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HomeMy WebLinkAbout2000-320FILE REFERENCE FORM 2000-320 Additional File Exists Additional File Contains Records Not Public, According to the Public Records Act X Other - Termination of Agreement FILE(S) Date Initials Termination of Restrictive Covenants and Memorandum of Annexation and Consent Agreement 1 3/15/01 JW s IN, mcwwwww�waenwawe Conueu aac ORDINANCE NO &W 00-Ja 0 AN ORDINANCE APPROVING AN ANNEXATION AND CONSENT AGREEMENT BETWEEN THE CITY OF DENTON AND THE EQUESTRIAN DEVELOPMENT CORPORATION, RELATING TO THE ESTABLISHMENT OF A COUNTY DEVELOPMENT DISTRICT WITHIN THE CITY'S EXTRATERRITORIAL JURISDICTION, AND PROVIDING AN EFFECTIVE DATE WHEREAS, the Equestrian Development Corporation of North Texas (the "Corporation") has requested that the City consent to the establishment of a County Development District ("CDD") within the City's extraterritorial jurisdiction pursuant to the provisions of Chapter 383 of the Texas Local Government Code, and WHEREAS, the City and the Corporation desire to enter into and agreement to set forth the terms and conditions of the City's consent and related matters pertaining to the CDD and the proposed development, a copy of said agreement being attached hereto and made a part hereof for all purposes (the "Agreement"), and WHEREAS, the City Council of the City of Denton, Texas finds and determines that the Agreement is in the public interest THE COUNCIL OF THE CITY OF DENTON, TEXAS HEREBY ORDAINS SECTION 1 The Agreement is hereby approved The Mayor of the City of Denton is hereby authorized to execute the Agreement on behalf of the City of Denton SECTION 2 The findings and recitations in the preamble of this ordinance are substantive and are incorporated into the body of this ordinance as if fully set forth therein SECTION 3 This ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the 'A - day of (JP �LL/%/i%j�/r 2000 EULINE BROCK, MAYOR ATTEST JE FER WALTERS, C Y SECRETARY BV TAO LEGAL RM HERBE OUTY,ATTORNEY i ANNEXATION AND CONSENT AGREEMENT THIS AGREEMENT is made and entered into as of the /r day o 2000, by and between the City of Denton, Texas, a home rule city of the State of Texas (the "City), and Equestrian Development Corporation of North Texas, a Texas Corporation, owner of certain real property as described in Exhibit "A" attached hereto and incorporated herein by reference (the "Development Corporation"), which lies within the extraterritorial jurisdiction of the City (the "Property"), and WHEREAS, the Development Corporation desires the consent of the City for the creation of a County Development District ("CDD") pursuant to the provisions of Chapter 383, Texas Local Government Code, to assist with the financing of the Property's development (the "Development"), and WHEREAS, the City has heretofore instituted proceedings to annex the Property into the city limits of the City but has not yet completed such annexation proceedings, and WHEREAS, the Development Corporation has requested that the City agree not to annex the Property for a period of five years from the first funding of the CDD or January 1, 2006, whichever occurs first, and WHEREAS, the City and the Development Corporation have entered into this Agreement to set forth the terms and conditions by which the CDD will be established and annexation of the Property will be accomplished, NOW THEREFORE, in consideration of $10 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party, including the mutual promises and covenants contained herein and subject to the conditions hereinafter set forth, the City and the Development Corporation hereby agree as follows 1 The City consents and the Development Corporation agrees to the establishment of a CDD for the Property and to delay annexation of the Property upon the following conditions a The Property shall be developed for tourist related businesses including a 6,000 to 10,000 seat multi -use arena, with the primary emphasis on a horse arena, a 100 to 300 room hotel, a golf course and a not to exceed 99 lot residential subdivision, generally in accordance with the concept plan attached hereto as Exhibit `B" which is incorporated herein by reference All property owners of the Property shall voluntarily comply with the City's subdivision and zoning regulations in effect at the time of development 1 S \Our Documents\Contracts\OOWNNEX CONS AGRM FINALS doc b The City shall provide and all property owners of the Property shall agree to receive and pay for City water, sewer, solid waste, electric power, and police and fire services on the same terms and conditions as if the Property were within the City limits, except that police and fire services shall be paid for Such provision of services by the City will be provided pursuant to service agreements to be entered into between the City and the property owners However, the building and extension of water and sewer lines and other infrastructure necessary to serve the Property shall be at the sole expense of the property owners of the Property, subject to pro -rats reimbursements from other property owners in accordance with the City's pro-rata policies c Should any of the Property or improvements thereon be owned by the CDD and should such property and/or improvements be tax exempt, the owners of such property shall, upon annexation and continuing thereafter so long as said property is tax exempt make payments to the City in lieu of taxation as provided in this section The payments in lieu of taxes shall be equivalent to the amount of ad valorem taxes that would have been assessed against the Property had it not been owned by the CDD The payments shall be an annual fee due and payable on January 1 of each year and shall be based on the assessed value of all property, real, personal, and mixed, owned by the CDD The term "assessed value" means the appraised value of all property of the CDD as is determined by the Denton Central Appraisal District (the "Appraisal District") for the year in which the payment is due The annual fee shall be calculated by the following formula Assessed Value — 100 x the current year's city tax rate = Annual Fee If the CDD property owners fall to pay the Annual Fee when due, the City may collect the Annual Fee in the same manner an accordance with the same rights and remedies available for ad valorem taxes, including without limitation, the collection