07-29-15 LPRDA/TIRZ - Laserfiche WebLink

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i ' SECOND AMENDMENT TO DEVELOPMENT AGREEMENT ' THIS SECOND AMENDMENT TO DEVELOPMENT AGREEMENT(this "Second Amendment") is made, entered into and effective as of the day of , 2015,by and among REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, ' TEXAS (the"TIRZ"),LA PORTE REDEVELOPMENT AUTHORITY, a Texas non-profit corporation(the"Authority"), and LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited partnership(the"Developer"). RECITALS: ' WHEREAS,the TIRZ,the Authority and Port Crossing Land,LP, a Texas limited partnership(the"Original Developer") entered into a certain Development Agreement, effective as of May 24,2006 (the"Original Agreement"), as amended by that certain First Amendment to Development Agreement effective as of April 27,2011 (the"First Amendment"and, together with the Original Agreement and this Second Amendment,the"Agreement"),with respect to the development within the boundaries of the TIRZ of an urban project consisting of residential, commercial,industrial and retail facilities(the"Project"); and WHEREAS, all of the Original Developer's right,title and interest in the Agreement, including the right to be reimbursed for Developer Advances (as defined in the Agreement),has been assigned by the Original Developer to the Developer; and WHEREAS,the TIRZ and the Authority have approved the assignment of the Original Developer's right,title and interest in the Agreement to the Developer; and ' WHEREAS, due to certain changes in circumstances,the parties wish to amend the Agreement as described herein. Section 1. Exhibit B to the Original Agreement is hereby deleted and replaced in its entirety with Exhibit B attached hereto. ' Section 2. Except as otherwise specifically provided herein,the terms and provisions of the Original Agreement and the First Amendment shall remain in effect. PHDATA 5381546_1