2002-06-10 Regular Meeting, Public Hearing, and Workshop Meeting

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e e established policies, and further agrees that land uses shall be further restricted according to "Exhibit D". ARTICLE III. RESTRICTIVE COVENANTS 3.1 Development of Restrictive Covenants. Owner-Developer has developed- Draft Declaration of Restrictive Covenants for Texas Import-Export Park, which are attached to this Agreement as Exhibit "E". These protective covenants and deed restrictions will apply to and be binding upon the Tract, and shall be in form substantially similar to Exhibit "E". The covenants and deed restrictions shall be approved by the City and shall be recorded concurrently with each recorded plat. ARTICLE IV. TERMINATION 4.1 Term. This Agreement shall have a term commencing on the date first written above, and continuing until the sooner to occur of (i) the date in which all portions of the Tract have been platted and developed (with construction of all streets and utilities on the Tract as reflected by the plats completed or installed and financed by the Owner-Developer). Failure of Owner-Developer to begin construction in accordance with the Special Conditional Use Permit within one year after issuance of said permit, or as scheduled under the terms of the Special Conditional Use Permit, shall terminate this Agreement. Owner-Developer may, before the expiration of one year, request an extension of time from the Planning and Zoning Commission, in the event that construction has not started in accordance with the Special Conditional Use Permit. ARTICLE V. OPEN SPACEITRAIL, BUFFERING AND BEAUTIFICATION 5.1 Open Space/Pedestrian Trail System. The Owner-Developer shall provide common open space as shown in Comprehensive Plan and the General Plan, including any required portion of planned City trail system within the project. This will be incorporated within the shown drainage easement and detention pond/drainage system, the cross-section details of which are further illustrated on the attached Exhibit F. It is recognized that, until the final design of the detention pond/drainage system is approved, the exact location and dimensions of these facilities is unknown. When the final design is approved the City will evaluate the potential for use of these areas as public recreation amenities. At that time and with mutual consent, the City may elect to accept these facilities either in easement or fee. The initial development, of the detention pond/drainage system and perimeter landscaping of these facilities shall be the responsibility of the Owner - Developer. The responsibility of ongoing maintenance of these facilities shall also be determined after reviewing the final design. TIEP 2002 DeveloDment Aareement-Final.doc Paae 3 of 9