Common use of Purpose; Consideration Clause in Contracts

Purpose; Consideration. (a) The City and ▇▇ ▇▇▇▇▇▇ Real Estate, LLC, as successor in interest to Crystal Falls Ortho, PLC (the “Original Developer”) previously entered into that certain Development Agreement for the ▇▇▇▇▇▇▇ Professional Plaza dated effective as of May 19, 2016 and that certain 1st Addendum to the Barnet Professional Plaza dated effective as of September 3, 2020 (collectively, the “Agreement”) under which the City and the Original Developer agreed to certain terms relating to the development of the Property, as the term is therein defined in the Agreement, located in ▇▇▇▇▇▇▇▇▇▇ County, Texas. (b) The Developer now owns all the Property and the Original Developer assigned all its rights under the Agreement to Developer in that certain Assignment of Barnet Professional Plaza Development Agreement dated effective , 20 Agreement”). (the “Assignment (c) The Developer now desires to amend the short form final plat to include the extension of the Yaupon Grove roadway, address responsibility of engineering and construction costs for Yaupon Grove, address on-street parking on the roadway, and to establish Developer’s obligations related to dedication of right-of-way for Yaupon Grove. (d) The City is agreeable to addressing the Developer’s obligations related to Yaupon Grove right-of-way dedication and improvements, providing for the engineering and construction costs of the roadway improvements as provided herein, and to allowing on-street parking on Yaupon Grove under the terms and conditions set forth in this Second Addendum to promote development of the Project, as the term is therein defined in the Agreement. The Parties agree that these obligations were generated with the creation of the Crystal Springs Subdivision. (e) The Developer will benefit from this Second Addendum by establishing the Developer’s obligations related to Yaupon Grove right-of-way dedication and addressing the on-street parking on Yaupon Grove as provided herein. This Second Addendum will benefit the City by facilitating the dedication an improvement of the extension of Yaupon Grove and by facilitating the development of the Project to encourage the location of businesses within the City. (f) The Parties enter into this Second Addendum for the purposes stated above. The benefits to the Parties set forth in this Section 1, plus the mutual promises expressed herein, are good and valuable consideration for this Second Addendum, the sufficiency of which is hereby acknowledged by both Parties.

Purpose; Consideration. (a) The City and ▇▇ ▇▇▇▇▇▇ Real Estate, LLC, as successor in interest to Crystal Falls Ortho, PLC (the “Original Developer”) previously entered into that certain Development Agreement for the ▇▇▇▇▇▇▇ Professional Plaza dated effective as of May 19, 2016 and that certain 1st Addendum to the Barnet ▇▇▇▇▇▇▇ Professional Plaza dated effective as of September 3, 2020 (collectively, the “Agreement”) under which the City and the Original Developer agreed to certain terms relating to the development of the Property, as the term is therein defined in the Agreement, located in ▇▇▇▇▇▇▇▇▇▇ County, Texas. (b) The Developer now owns all the Property and the Original Developer assigned all its rights under the Agreement to Developer in that certain Assignment of Barnet ▇▇▇▇▇▇▇ Professional Plaza Development Agreement dated effective , 20 Agreement”). (the “Assignment (c) The Developer now desires to amend the short form final plat to include the extension of the Yaupon Grove roadway, address responsibility of engineering and construction costs for Yaupon Grove, address on-street parking on the roadway, and to establish Developer’s obligations related to dedication of right-of-way for Yaupon Grove. (d) The City is agreeable to addressing the Developer’s obligations related to Yaupon Grove right-of-way dedication and improvements, providing for the engineering and construction costs of the roadway improvements as provided herein, and to allowing on-street parking on Yaupon Grove under the terms and conditions set forth in this Second Addendum to promote development of the Project, as the term is therein defined in the Agreement. The Parties agree that these obligations were generated with the creation of the Crystal Springs Subdivision. (e) The Developer will benefit from this Second Addendum by establishing the Developer’s obligations related to Yaupon Grove right-of-way dedication and addressing the on-street parking on Yaupon Grove as provided herein. This Second Addendum will benefit the City by facilitating the dedication an improvement of the extension of Yaupon Grove and by facilitating the development of the Project to encourage the location of businesses within the City. (f) The Parties enter into this Second Addendum for the purposes stated above. The benefits to the Parties set forth in this Section 1, plus the mutual promises expressed herein, are good and valuable consideration for this Second Addendum, the sufficiency of which is hereby acknowledged by both Parties.