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R-95-05-11-15E - 5/11/19951 TERMINATION OF REVERSIONARY RIGHT THIS TERMINATION OF REVERSIONARY RIGHT dated May 11 , 1995, executed by the CITY OF ROUND ROCK, TEXAS, a Texas home rule municipal corporation ( "City"). RECITALS: A. On September 28, 1993, City executed and delivered to Investex Financial Liability Company ( "Investex ") that certain Cash Special Warranty Deed (the "Deed ") recorded in Volume 12033, Page 0010, of the Real Property Records of Travis County, Texas, pursuant to the terms of which City conveyed to Investex a 1.121 acre tract of land out of the William Bratton Survey No. 103, Abstract No. 100, situated in Travis County, Texas, such tract of land being more particularly described in the Deed (the "Property"). B. The Deed, by its express terms, provided that if a food processing facility was not constructed on the Property in accordance with the terms of that certain Tax Abatement Agreement (the "Abatement Agreement ") dated April 22, 1993, between the City and Investex, then the conveyance of the Property to Investex would be null and void and the Property would revert to the City (such provisions being herein referred to as the "Reversionary Right "). C. Investex has constructed a food processing facility on the Property in accordance with the terms of the Abatement Agreement, and City desires to evidence that its Reversionary Right has, by its terms, terminated and is of no further force and effect. AGREEMENT: NOW, THEREFORE, in consideration of the foregoing, the City hereby evidences and agrees that (1) the food processing facility contemplated by the Deed and the Abatement Agreement has been constructed in accordance with the terms and requirements of the Deed and the Abatement Agreement, (2) all conditions, covenants and requirements binding upon Investex, its successors and assigns, set forth in the Deed and the Abatement Agreement (to the extent that any provisions of the Abatement Agreement pertain to the Reversionary Right) have been fully and timely satisfied by Investex and (3) the Reversionary Right has terminated without exercise thereof and is of no further force and effect. IN WITNESS WHEREOF, the City has executed this Termination of Reversionary Right as of the date first above written. mvates..odW5O91000..od CITY ROUND ROCK, TEXAS i B Its: Pk-70,8--- STATE OF TEXAS COUNTY OF WILLIAMSON his ins ment was acknowledged before me on May 18 , 1995, by (..:MK ES L /PC °P& _ , Mayor of the City of Round Rock, Texas, a Texas home rule corporation, on behalf of said city. After Recording, Return To: Stephen O. Drenner Drenner & Stuart, L.L.P. 301 Congress Avenue, Suite 2100 Austin, Texas 78701 ACKNOWLEDGEMENT my .t .od \O5O91Ooo..oa 2 WHEREAS, on September 28, 1993, the City of Round Rock, ( "City ") executed and delivered to Investex Financial Limited Liability Company ( "Investex ") that certain Cash Special Warranty Deed (the "Deed ") recorded in Volume 12033, Page 0010, of the Real Property Records of Travis County, Texas, pursuant to the terms of which City conveyed to Investex a 1.121 acre tract of land out of the William Bratton Survey No. 103, Abstract No. 100, situated in Travis County, Texas, such tract of land being more particularly described in the Deed (the "Property "), and WHEREAS, the Deed, by its express terms, provided that if a food processing facility was not constructed on the Property in accordance with the terms of that certain Tax Abatement Agreement (the "Abatement Agreement ") dated April 22, 1993, between the City and Investex, then the conveyance of the Property to Investex would be null and void and the Property would revert to the City (such provisions being herein referred to as the "Reversionary Right "), and WHEREAS, Investex has constructed a food processing facility on the Property in accordance with the terms of the Abatement Agreement, and City desires to evidence that its Reversionary Right has, by its terms terminated and is of no further force and effect, Now Therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS, That the Mayor is hereby authorized and directed to execute on behalf of the City a Termination of Reversionary Right, a copy of which is attached hereto and incorporated herein for all purposes. RESOLVED this llth day of May, 1995. ATTEST: E LAND, City Secretary RESOLUTION NO. R 95 05 11 - 15E CHARLES CHARLES GULP KR, Mayor City of Round Rock, Texas DATE: May 9, 1995 SUBJECT: City Council Meeting, May 11, 1995 ITEM: 15.E. Consider a resolution authorizing the Mayor to execute a release of reversionary clause in deed from the City to Investex Financial LLC. Staff Resource Person: Joe Vining Staff Recommendation: Approval On April 22, 1993, the City entered into an economic development program under the authority of §380.001 Local Government Code whereby the Corridor right of way was conveyed to Investex LLC by special warranty deed. A reversionary clause was included that stated this conveyance will revert to the City in the event the food processing facility was not completed in accordance with the terms of the tax abatement agreement. This facility, Michael Angelos Gourmet Foods, has been constructed according to terms set out in the tax abatement and this clause no longer applies. The owner has requested this release as a formality.