of penalties, interest, and attorney fees A first and prior lien to secure the collection of the Annual Fee, together with penalties, interest and attorney fees shall is hereby established against the property owned by the CDD If the Appraisal District requires compensation for its appraisal services, the CDD property owners shall be responsible for the payment of such compensation Prior to the adoption of the order of the County Commissioner's Court establishing the CDD, similar agreements for payments in S \Our D0cuments\Contracts\00\ANNEX CONS AGRM FINALS doc 2 lieu of taxation will be entered into with the Denton Independent School District Should the Property or any portion thereof for any reason, including, without limitation by operation of law, not be annexed into the City on the Voluntary Annexation Date as provided in Section 2 below, all property owners of the Property, whether or not owned by the CDD shall make payments in lieu of taxes to the City in the same manner as provided above Enforcement of this covenant shall be in the same manner as provided above, including without limitation the first and prior lien to secure the payment in lieu of taxes This covenant shall continue until such property is annexed into the City d The City will permit the Development Corporation to retain all monies collected as part of the hotel occupancy tax, pursuant to the Texas Tax Code Ann § 352 107 for the duration of the original issuance of bonds 2 The City will not annex the Property into the City's limits until the fifth anniversary of the first funding of CDD financing, or January 1, 2006, whichever occurs first, (the "Voluntary Annexation Date") subject to the following a The fulfillment of the conditions set forth in paragraph 1 above b The consummation of the purchase of the Property by the Development Corporation no later than October 1, 2000, at which time this Agreement shall be assigned to and the obligations herein shall be assumed by the legal entity that takes title to the Property on behalf of the Development Corporation c The approval of the CDD by the Denton County Commissioner's Court no later than October 10, 2000 d The selling of the first bonds for the CDD no later than September 2001 e The commencement of construction for the arena at a minimum construction cost of $18 million no later than January 1, 2002 f The commencement of construction for the hotel/motel at a minimum construction cost of $10 million no later than January 1, 2002 g The commencement of construction for residential infrastructure of a minimum cost of $1 5 million no later than January 1, 2002 3 S \Our Documents\Contracts\00\ANNEX CONS AGRM FWAL3 doe If any of the above conditions are not completely fulfilled, in the sole Judgment of the City, which Judgment is not reversible, (the `Early Voluntary Annexation") or upon the Voluntary Annexation Date, the City may begin annexation proceedings on all or any part of the Property Early Voluntary Annexation will not occur if the Development Corporation cures the breach pursuant to paragraph 5 Such annexation shall be considered a voluntary request for annexation by all owners of the Property In that regard, the Development Corporation and all future owners of the Property, excluding Donald J Carter, his heirs and personal representatives, covenant and agree that such annexation is voluntarily made and shall be considered to be by petition of the owners of the Property at the time of such annexation This covenant shall be a covenant running with the land and shall be binding on the owner ofthe Property and all future owners for annexation at the time of such thereof, as if such owners signed a voluntary petition annexation This voluntary consent to annexation is irrevocable If the property Donaldownership reverts back to Carter, Agreement is null and void sFurther, this Agreement shall be null and void if the CDD is invalidated by a court 3 The parties agree to the following conditions with regard to the CDD a The directors of the CDD shall consist of two designees by the City, two by Denton County and one by the Development Corporation, and the Board of Directors shall be so maintained The Denton County Order establishing the CDD shall contain this provision b The Board shall not petition the Commissioners Court of Denton County for the addition of land to the CDD without the written approval of the City and of the owner of the land to be added The Denton County Order establishing the CDD shall contain this provision c The CDD at its confirmation election shall include a `/2 of 1 cent sales tax proposition If such sales tax is approved, and after the initial bonds have been repaid, if the City desired to increase its sales tax so that when combined with the CDD's '/2 cent sales tax the total local sales tax in the CDD area will exceed two cents, then the CDD sales tax will be reduced or abolished to the extent that the combined rates of local sales taxes will equal two cents 4 The covenants contained herein touch and effect the Property and are covenants running with the land described herein as the Property, and are binding upon the owners of such Property and all future owners thereof The City and the Development Corporation and all owners of the Property as of the date of this Agreement and as of the date of recording of the below described Memorandum of Agreement, shall enter into a notice of Restrictive Covenants and Memorandum of Annexation and Consent Agreement (the "Memorandum of Agreement") in substantially the same form as the Memorandum of Agreement attached hereto and made a part hereof as Exhibit "C", which shall be recorded in the Land Records of Denton County, Texas In addition, S \Our Documents\Contracts\OOWNNEX CONS all final plats of any portion of the Property shall contain the following notice in bold print ALL OWNERS OF ANY PORTION OF THE PROPERTY SHOULD REVIEW THE ANNEXATION AGREEMENT ON FILE IN THE CITY SECRETARY'S OFFICE OF THE CITY OF DENTON REGARDING RESTRICTIVE COVENANTS FOR THE BENEFIT OF THE CITY 5 In the event of a breach of this Agreement, the breaching party shall have 180 days from written notice of such breach from the other party to cure the breach If the breaching party fails to cure the breach within that time period, the other party may terminate this Agreement and/or pursue any of its remedies at law or equity Notices shall be sent to the