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WHEREAS, the City, the Zone and the Authority have previously entered into a <br />Development Agreement, dated as of February 2014 (the "Existing Agreement"), with <br />Beazer Homes LP, a Texas limited partnership (the "Developer"), pursuant to which the <br />Developer will be reimbursed by the Authority for the costs of certain Public Improvements <br />within the Project (as defined in the Existing Agreement); <br />WHEREAS, a portion of the costs payable to the Developer pursuant to the Existing <br />Agreement have been incurred by the Owner (as more fully described herein, the "Owner <br />Portion"); <br />WHEREAS, the parties wish to enter into this agreement to provide for the <br />reimbursement directly to the Owner by the Authority of the Owner Portion; <br />WHEREAS, by its acknowledgment hereof, the Developer acknowledges and agrees that <br />the amount reimbursable to it pursuant to the Existing Agreement is hereby reduced by the <br />amount of the Escrow Deposit; <br />NOW THEREFORE, for and in consideration of the mutual promises, covenants, <br />obligations, and benefits of this Agreement, the Zone, the Authority and the Owner contract and <br />agree, and the Developer hereby acknowledges and agrees, as follows: <br />AGREEMENT <br />ARTICLE 1 <br />GENERAL TERMS <br />1.1 Definitions. The following terms have the following meanings for purposes of <br />this Agreement. Any capitalized term used in this Agreement and not otherwise defined herein <br />shall have the meaning given such term in the Existing Agreement. <br />"Agreement" shall mean this Reimbursement Agreement by and among the Zone, the <br />Authority and the Owner. <br />"Appraisal" shall mean an independent appraisal of the Land to be obtained by the <br />Authority based on the assumption that the Land could be sold for commercial or other purposes <br />similar to the purposes for which the Owner Tract was sold. <br />"Authority" shall mean the La Porte Redevelopment Authority, a Iocal government <br />corporation created by the City. <br />"Authority Board" shall mean the Board of Directors of the Authority. <br />"City" shall mean the City of LaPorte, Texas. <br />"Developer" shall mean Beazer Homes Texas LP, a Delaware limited partnership. <br />2 <br />HOU:3454I6I.2 <br />