08 Plat approval, variance, easement acceptance and subdivision improvements

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Contract No. SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT is made and entered into as of the day of , 2009, by and between the City of Paris, Texas, a Home Rule Municipal Corporation (the "City") and Brownstone Properties, LP, 3749 Lamar Ave., Paris, Texas 75462, (the "Developer"). This AGREEMENT to be effective , 2009. WHEREAS, Developer has made application to the City for preliminary and final plat approval for a proposed Subdivision in the City of Paris called the Pecan Place Subdivision located at Pine Mill Road in the City of Paris, Lamar County, Texas (called "Subdivision"); and WHEREAS, among other reasons, the parties have entered into this Agreement for the purpose of eliminating and avoiding the harmful effects of premature subdivision which leaves property undeveloped and unproductive, and to ensure the completion of public improvements regardless of whether Developer improves or sells any lots within the Subdivision; and WHEREAS, the benefits of this Agreement inure solely to the City and the Developer, not to any third parties such as lot purchasers, subcontractors, laborers, and suppliers. NOW, THEREFORE, for and in consideration of the mutual covenants contained herein and other good and valuable consideration, including without limitation the approval by the City of the preliminary and final plats for the Subdivision, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: ARTICLE I. OBLIGATION TO COMPLETE PUBLIC IMPROVEMENTS 1.01. Public Improvements This Agreement calls for the completion by Developer of certain public improvements required by the City of Paris' Subdivision Ordinance associated with the Subdivision to be constructed herein. The Public improvements for this Subdivision are further described in Exhibit "A" attached hereto and incorporated herein by reference. SUBDIVISION IMPROVEMENT AGREEMENT PAGE 1 IDDRAFor ,4 SC