parties at the following addresses City of Denton Equestrian Development Corporation City Manager of North Texas 215 East McKinney Ed Pickett, President Denton, Texas 76201 3952 PR 2718 Aubrey, Texas 76227 6 The Development Corporation hereby releases, indemnifies and holds harmless the City for any damages it may suffer as a result of the Development Corporation's failure to perform any obligations or covenants of this Agreement 7 This Agreement is performable in Denton County, Texas, and any litigation concerning this Agreement shall be tried in a court of competent jurisdiction sitting in Denton County, Texas IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the date first written above TTEST, nnifer K Walters ity Secretary EQUESTRIAN DEVELOPMENT CORPORATION OF NORT TEXAS BY CITY OF DENTON, TEXAS BY Euline Brock, Mayor I doc APPROVED AS TO FORM RNEY STATE OF TEXAS COUNTY OF DENTON -e This instrument was acknowledged before me on the Z� day of c orp wNoi 20 North by Edwin G Pickett, President of the Equestrian Development Corporation of North Texas, on behalf of said corporation *P, LISA PELLEY Pudb, Stale olTaaa� DECEMBER 21, 2003 Not4y��� , inand for the State of Texas My Commission Expires /�) d/ j SS STATE OF TEXAS § COUNTY OF DENTON § This instrument was acknowledged before me on the by Eulme Brock, Mayor of the City of Denton, Texas, o be �p•�"Pw(4, ANN FORSYTHE Notary Pubb, State of Texas ' My Comminion Exorse +, MAY 0, 2002 Notary in and for My Commission Expires Q� Q S \Our doc EXHIBIT "A" The Property consists of two parcels of land being a 283 734 acre parcel (Parcel "1") and a 292 403 acre parcel (Parcel "211) described as follows PARCEL 1 ALL THAT CERTAIN TRACT OR PARCELWILLIAMS SURVEY ABSTRACT NUMBER 014177 ADNDLV E GAIDLORESURVEY UABSDTR IN CT H 52, DENTON COUNTY, TEXAS, AND BEING A OF A CERTAIN (CALLED) 63 5877 ACRE TRACT AND A 220 558 ACRE TRACT, DEEDED BY HOME INTERIORS & GIFTS, INC TO DONALD J CARTER AND WIFE LINDA JO CARTER ON THE 1ST DAY OF AUGUST 1994 REAL PROPERTY RECORDS D RDE ORODED BY COUNTY CLERKS FILE NUMBER 94-R0065442, COUNTY, TEXAS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS BEGINNING AT A FENCE CORNER POST AT THE SOUTHWEST CORNER OF SAID 2IN A TRACT, BEING AN20 557 ELL CORN TORJEAN E WATSON KUHLKENR RECORDEDE N OVOLUMEACT 29355 PAGED5444S REAL DPROPERTYED RECORDS, DENTON COUNTY TEXAS, NG AND NEAR A THENCE NORTH S E WITH THE EAST LONE OFREES SAD SKUHLKENETRACT S 06 SAND NAD WEST TLINE OOF SAID 220 557 FENCE TRACT, A NORTHEAST COARNER OOF 11311 90FEET UHLKEN TTRACTA DEED TO CHAIN 7 , FOUND SAID PIN INCH BEING ON A HEHSOUTOH NORTHERNMOST LI NE NMOOST A TRACT COUNTY CLERKS FILE CNUMBER RIBED �97-R00255933, REAL PROPERTY RECORDS DENTON RCOUNTY TEXAS S 32 SECONDS EAST ALONG AND NEAR A FENCE THENCE SOUTH 87 DEGREES 11 MINUTENCH LP TRACT A WITH A FOUND h NCH IRON PIN D AT THE AIN 7 RA ATHE SOUTHERNMOST SOUTHEASTTCORNERFOFI SAID CHAINTO 7 RANCH L P , TRACT, THENCE NORTH 03 DEGREES 54 MINUTES 43 SECONDS EAST ALONG AND NEAR A FENCE RACT ACRE TRACTWITH A L NEOF SAID OF 2AIN 1 RANCH TO AT FOUND� NCHAND A ESRONNPINO ATSTIHE 220 557 NORTHWEST CORNER OF SAID 220 557 ACRE TRACT, BEING AN INNER ELL CORNER OF SAID CHAIN 7 RANCH L P TRACT, T, ALONG WITH CA NORTH LINEDOFREES 35 SAID 220M557TES 40 ACRE TRACSECONDS ASSOUTH LINENOF SAID CHAD NEAR A EN07 RANCH L P CTRACT A ORNER OF SAID220O 557,577 35 FEET TRACT TOSA D PIN FOUND 1h ION ARWEST ON PINLINE OFAT EA NORTHEAST rF Tn JFFFEPY W NnE AND IFANIF T NOF RECORDED IN TPArT nEC��1nE[ IN 4 f D VOLUME 2879 PAGE 544, REAL PROPERTY RECORDS DENTON COUNTY, TEXAS, THENCE SOUTH 01 DEGREES 25 MINUTES 07 SECONDS WEST, ALONG AND NEAR A FENCE INE OF SAID 557 CRE CT 1 /2' DWITH A WEST ISTANCE OF iIIN1096 FEET TOEARACT NCDOA CORNER AT THE SOUTHWEST ACORNER AOF A PIN SAID NOE TRACT AND THE NORTHWEST CORNER OF SAID 63 5877 ACRE TRACT, A {THENCE SOUTH 61NDEGOFESAD3NOlE TRACT AND TOHENORTH 33 DT ALONG BOUNDARY LINE LINE OF 63 5877 WITH THE ACRE TRACT, A DISTANCE OF 829 52 FEET TO A FENCE CORNER POST ND NEAR A NG THENWITH CE THEoOUTH BOUNDARY LINEMINUTES OF SAID3NOEETRACDTSANDSWITHOTHE ANORTH LINE OF NCWITH SAID 63 5877 ACRE TRACT A DISTANCE OF 1,004 90 FEET TO A SET SAID INCH IRON PIN TRACTYELLOW BEINGCAP THETASOUTD EAST CORNERTTHE OF SAID NOE TRACTCORNER SAID OF ALSO6BEING7ON RE THE WEST RIGHT-OF-WAY LINE OF FM ROAD 428 (A 100 FOOT RIGHT-OF-WAY), Pape 1 of 7 THENCE SOUTH 33 DEGREES 44 MINUTES 10 SECONDS WEST WITH THE EAST LINE OF SAID 63 5877 ACRE TRACT AND THE WEST RIGHT-OF-WAY LINE OF F M ROAD 428, A DISTANCE O2SOUTHEAST CORNER OF SAIDN220CH 150YELLOW STAMPED S49 AT 77 ACRE TRACT ANDN PIN WITH A HE NORTHEAST CORNER THE SAID KUHLKEN TRACT, THENCE NORTH 86 DEGREES 06 MINUTES 31 SECONDS WEST ALONG AND NEAR A FENCE AND WITH THE SOUTH LINE OF SAID 220 577 ACRE TRACT AND A NORTH LINE OF SAID KUHLKEN TRACT A DISTANCE OF 370 66 FEET TO A SET /z INCH IRON PIN WITH A YELLOW CAP STAMPED H&N 1849, THENCE NORTH 20 ST AND AR WITH THE SOUTH LINE 8MINUTES SECONDS EALONG LINE OF SAID220 557ACRETRACT ANDA NORTHL NE OFESAID FENCE KUHLKEN TRACT, A DISTANCE OF 2,739 19 FEET TO THE POINT OF BEGINNING AND CONTAINING IN ALL 283 734 ACRES OF LAND Page 2 of 7 51790 08/23/00 PARCEL 2 ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE J CHEEK SURVEY, 859,SURVEY, ABSTRCT 247, AND THE MORR S SURVEY, ABSTRACT AB TRACT 859, JDENTORN COUNTY, TEXAS, AAND BEING PART OF ASETH CALLED 623 979 ACRE TRACT, DESCRIBED IN A DEED TO LANCE EISENBURG, RECORDED IN VOLUME 919, PAGE 267, DEED RECORDS, DENTON COUNTY, TEXAS, ALSO BEING ALL OF A CALLED 293 146 ACRE 2ND TRACT DESCRIBED IN A DEED TO DONALD J CARTER, ET UX, RECORDED UNDER COUNTY CLERKS FILE NUMBER 94—R0065442, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS ,z BEGINNING AT A FENCE CORNER ON THE NORTH LINE OF SAID CHEEK SURVEY, BEING " THE NORTHERN MOST NORTHEAST CORNER OF SAID 623 979 ACRE TRACT, WHICH IS THE NORTHERNMOST NORTHEAST CORNER OF SAID CARTER TRACT, BEING ON A WEST LINE OF A CALLED FIRST TRACT, DESCRIBED IN A DEED TO RAY LYNCH ET UX, RECORDED IN 1r VOLUME 1092, PAGE 653, DEED RECORDS DENTON COUNTY, TEXAS, 'k THENCE SOUTH 03 DEGREES 00 MINUTES 13 SECONDS WEST, WITH AN EAST LINE OF SAID i v 623 979 TRACT AND A WEST LINE OF SAID FIRST TRACT, A DISTANCE OF 1326 60 FEET TO A % INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849, BEING AN INNER ELL CORNER OF SAID 623 979 ACRE TRACT, BEING THE SOUTHWEST tial� CORNER OF SAID