"1 and the City~ ~~f C'orpus Christi, Texas ("City").
W~ I 1~ N f~: '> S t•: T H:
~. City and ~~`alue Placc Brownsville LLC ("Prior Developer") entered into that certain
Deferment Agrcement dated as of February 8, 2006 (as modified by the Assigntuent defined below, the
"De~i'ermettt Agreement"), pertainin~ to the defermcnt of the construction of certain improvements by
Prior [)eveloper.
1~. (;ity. Devcloper ancl Prior Devcl~~per entered into that certain Assignment and
FZatification of I)eferment Agreement d~ted as ot' lune L5, 2006 (thc "Assignment"), whereby Prior
Developer assigneci all its right, title and lnterest in the Ueferment Agreement to Developer, Developer
assumed all the c~bligations c~f Priur Ueveloper imder the Deferment Agreement, Developer was
substit«ted as the "1)cvelopcr" under rhe D~terment Agreement, and the City consented to all such action.
(',tv anii I)evel~~per <ic~sirc to amenci t~~e Deferment Agreement as hereinafter set forth.
i i_ ('t~pitalizeci terms uscd }icrcin and n~~t otherwise defined shall have the meaning given
ihose tcrms in the Deferment~ Agreemcnt.
~10W, "['HE~;KEFOKE, in con4ider~tion of the mutual covenants and agreements contained herein,
~eller ~~ncl Buycr hereby agrce as foliuws
1 Ucierment E'eriod. f~~>r all purposes ander the Deferment Agreement, including without
limit~t~~m Paragraphs l, 5 and E thcreof, (~"ity agrces to allow Developer to defer construction of the
water, wastewater. paving and drainage piiblic impr~vements for up to thirteen (13) months from the
effcctive ~.late of the I)eferrnent Agreeinent
? Notices to 1)evelooer. All notices required or permitted to be given to Developer under
the Defennent Agreement w~ill be addressed r~~ Developer as follows:
5~00 Uallas Parkway
Frisco, Texas 75034
3 Continued Effect (?xcept as amended by this First Amendment, the Deferment
Agreemcnt shall remain in tiill force and effect in accardance with its original terms.
4 Counterparts. This f~ irst ~~~mendment may be executed in any number of counterparts
which, when taken tagether, shall constitute one and the same agreement. Any counterpart may be
exec~ted ~ind delivered by facsimite tr~nsmission.
[Signature Pa~e Follows/
?007-031
01/31 /07
ValPlace (~orpus Christi Texas
EN W]"1'NE~.SS WHF?REOF, ihES First Amendrnent has been executed as ofthe Effective Date.
APPROVFD: _'' ` day of ~ ~~ ~ ~~t,~:_,~. _'.f)07
f3y _ -~1t1{~~~
C; ~ 'Smith
Assistant C~tv Attorney
For the City ;~ttorn~~y
i'irst Amendment to
Defermenr A~reemen[
DE~'ELOPER:
VAI,PLACE CORPUS CHRISTI TEXAS LP,
a "I'cKas limited partnership
~y.
CITY:
VALPLACE "1'F,XAS LLC,
a `I'exas limited liability company,
its Gene
By:
City of Corpus Christi, Texas,
a Texas home rule municipality
~y
Name: • -~~(C ' ~-
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