08-14-12 Meeting of the La Porte Development Corporation Board of Directors

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A'axnIBAT "A" " Foi-m of Restriction Agreement WHEN RT -,CORDED RETURN TO: (Space Above For Recorder's Use Oi ly) NOTICE OF CONFIDENTIALITY TIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY RE, MOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IIS THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER STATE OF TEXAS § RESTRICTION ION AGREEMEN f COUNTY OF HARIS t3 This RESTRICTION AGREEMENT ("Agreement") is made and entered into as of the Effective Date by and between the City of La Porte, a Texas home rule municipality ("City"), and Marty Campise ("Developer"), acting by and through their respective authorized officers. RECITALS WHEREAS, as of the Effective Date, pursuant to the Purchase Agreement, Developer Inas purchased the Property from the LDDC, and WHEREAS, prior to or concurrent with the sale of the Property to Developer, LDDC purchased the Property from City pursuant to that certain Purchase and Sale Agreement effective May 15, 2012, between City and LPDC ("the City Contract") without City seeking scaled bids or conducting an auction prior to the sale of the Property to LPDC pursuant to the statutory exception to such recluircrnerlts set forth in Texas Local Government Code §272.001(b)(4); and WHEREAS, as a condition of the sale of the Property to LPDC and pursuant to Texas Local Government Code §272.001(b)(4), the City Contract requires that LPDC have the Property redeveloped and used for the Required Use; and WHEREAS, LPDC has, as a condition of the conveyance of the Property to Developer, restricted the use of the Property and required Developer to develop the Property Nvitl) the Improvements in accordance with the terms and conditions set forth herein; and WHEREAS, as a condition to and in consideration of the ILPDC's com7eyance of the Property to Developer, Developer has agreed to develop the Property in accordance with this Restriction Agreement; and ATTACHMENT I TO 912 PURCHASE, AND .`TALL AGr2EEME:\T; CITY OF L_1 YORTE TO LA PORTE E DLYLLOPNIL N 1 CORPORATION - FAG[: 12