FIRST TRACT, THENCE SOUTH 86 DEGREES 13 MINUTES 47 SECONDS EAST, ALONG AND NEAR A FENCE, +I WITH A NORTH LINE OF SAID 623 979 ACRE TRACT AND THE SOUTH LINE OF SAID FIRST 'p TRACT, A DISTANCE OF 2043 63 FEET TO A pit INCH IRON PIN SET FOR CORNER WITH A „ YELLOW PLASTIC CAP STAMPED H&N 1849, AT THE NORTHWEST CORNER OF A CALLED `1FOURTH TRACT, DESCRIBED IN A DEED TO RAY LYNCH at ux, RECORDED IN VOLUME 1092, Y PAGE 653, DEED RECORDS DENTON COUNTY, TEXAS, THENCE SOUTH 15 DEGREES 07 MINUTES 42 SECONDS EAST WITH THE WEST LINE OF SAID 4 FOURTH TRACT, A DISTANCE OF 14813 FEET TO A 1h INCH IRON PIN SET FOR CORNER v WITH A YELLOW' PLASTIC CAP STAMPED H&N 1849 ON THE WEST RIGHT—OF—WAY LINE OF ru= F M ROAD 428, BEING THE SOUTHWEST CORNER OF SAID FOURTH TRACT, vx,z THENCE WITH THE WEST RIGHT—OF—WAY LINE OF F M ROAD 428 THE FOLLOWING 17 . B�BEASOUTH RINGS AN47DDEGREES E28 MINUTES 09 SECONDS WEST, A DISTANCE OF 53455 FEET, 2) NORTH 46 DEGREES 23 MINUTES 08 SECONDS WEST, A DISTANCE OF 39 11 FEET, °^a 3) SOUTH 47 DEGREES 27 MINUTES 45 SECONDS WEST, A DISTANCE OF 25057 FEET, 4) SOUTH 24 DEGREES 20 MINUTES 45 SECONDS WEST, A DISTANCE OF 53510 FEET, 5) SOUTH 20 DEGREES 07 MINUTES 09 SECONDS WEST, A DISTANCE OF 31991 FEET, • x 6) SOUTH 30 DEGREES 31 MINUTES 50 SECONDS WEST, A DISTANCE OF 161 19 FEET, 7) SOUTH 36 DEGREES 13 MINUTES 42 SECONDS WEST, A DISTANCE OF 31016 FEET, .44 8) SOUTH 32 DEGREES 39 MINUTES 34 SECONDS WEST, A DISTANCE OF 201 00 FEET, 9) SOUTH 43 DEGREES 38 MINUTES 43 SECONDS WEST, A DISTANCE OF 10440 FEET, 10) SOUTH 26 DEGREES 56 MINUTES 46 SECONDS WEST, A DISTANCE OF 100 00 FEET, 11) SOUTH 11 DEGREES 20 MINUTES 49 SECONDS EAST, A DISTANCE OF 24714 FEET, ;x x 12) SOUTH 34 DEGREES 54 MINUTES 20 SECONDS WEST, A DISTANCE OF 10608 FEET, -oP44 13) SOUTH 48' DEGREES 31 MINUTES 12 SECONDS WEST, A DISTANCE OF 14394 FEET, <,Y' 14) SOUTH 401 DEGREES 16 MINUTES 36 SECONDS EAST, A DISTANCE OF 31 57 FEET, " `ls 15) SOUTH 45 DEGREES 10 MINUTES 18 SECONDS WEST, A DISTANCE OF 52 55 FEET y; 16) SOUTH 45 DEGREES 30 MINUTES 58 SECONDS WEST, A DISTANCE OF 21814 FEET TO Page 4 of 7 A BEGINNING OF A CURVE TO THE LEFT, }¢ INCH IRON PIN FOUND AT THE WEST RIGHT—OF—WAY LINE, HAVING A CENTRAL AN ALONG SAID CURVE, WITH SAID 15 SECONDS, A RADIUS OF 1483 32 FEET, AN ARC ANGLE OF 11 DEGREES 49 MINUTESSOUTH 39 LENGTH 306 WEST, A DIS ANCE OF 305 48HICH FEET OR DEGREES A FOUND IRONPIIN,BEI G MINUTES HE 21SECONDSCT, EN F EASTERN KING and RHONDAMOST CORNER FM KING, RECORDED A CALLED 23 994 ACRE IN VOLUME DESCRIBED P GEI 1478, REAL O PROPERTY RECORDS DENTON COUNTY, TEXAS, THENCE NORTH 21 DEGREES 05 MINUTES 34 SECONDS WEST WITH A EAST LINE OF SAID 23 994 ACRE TRACT, A DISTANCE OF 820 815 66 FEET TO A CORNER IN THE CENTER OF CLEAR CREEK, .' THENCE NORTHWESTERLY WITH THE CENTER OF SAID CREEK THE NEXT 19 BEARINGS �r4<? AND DISTANCES 1) NORTH 50 DEGREES 30 MINUTES 33 SECONDS WEST, A DISTANCE OF 19547 FEET, DISTANCE OF 34780 FEET, 2) SOUTH 84 DEGREES 54 MINUTES 59 SECONDS WEST, A 15 SECONDS WEST, A DISTANCE OF 13410 FEET, 3) NORTH 63 DEGREES 55 MINUTES 4) NORTH 31 DEGREES 41 MINUTES 10 SECONDS WEST, A DISTANCE OF 29478 FEET, FEET, 5) NORTH 51 DEGREES 53 MINUTES 28 SECONDS WEST, A DISTANCE OF 23489 DISTANCE OF 91825 FEET, 6) NORTH 30 DEGREES 17 MINUTES 54 SECONDS WEST, A MINUTES 14 SECONDS WEST, A DISTANCE OF 271 29 FEET, 7) NORTH 61 DEGREES 33 8) NORTH 66 DEGREES 11 MINUTES 00 SECONDS WEST, A DISTANCE OF 34629 FEET, FEET, 9) NORTH 77 DEGREES 49 MINUTES 17 SECONDS WEST, A DISTANCE OF 29470 DISTANCE OF 449 29 FEET, 10) NORTH 63 DEGREES 35 MINUTES 15 SECONDS WEST, 40 SECONDS WEST, A A DISTANCE OF 41678 FEET, 11) NORTH 31 DEGREES 52 MINUTES DEGREES 20 MINUTES 46 SECONDS WEST, A DISTANCE OF 38369 FEET, 12) NORTH 72 13) NORTH 69 DEGREES 37 MINUTES 45 SECONDS WEST, A DISTANCE OF 23289 FEET, OF 74625 FEET, 14) NORTH 23 DEGREES 58 MINUTES 38 SECONDS WEST, A DISTANCE A DISTANCE OF 22419 FEET , 15) NORTH 60 DEGREES 31 MINUTES 44 SECONDS WEST, 31 SECONDS WEST, A DISTANCE OF 15660 FEET, 16) NORTH 87 DEGREES 02 MINUTES 56 MINUTES 10 SECONDS WEST, A DISTANCE OF 12709 FEET, 17) NORTH 32 DEGREES 18) NORTH 43 DEGREES 45 MINUTES 57 SECONDS WEST, A DISTANCE OF 16989 FEET, 59 FEET TO 19) NORTH DEGREES 10 MINUTES 13 SAID 623 979 ACRDISTANCE 169 RACT, THE WESTERN MOST NORTHWEST CORNER OF THENCE SOUTH WITH A NORTH FENCE CORNER, THENCE SOUTH WITH A NORTH INCH IRON PIN LINE OFREES 36 SAID 623 979TES ACRE7TRACT,,NASDISTANCELOFG1AND 179 97EAR A FEET TONAE 86 DEGREES 54 MINUTES 46 SECONDS EAST, ALONG AND NEAR A FENCE, LNE OF 16 SIFT OR SAID WITH AA RYELLOW PLASTIC E TRACT, A T CAPE STAMPED OF 663 5H&NE ET TO A 849, ' THENCE SOUTH 88 DEGREES WITH A NORTH LINE OF SAID FENCE CORNER AT AN INNER 16 623 979TACREDTRACTO,NDSDISTANCE OFG658DNEAR 14 EETATO ACE, ELL CORNER OF SAID 523 979 ACRE TRACT, Page 5 of 7 rv'AlY THENCE NORTH 06 DEGREES 36 MINUTES 34 SECONDS EAST, A DISTANCE OF 297 78 FEET TO A ''A INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849, THENCE NORTH 29 DEGREES 15 MINUTES 38 SECONDS EAST, A DISTANCE OF 52 46 FEET TO A 'A INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849, AT THE NORTHERN MOST NORTHWEST CORNER OF SAID 623 979 ACRE TRACT, THENCE SOUTH 86 DEGREES 15 MINUTES 01 SECONDS EAST, WITH A NORTH LINE OF SAID 623 979 ACRE TRACT, A DISTANCE OF 810 79 FEET TO A FENCE CORNER POST, NORTH THENCE SOUTH 86 DEGREES 08 MINUTES 44 SECONDS EAST, CONTINUING WITH A LINE OF SAID 623 979 ACRE TRACT, A DISTANCE OF 1140 57 FEET TO THE POINT -OF - BEGINNING, AND CONTAINING IN ALL 292 403 ACRES OF LAND Page 6 of 7 RXMIBIT L / t 410s 01435 1,052172 NOTICE OF RESTRICTIVE COVENANTS AND MEMORANDUM OF ANNEXATION AND CONSENT AGREEMENT THIS Notice of Restrictive Covenants and Memorandum of Annexation and Consent Ag Bement "Memorandum of Agreement") is made and entered into as of the /kzay of 2000, by and between the City of Denton, Texas (the "City") and the Equ stnan Development Corporation of North Texas (the "Corporation"), the owner of certain real property located in Denton County, Texas as particularly described in Exhibit "A" which is attached hereto and made a part hereof by reference (the "Property") WHEREAS, the City and the Corporation have on the/day o 2000 entered into that certain Annexation and Consent Agreement (the "Annexation Agreement"), and WHEREAS, the Annexation Agreement provides for restrictive covenants that touch and run with the Property including, among other things the City's right to voluntarily annex the Property under certain conditions (the "Restrictive Covenants"), and WHEREAS, the parties hereto have entered into this Memorandum of Agreement to be recorded in the Denton County Land Records, to evidence the Restrictive Covenants and to put all owners of the Property on notice of same NOW THEREFORE, in consideration of the covenants contained in the Annexation Agreement, the parties agree as follows 1 This Memorandum of Agreement shall be recorded in the Land Records of Denton County, Texas 2 The original of the Annexation Agreement may be reviewed and is on file in the City Secretary's office of the City, located at the City's Municipal Building, 215 E McKinney, Denton, Texas 76201 3 The covenants contained in the Annexation Agreement touch and effect the Property and are covenants running with the land described in Exhibit "A" as the Property, and are binding upon the owners of the Property, and all future owners thereof ALL OWNERS OF ANY INTEREST IN THE PROPERTY ARE INFORMED THAT THEY SHOULD REVIEW THE ANNEXATION AGREEMENT ON FILE IN THE CITY SECRETARY'S OFFICE TO DETERMINE THE NATURE AND SCOPE OF THE RESTRICTIVE COVENANTS. The parties hereto have executed this Memorandum of Agreement as of the date first above written EQUESTRIAN DEVELOPMENT CORPORATION OF Nf�O, T � �XA BY Gw Edwin G Pickett, resident Ij108 01436 CITY OF DENTON, TEX S BY C�a C— Euline Brock, Mayor ATTEST e refer K Walters Clt Secretary APPROVED AS TO FORM After Recording Please HERBERT L P DUTY, CITY ATTORNEY Return to Ed Snyder, Deputy City Attorney 215 E McKinney BY Denton, TX 76201 (940) 349-8333 ACKNOWLEDGMENTS STATE OF TEXAS COUNTY OF DENTON 5��r.°'�,.0 — ; 2000 b Edwin This instrument was acknowledged before me on the � day of Y G Pickett, President of the Equestrian Development Corporation of North Texas, on behalf of said corporation LISA PELLEY Notary Public. fte01Tom DECEMBER 21*2003 STATE OF TEXAS COUNTY OF DENTON i0��2-G, Notary Pubk�c, in and for the State df Texas My Commission expires IQ 41 5� This instrument was acknowledged before me on the L Brock, Mayor of the City of Denton, Texas, on behalf of „a °"= °°4� ANN FORSYTHE Notary Public, State of Texas My comminlon Expires ''„ �.�'" MAY 9, 2002 Notary Public, in and My Commission expires by Eulme Texas Page 2 41"18 11A'01431 The property consists of two parcels of land being a 283 734 acre parcel (Parcel "1") and a 292 403 acre parcel (Parcel "2") described as follows PARCEL 1 ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEINC SITUATED IN THE H WILLIAMS SURVEY, ABSTRERAS, CT ANDNBEINGRA1 OF7AACERTAIN (CALOLED)URVEY 63 5877SACRET452 TRACT DENTON COUNTY, TEXAS, AND A 220 558 ACRE TRACT, DEEDED BY HOME INTERIORS & GIFTS, INC TO DONAL J BYRCOR Tf CLERKSI FILE JNOUMBERE94oR0065442T PEAL PROPERTY RECORDS DAY OF AUGUST 1994 NOF DENTOND COUNTY TEXAS AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS BEGINNING AT A FENCE CORNER POST AT THE SOUTHWEST CORNER OF SAID 220 557 IN A ACRE JEAN E WATTSON UHLKENR RECORDEDEN OVO UMEA2935CT FD ELL PACE5444S RREALDDEED PROPERTY TO RECORDS DENTON COUNTY TEXAS, THENCE NORTH 03 DEGREES 59 MINUTES 06 SECONDS EAST, ALONG AND NEAR A FENCE WITH THE EAST LINE OF SAID KUHLKEN TRACT AND A WEST LINE OF SAID 220 557 ACRE TRACT A DISTANCE OF 1,311 90 FEET TO A FOUND 1f INCH IRON AT THE NORTHERNMOST NORTHEAT CORNER OF SID A TRACTS SDESCRIBED IN AADEED UTOKCHAIN A7TRANCH LIP BRECO RECEING ON ORDED UNHE DER TH LINE OF COUNTY CLERKS FILE NUMBER 97—ROO255933 REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS THENCE SOUTH 87 DEGREES 11 MINUTES 32 SECONDS EAST, ALONG AND NEAR A FENCE CT A 195 FEET ITH A FOUND 1� NCH IUTH LINE OF DCHAIN ANCE RON PIINAT ATHE SOUTHERNMOST SOUTHEASTTCORN RFOF1 SAID CHAINTO 7 RANCH L P , TRACT THENCE NORTH 03 DEGREES 54 MINUTES 43 SECONDS EAST ALONG AND NEAR A FENCE WITH A EAST LINE OF SAID CHAIN 7 RANCH L P , TRACT AND A WEST LINE OF SAID 220 557 ACRE TRACT, A DISTANCE OF 2,243 16 FEET TO A FOUND '1Z INCH IRON PIN AT THE NORTHWEST CORNER OF SAID 220 557 ACRE TRACT, BEING AN INNER ELL CORNER OF SAID CHAIN 7 RANCH L P TRACT, S EAST, ALG A WI EH AE NORTHLINED 220 557TACRE TRACT AND A SOUTHONLINENOF SAID CHAINNEAR A C7 RANCHRTHEAST CTRACT A ORNER OF SAIDCE OF 220 5575ACRE TRACT, OSAID FOUND BEI'NGINCH ON AROWESPIN INE OFTHE A NO cc Tn IEFPERY W NnE AND IFANIE T NOE REWORDED IN TP�rT DE-i'DIEFT IN D -D VOLUME 2879 PAGE 544 REAL PROPERTY RECORDS DENTON COUNTY TEXAS, THENCE SOUTH 01 DEGREES 25 MINUTES 07 SECONDS WEST ALONG AND NEAR A FENCE F SAID TRACT I DISTANCE WEST 1II10E WITH A 1056 FEET TOAF ND A S ENCECORNERPOSTEATO THEIDSOUTO PIN CORNEROF 557 AAA PIN SAID NOE TRACT AND THE NORTHWEST CORNER OF SAID 63 5877 ACRE TRACT, THNCE NDS ALONG AN R A FENCE WITEH THE OSOUTH LINE GOFESAID 3NOE TRACT AND MINUTES 33 ETHE NORTH T BOUNDARY DEAINEOF 63 5877 ACRE TRACT A DISTANCE OF 829 52 FEET TO A FENCE CORNER POST THENCE SOUTH 87 DEGREES 04 MINUTES 39 SECONDS EAST ALONG AND NEAR A FENCEPWITH WITH THE SOUTH BOUNDARY LINE OF SAID NOE TRACT AND WITH THE NORTH LINE OF SAID 63 5877 ACRE TRACT A DISTANCE OF 1 004 90 FEET TO A SET 1h INCH IPO N PIN A YELLOW CAP STAMPED H&N 1849 AT THE NORTHWEST COPNEP OF SAID 63 IN THECWEBSTNRIGHT—OF SOUTHEAST ALINE OFNF M JROADSAID dN8E(AR 00 FOOSAID T RIGHTLOF WEAN) ON Lj108 01'438 THENCE SOUTH 33 DEGREES 44 MINUTES 10 SECONDS WEST WITH THE EAST LINE OF SAID 635877 ACRE TRACT AND THE WEST RIGHT-OF-WAY LINE OF FM ROAD 428, A DISTANCE OF 2 940 34 FEET TO A SET 'r INCH IRON PIN WITH A YELLOW CAP STAMPED H&N 1849 AT THE SOUTHEAST CORNER OF SAID 220 577 ACRE TRACT AND THE NORTHEAST CORNER OF SAID KUHLKEN TRACT THENCE NORTH 86 DEGREES 06 MINUTES 31 SECONDS WEST ALONG AND NEAR A FENCE AND WITH THE SOUTH LINE OF SAID 220 577 ACRE TRACT AND A NORTH LINE OF SAID KUHLKEN TRACT A DISTANCE OF 370 66 FEET TO A SET i'A INCH IRON PIN WITH A YELLOW CAP STAMPED H &N 1849 THENCE NORTH 86 DEGREES 38 MINUTES 20 SECONDS WEST ALONG AND NEAR A FENCE WITH THE SOUTH LINE OF SAID 220 557 ACRE TRACT AND A NORTH LINE OF SAID KUHLKEN TRACT A DISTANCE OF 2 739 19 FEET TO THE POINT OF BEGINNING AND CONTAINING IN ALL 283 734 ACRES OF LAND a 31790 08/23/00 PARCEL 2 4708 014li0 ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE J CHEEK SURVEY, ABSTRACT 859, J CLARK SURVEY, ABSTRACT 247, AND THE SETH MORRIS SURVEY, ABSTRACT 859, DENTON COUNTY, TEXAS, AND BEING PART OF A CALLED 623 979 ACRE TRACT, DESCRIBED IN A DEED TO LANCE EISENBURG, RECORDED IN VOLUME 919, PAGE 267, DEED RECORDS, DENTON COUNTY, TEXAS, ALSO BEING ALL OF A CALLED 293 146 ACRE 2ND TRACT DESCRIBED IN A DEED TO DONALD J CARTER, ET UX RECORDED UNDER COUNTY CLERKS FILE NUMBER 94—R0065442, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS BEGINNING AT A FENCE CORNER ON THE NORTH LINE OF SAID CHEEK SURVEY, BEING THE NORTHERN MOST NORTHEAST CORNER OF SAID 623 979 ACRE TRACT, WHICH IS THE NORTHERNMOST NORTHEAST CORNER OF SAID CARTER TRACT, BEING ON A WEST LINE w OF A CALLED FIRST TRACT, DESCRIBED IN A DEED TO RAY LYNCH ET UX, RECORDED IN VOLUME 1092, PAGE 653, DEED RECORDS DENTON COUNTY, TEXAS, It THENCE SOUTH 03 DEGREES 00 MINUTES 13 SECONDS WEST, WITH AN EAST LINE OF SAID r" 623 979 TRACT AND A WEST LINE OF SAID FIRST TRACT, A DISTANCE OF 1326 60 FEET TO A lh INCH FOR H A YELLOW PLASTIC CAP BEING ANRON IINNERNELL�CORNEROOFESAIDIT623 979 ACRE TRACT, BEINGTTHEE49 SOUTHWEST S ' CORNER OF SAID FIRST TRACT, THENCE SOUTH 86 DEGREES 13 MINUTES 47 SECONDS EAST, ALONG AND NEAR A FENCE, " * WITH A NORTH LINE OF SAID 623 979 ACRE TRACT AND THE SOUTH LINE OF SAID FIRST '' f4 TRACT, A DISTANCE OF 2043 63 FEET TO A ilh INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849, AT THE NORTHWEST CORNER OF A CALLED " FOURTH TRACT, DESCRIBED IN A DEED TO RAY LYNCH et ux, RECORDED IN VOLUME 1092, t« PAGE 653, DEED RECORDS DENTON COUNTY, TEXAS, " THENCE SOUTH 15 DEGREES 07 MINUTES 42 SECONDS EAST WITH HE WEST LINE OF SAID FOURTH TRACT, A DISTANCE OF 145 13 FEET TO A lh INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849 ON HE WEST RIGHT—OF—WAY LINE OF FM ROAD 428, BEING THE SOUTHWEST CORNER OF SAID FOURTH TRACT, THENCE WITH THE WEST RIGHT—OF—WAY LINE OF F M ROAD 428 THE FOLLOWING 17 w" BEARINGS AND DISTANCES ' 1) SOUTH 47 DEGREES 28 MINUTES 09 SECONDS WEST, A DISTANCE OF 5,34 55 FEET, ' 2) NORTH Ar DEGREES 23 MINUTES 08 SECONDS WEST, A DISTANCE OF 39 11 FEET, 3) SOUTH 47 DEGREES 27 MINUTES 45 4) SOUTH 24 DEGREES 20 MINUTES 4` 5) SOUTH 20 DEGREES 07 MINUTES O5 6) SOUTH 30 DEGREES 31 MINUTES 5C 7) SOUTH 36 DEGREES 13 MINUTES 4: 8) SOUTH 32 DEGREES 39 MINUTES 3� 9) SOUTH 43 DEGREES 38 MINUTES 4: 10) SOUTH 26 DEGREES 56 MINUTES 11) SOUTH 11 DEGREES 20 MINUTES 12) SOUTH 34 DEGREES 54 MINUTES 13) SOUTH 48 DEGREES 31 MINUTES ' 14) SOUTH 40 DEGREES 16 MINUTES : 1 15) SOUTH 45 DEGREES 10 MINUTES ' 16) SOUTH 45 DEGREES 30 MINUTES SECONDS WEST, A DISTANCE OF 25057 FEET, SECONDS WEST, A DISTANCE OF 535 10 FEET, SECONDS WEST, A DISTANCE OF 31991 FEET, SECONDS WEST, A DISTANCE OF 161 19 FEET, SECONDS WEST, A DISTANCE OF 310 16 FEET, SECONDS WEST, A DISTANCE OF 201 00 FEET, SECONDS WEST, A DISTANCE OF 10440 FEET, i SECONDS WEST, A DISTANCE OF 100 00 FEET, SECONDS EAST, A DISTANCE OF 247 14 FEET, SECONDS WEST, A DISTANCE OF 106 08 FEET, ? SECONDS WEST, A DISTANCE OF 143 94 FEET, 3 SECONDS EAST, A DISTANCE OF 31 57 FEET, 3 SECONDS WEST, A DISTANCE OF 52 55 FEET 3 SECONDS WEST, A DISTANCE OF 218 14 FEET TO [1108 011,141 A EGINNING OF A CURVE TO THE LEFT, 3h INCH IRON PIN FOUND AT THE eWEST RIGHT—OF—WAY LINE, HAVING A CENTRAL ANGLE OF 11 DEGREES 49 MINUTES ALONG CURVE, SAID 15 SECONDS, A RADIUS OF 1 483 32 FEET, AN ARC AN LENGTH OF 306 02 FEET, AND A CHORD WHICH BEARS SOUTH 39 DEGREES 36 MINUTES 21 SECONDS WEST, A DISTANCE OF 305 48 FEET TO A FOUND IRON PIN, BEING THE "i= EASTERN MOST CORNER OF A CALLED 23 994 ACRE TRACT, DESCRIBED IN A DEED TO BEN F KING and RHONDA M KING, RECORDED IN VOLUME 4129, PAGE 1478, REAL PROPERTY RECORDS DENTON COUNTY, TEXAS, s THENCE NORTH 21 DEGREES 05 MINUTES 34 SECONDS WEST WITH A EAST LINE OF SAID 23 994 ACRE TRACT, A DISTANCE OF 820 815 66 FEET TO A CORNER IN THE CENTER OF t" CLEAR CREEK, THENCE NORTHWESTERLY WITH THE CENTER OF SAID CREEK THE NEXT 19 BEARINGS AND DISTANCES it• itM.�� ' 1) NORTH 50 DEGREES 30 MINUTES 33 SECONDS WEST, A DISTANCE OF 19547 FEET, 4,' ' , ° € 2) SOUTH 84 DEGREES 54 MINUTES 59 SECONDS WEST, A DISTANCE OF 34780 FEET, ,0, w' 3) NORTH 63 DEGREES 55 MINUTES 15 SECONDS WEST, A DISTANCE OF 13410 FEET, "' x, 4) NORTH 31 DEGREES 41 MINUTES 10 SECONDS WEST, A DISTANCE OF 29478 FEET, 5) NORTH 51 DEGREES 53 MINUTES 2B SECONDS WEST, A DISTANCE OF 23489 FEET, 6) NORTH 30 DEGREES 17 MINUTES 54 SECONDS WEST, A DISTANCE OF 91525 FEET, 7) NORTH 51 DEGREES 33 MINUTES 14 SECONDS WEST, A DISTANCE OF 271 29 FEET, 8) NORTH 66 DEGREES 11 MINUTES 00 SECONDS WEST, A DISTANCE OF 34629 FEET, 6 ^, A -- �� X'',,s 9) NORTH 77 DEGREES 49 MINUTES 17 SECONDS WEST, A DISTANCE OF 29470 FEET, 10) NORTH 63 DEGREES 35 MINUTES 15 SECONDS WEST, A DISTANCE OF 44929 FEET, NORTH 31 DEGREES 52 MINUTES 40 SECONDS WEST, A DISTANCE OF 41678 FEET, ,f 12) NORTH 72 DEGREES 20 MINUTES 46 SECONDS WEST, A DISTANCE OF 383 69 FEET, 13) NORTH 69 DEGREES 37 MINUTES 45 SECONDS WEST, A DISTANCE OF 23289 FEET, 14) NORTH 23 DEGREES 58 MINUTES 38 SECONDS WEST, A DISTANCE OF 74625 FEET, 't 15) NORTH 60 DEGREES 31 MINUTES 44 SECONDS WEST, A DISTANCE OF 224 19 FEET 16) NORTH 87 DEGREES 02 MINUTES 31 SECONDS WEST, A DISTANCE OF 156 60 FEET, ". 17) NORTH 32 DEGREES 56 MINUTES 10 SECONDS WEST, A DISTANCE OF 127 09 FEET, 18) NORTH 43 DEGREES 45 MINUTES 57 SECONDS WEST, A DISTANCE OF 169 89 FEET, 19) NORTH 02 DEGREES 10 MINUTES 13 SECONDS EAST, A DISTANCE OF 169 59 FEET TO THE WESTERN MOST NORTHWEST CORNER OF SAID 623 979 ACRE TRACT, THE R A WITH AE NORTH LINEDEGREES SAID 623 979TES ACRE7TRACT,,SECONDS DISTANCEALONG 1AND 179 97F FEET TOFENCE, FENCE CORNER, THENCE SOUTH 86 DEGREES 54 MINUTES 46 SECONDS EAST, ALONG AND NEAR A FENCE, WITH A INCH NORTH LINE OF SET FOR SAID WITH AYELLOWTPLASTICTCAPEOF 663 STTAMPED58&NEET TO A 849 THENCE SOUTH 88 DEGREES 16 MINUTES 20 SECONDS EAST, ALONG AND NEAR A FENCE, FWITH A NORTH ENCE CORNER LINE ANN INNER ELL CORNER OFTRACT, SA D 6233DISTANCE ACRE FTRACT,4 FEET TO A 14100 0 { l,42 r THENCE NORTH 06 DEGREES 36 MINUTES 34 SECONDS EAST, A DISTANCE OF 297 78 FEET TO A 'lh INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849, THENCE NORTH 29 DEGREES 15 MINUTES 38 SECONDS EAST, A DISTANCE OF 52 46 FEET TO A 'A INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849, AT THE NORTHERN MOST NORTHWEST CORNER OF SAID 623 979 ACRE TRACT, THENCE SOUTH 86 DEGREES 15 MINUTES 01 SECONDS EAST, WITH A NORTH LINE OF SAID 623979 ACRE TRACT, A DISTANCE OF 810 79 FEET TO A FENCE CORNER POST, THENCE SOUTH 86 DEGREES 08 MINUTES 44 SECONDS EAST, CONTINUING WITH A NORTH LINE OF SAID 623 979 ACRE TRACT, A DISTANCE OF 1 140 57 FEET TO THE POINT -OF - BEGINNING, AND CONTAINING IN ALL 292 403 ACRES OF LAND w 4100 01444 A;IY Pgpy,, grAwA�u�Nerx" �""°Ppq+iBE u's"eo �goEgOHR4LE e TNH 9iATH pFi �gMgPHOflqAL lAW WUNry W OENfpN ^� pena^gboNoaaw°P^anN niw°;°a on' a°it«�mnoco mn. NOV 01,2000 Wurvir CLfMIt ' �„� DEMON COUMY,Imm Filed for Record in: DENTON COUNTY TX CYNTHIA MITCHLL, COUNTY CLERK On Nov 01 2000 At 1:56pm Doc/Num 00-RO105972 Doc/Type NOT Recorgs 21.00 Doc/Mgmt : 6.00 Receipt H: 44698 Deputy - ELIZABETH TERMINATION OF RESTRICTIVE COVENANTS AND MEMORANDUM OF ANNEXATION AND CONSENT AGREEMENT WHEREAS, the City of Denton, Texas ("City") and Equestrian Development Corporation of North Texas (the "Corporation") entered into that certain Annexation and Consent Agreement dated September 12, 2000 (the "Agreement") relating to an approximate 283.734 acre parcel of land and an approximate 292.403 acre parcel of land which are more particularly described in Exhibit "A" attached hereto and made a part hereof by reference (the "Property"); and WHEREAS, the City and Corporation entered into that certain Notice of Restrictive Covenants and Memorandum of Annexation and Consent Agreement dated September 12, 2000 that was recorded in the Denton County Real Property Records under County Clerk Certificate No. 105972 (the "Restrictive Covenants") to evidence the Agreement and to put all owners and future owners of the Property on notice of same; and WHEREAS, in Section 2 of the Agreement it provides "If the property ownership reverts back to Donald J. Carter ("Carter"), his heirs and personal representatives, this Agreement is null and void."; and WHEREAS, the Property has reverted to Carter pursuant to that certain Special Warranty Deed in Lieu of Foreclosure from the Corporation to Carter dated March 16, 2001 and recorded in Volume 4807, Pages 1320-1328 of the Real Property Records of Denton County, Texas (the "Deed"); and WHEREAS, the City and Carter have entered into this Termination of Restrictive Covenants and Memorandum of Annexation and Consent Agreement (this "Termination") to evidence that the Agreement and Restrictive Covenants by their own terms are null and void and of no further force and effect; Now, therefore, the City and Carter hereby agree as follows: 1. The Agreement and Restrictive Covenants by their own terms are null and void and have no further force and effect. 2. This Termination shall be recorded in the Real Property Records of Denton County, Texas. Signed to be effective as of March 15, 2001, which is the date of the Deed. Page 1 CITY OF DENTON, TEXAS BY: Y MICHAEL A. CONDUF CITY MANAGER ATTEST: JENNIFER WALTERS, CITY SECRETARY BY: APPROVED AS TO FORM: HERBERT L. PROUTY, CITY ATTORNEY m Page 2 WTOY14 [601=11ef3 �W STATE OF TEXAS COUNTY OF DENTON The foregoing instrument was executed and acknowledged before me on the Yell day of M6-1CA , 2005 by Michael A. Conduff, City Manager of the City of Denton, Texas, a Texas municipal corporation, on behalf of said municipal corporation. Fo"' CHRISTINE A. DICK Notary RLIk State a Teas �4w�� Caroni. Up. 3.2.2W9 STATE OF TEXAS COUNTY OF DENTON Name: Notary Public in and for the State of Texas The foregoing instrument was executed acknowledged before me on thev day of 7y? o,p-e� , 2005 by Donald J. Carter. ANN PATRICK * NOTARY PUBLIC State of Texas w Comm. Exp. 07-05-2006 M Notary Public in and for the State of Texas Page 3 Mar 10 05 05:07p Elk River Investments [9401 381-4906 p.8 anntnli n The Property consists of two parcels of land being a 283.734 acre parcel (Parcel' "I") and a.292.403 acre parcel (Parcel "2") described as follows: PARCEL 1 ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE H.B. WILLIAMS SURVEY, ABSTRACT NUMBER 1417 AND V.E. GAILOR SURVEY ABSTRACT 452, DENTON COUNTY, TEXAS, AND BEING A OF A CERTAIN (CALLED) 63.5877 ACRE TRACT AND A 220.558 ACRE TRACT, DEEDED BY HOME INTERIORS & GIFTS, INC. TO DONALD J. CARTER AND WIFE LINDA JO CARTER, ON THE 1ST DAY OF AUGUST, 1994, AND RECORDED BY COUNTY CLERKS FILE NUMBER 94—R0065442, REAL PROPERTY RECORDS OF. DENTON COUNTY, TEXAS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS; BEGINNING AT A FENCE CORNER POST AT THE SOUTHWEST CORNER OF SAID 220.557 ACRE TRACT, BEING AN INNER ELL CORNER OF A -TRACT OF LAND DESCRIBED IN A DEED TO JEANIE WATSON KUHLKEN, RECORDED IN VOLUME 2935 PAGE 544, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS; THENCE NORTH 03 DEGREES 59 MINUTES 06 SECONDS EAST, ALONG AND NEAR A FENCE. WITH THE EAST LINE OF SAID KUHLKEN TRACT AND A WEST LINE OF SAID 220.557 ACRE TRACT, A DISTANCE OF 1,311.90 FEET TO A FOUND 36 INCH IRON AT THE NORTHERNMOST NORTHEAST CORNER OF SAID KUHLKEN TRACT, SAID PIN BEING ON THE SOUTH LINE OF A TRACT DESCRIBED IN A DEED TO CHAIN 7 RANCH L.P. RECORDED UNDER COUNTY CLERKS 'FILE NUMBER 97—R00255933, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS; THENCE SOUTH 87 DEGREES 11 MINUTES 32 SECONDS EAST, ALONG AND NEAR A FENCE WITH A SOUTH LINE OF SAID CHAIN 7 RANCH L.P. TRACT, A DISTANCE OF 112.95 FEET TO A FOUND 1h INCH IRON PIN AT THE SOUTHERNMOST SOUTHEAST CORNER OF SAID CHAIN 7 RANCH L.P., TRACT; THENCE NORTH 03 DEGREES 54 MINUTES 43 SECONDS EAST, ALONG AND NEAR A FENCE WITH A EAST LINE OF SAID CHAIN 7 RANCH L.P., TRACT AND A WEST LINE OF SAID 220.557 ACRE TRACT, A DISTANCE OF 2,243.16 FEET TO A FOUND '1A INCH IRON PIN AT THE NORTHWEST CORNER OF SAID 220.557 ACRE TRACT, BEING AN INNER ELL CORNER OF SAID CHAIN 7 RANCH L.P. TRACT; THENCE SOUTH 88 DEGREES 35 MINUTES 40 SECONDS EAST, ALONG AND NEAR A FENCE WITH A NORTH LINE OF SAID 220.557 ACRE TRACT AND A SOUTH LINE OF SAID CHAIN 7 RANCH L.P. TRACT, A DISTANCE OF 2,577.35 FEET TO A FOUND 36 INCH IRON PIN AT THE NORTHEAST CORNER OF SAID 220.557 ACRE TRACT, SAID PIN BEING ON A WEST LINE OF A TRACT DESCPIBED IN A DEED TO JEFFERY W NOE AND JEANIE T. NOE RECORDED IN VOLUME 2879 PAGE 544, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS; THENCE SOUTH 01 DEGREES 25 MINUTES D7 SECONDS WEST, ALONG AND NEAR A FENCE I/2" WITH A WEST LINE OF SAID NOE TRACT AND A EAST LINE OF SAID 220.557 ACRE TRACT, A PIN DISTANCE OF 1,110.56 FEET TO A FENCE CORNER POST AT THE•SOUTHWEST CORNER OF SAID NOE TRACT AND THE NORTHWEST CORNER OF SAID 63.5877 ACRE TRACT; ZZ- THENCE SOUTH 86 DEGREES 03 MINUTES 33 SECONDS EAST, ALONG AND NEAR A FENCE WITH THE SOUTH LINE OF SAID NOE TRACT AND THE NORTH BOUNDARY LINE OF 63.5877 ACRE TRACT, A DISTANCE' OF 829.52 FEET TO A FENCE CORNER POST; THENCE SOUTH 87 DEGREES 04 MINUTES 39 SECONDS EAST, ALONG AND NEAR A FENCE WITH THE SOUTH BOUNDARY LINE OF SAID NOE TRACT AND WITH THE NORTH LINE OF SAID 63.5877 ACRE TRACT, A DISTANCE OF 1,004.90 FEET TO A SET % INCH IRON PIN WIT A YELLOW CAP STAMPED H&N 1849 AT THE NORTHWEST CORNER OF SAID 63.5877 ACRE TRACT BEING THE SOUTHEAST CORNER OF SAID NOE TRACT, SAID PIN ALSO BEING ON THE WEST RIGHT—OF—WAY LINE OF F.M. ROAD 428 (A 100 FOOT RIGHT—OF—WAY); Page 1 of 7 Mar 10 05 05:08p Elk River Investments (940) 3B1-4306 p.9 THENCE SOUTH 33 DEGREES 44 MINUTES 10 SECONDS WEST, WITH THE EAST LINE OF SAID 63.5877 ACRE TRACT AND THE WEST RIGHT—OF—WAY LINE OF F.M. ROAD 428, A DISTANCE OF 2,940.34 FEET TO A SET M INCH IRON PIN WITH A YELLOW CAP STAMPED H&N 1849 AT THE SOUTHEAST CORNER OF SAID 220.577 ACRE TRACT AND THE NORTHEAST CORNER OF SAID KUHLKEN TRACT: THENCE NORTH 86 DEGREES 06 MINUTES 31 AND WITH THE SOUTH LINE OF SAID 220.577 KUHLKEN TRACT, A DISTANCE OF 370.66 FEET CAP STAMPED H&N 1849; SECONDS WEST, ALONG AND NEAR A FENCE ACRE TRACT AND A NORTH LINE OF SAID TO A SET % INCH IRON PIN WITH A YELLOW THENCE NORTH 85 DEGREES 38 MINUTES 20 SECONDS WEST. ALONG AND NEAR A FENCE WITH THE SOUTH LINE OF SAID 220.557 ACRE TRACT AND A NORTH LINE OF SAID KUHLKEN TRACT, A DISTANCE OF 2,739.19 FEET TO THE POINT OF BEGINNING AND CONTAINING IN ALL 283.734 ACRES OF LAND. Page 2 of 7 Mar 10 05 05:08p 31790 08/23/00 Elk River Investments PARCEL 2 (9401 381-4906 p.11 ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE J. CHEEK SURVEY, ABSTRACT 859, J. CLARK SURVEY, ABSTRACT 247, AND THE SETH MORRIS SURVEY, ABSTRACT 859, DENTON COUNTY, TEXAS, AND BEING PART OF A CALLED 623.979 ACRE TRACT, DESCRIBED IN A DEED TO LANCE EISENBURG, RECORDED IN VOLUME 919, PAGE 267, DEED RECORDS, DENTON COUNTY, TEXAS, ALSO BEING ALL OF A CALLED 293.146 ACRE 2ND. TRACT DESCRIBED IN A DEED TO DONALD J. CARTER, ET UX, RECORDED UNDER COUNTY CLERKS FILE NUMBER 94—R0065442, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A FENCE CORNER ON THE NORTH LINE OF SAID CHEEK SURVEY, BEING THE NORTHERN MOST NORTHEAST CORNER OF SAID 623.979 ACRE TRACT, WHICH IS THE NORTHERNMOST NORTHEAST CORNER OF SAID CARTER TRACT, BEING ON'A WEST LINE OF A CALLED FIRST TRACT, DESCRIBED IN A DEED TO RAY LYNCH ET UX, RECORDED IN VOLUME 1092, PAGE 653, DEED RECORDS DENTON COUNTY, TEXAS; THENCE SOUTH 03 DEGREES 00 MINUTES 13 SECONDS WEST, WITH AN EAST LINE OF SAID. 623.979 TRACT AND A WEST LINE OF SAID FIRST TRACT, A DISTANCE OF 1326.80 FEET TO A 36 INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849. BEING AN INNER ELL CORNER OF SAID 623.979 ACRE TRACT, BEING THE SOUTHWEST CORNER OF SAID FIRST TRACT; THENCE SOUTH 86 DEGREES 13 MINUTES 47 SECONDS EAST, ALONG AND NEAR A FENCE, WITH A NORTH LINE OF SAID 623.979 ACRE TRACT AND THE SOUTH LINE OF SAID FIRST TRACT, A DISTANCE OF 2043.63 FEET TO A '% INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849, AT THE NORTHWEST CORNER OF A CALLED FOURTH TRACT, DESCRIBED IN A DEED TO RAY LYNCH et ux, RECORDED IN VOLUME 1092, PAGE 653, DEED RECORDS DENTON COUNTY, TEXAS; THENCE SOUTH 15 DEGREES 07 MINUTES 42 SECONDS EAST WITH THE WEST LINE OF SAID FOURTH TRACT, A DISTANCE OF 146.13 FEET TO A X INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849 ON THE WEST RIGHT—OF—WAY LINE OF F.M. ROAD 428, BEING THE SOUTHWEST CORNER OF SAID FOURTH TRACT; THENCE WITH THE WEST RIGHT—OF—WAY BEARINGS AND DISTANCES: 1) SOUTH 47 DEGREES 28 MINUTES 09 2) NORTH 46 DEGREES 23 MINUTES 08 3) SOUTH 47 DEGREES 27 MINUTES 45 4) SOUTH 24 DEGREES 20 MINUTES 45 5) SOUTH 20 DEGREES 07 MINUTES 09 6) SOUTH 30 DEGREES 31 MINUTES 50 7) SOUTH 35 DEGREES 13 MINUTES 42 8) SOUTH 32 DEGREES 39 MINUTES 34 9) SOUTH 43 DEGREES 38 MINUTES 43 10) SOUTH 26 DEGREES 56 MINUTES 46 11) SOUTH 11 DEGREES 20 MINUTES 49 12) SOUTH 34 DEGREES 54 MINUTES 20 13) SOUTH 48 DEGREES 31 MINUTES 12 14) SOUTH 40 DEGREES 16 MINUTES 36 15) SOUTH 45 DEGREES 10 MINUTES 18 16) SOUTH 45 DEGREES 30 MINUTES 58 LINE OF F.M. ROAD 428 THE FOLLOWING 17 SECONDS WEST, A DISTANCE OF 534.55 FEET; SECONDS WEST, A DISTANCE. QF 39.11 FEET; SECONDS WEST, A DISTANCE OF 250.57 FEET; SECONDS WEST, A DISTANCE OF 535.10 FEET; SECONDS WEST, A DISTANCE OF 319.91 FEET; SECONDS WEST, A DISTANCE OF 161.19 FEET; SECONDS WEST, A DISTANCE OF 310.16 FEET; SECONDS WEST, A DISTANCE OF 201.00 FEET; SECONDS WEST, A DISTANCE OF 104.40 FEET; SECONDS WEST, A DISTANCE OF 100.00 FEET; SECONDS EAST, A DISTANCE OF 247.14 FEET; SECONDS WEST, A DISTANCE OF' 106.08 FEET; SECONDS WEST, A DISTANCE OF 143.94 FEET; SECONDS EAST, A DISTANCE OF 31.57 FEET; SECONDS WEST, A DISTANCE OF 52.55 FEET: SECONDS WEST, A DISTANCE OF 218.14 FEET TO Page 4 of 7 Mar 10 05 05:09p Elk River Investments (940) 381-4906 p.12 A % INCH IRON PIN FOUND AT THE BEGINNING OF A CURVE TO THE LEFT; 17) ALONG SAID CURVE, WITH SAID WEST RIGHT—OF—WAY LINE, HAVING A CENTRAL ANGLE OF 11 DEGREES 49 MINUTES 15 SECONDS, A RADIUS OF 1483.32 FEET, AN ARC LENGTH OF 306.02 FEET, AND A CHORD WHICH BEARS SOUTH 39 DEGREES 36 MINUTES 21 SECONDS WEST, A DISTANCE OF 305.48 FEET TO A FOUND IRON PIN, BEING THE EASTERN MOST CORNER of A CALLED 23.994 ACRE TRACT, DESCRIBED IN A DEED TO BEN F. KING and RHONDA M. KING, RECORDED IN VOLUME 4129. PAGE 1478, REAL PROPERTY RECORDS DENTON COUNTY, TEXAS; THENCE NORTH 21 DEGREES 05 MINUTES 34 SECONDS WEST WITH A EAST LINE OF SAID 23.994 ACRE TRACT, A DISTANCE OF 820.815.66 FEET TO A CORNER IN THE CENTER OF CLEAR CREEK; THENCE NORTHWESTERLY WITH THE CENTER OF SAID CREEK THE NEXT 19 BEARINGS AND DISTANCES: 1) NORTH 2) SOUTH 3) NORTH 4) NORTH 5) NORTH 6) NORTH 7) NORTH 8) NORTH 9) NORTH 10) NORTH 11) NORTH 12) 13) 14) 15) 16) 17) 18) 19) THE 50 84 63 31 51 30 61 66 77 63 31 NORTH 72 NORTH 69 NORTH 23 NORTH 60 NORTH 87 NORTH 32 NORTH 43 NORTH 02 WESTERN DEGREES 30 MINUTES 33 DEGREES 54 MINUTES 59 DEGREES 55 MINUTES 15 DEGREES 41 MINUTES 10 DEGREES 53 MINUTES 28 DEGREES 17 MINUTES 54 DEGREES 33 MINUTES 14 DEGREES 11 MINUTES 00 DEGREES 49 MINUTES 17 DEGREES 35 MINUTES 15 DEGREES 52 MINUTES 40 DEGREES 20 MINUTES 46 DEGREES 37 MINUTES 45 DEGREES 58 MINUTES 38 DEGREES 31 MINUTES 44 DEGREES 02 MINUTES 31 DEGREES 56 MINUTES 10 DEGREES 45 MINUTES 57 DEGREES 10 MINUTES 13 MOST NORTHWEST CORNER SECONDS WEST, A DISTANCE OF 195.47 FEET; SECONDS WEST. A DISTANCE OF 347.80 FEET; SECONDS WEST. A DISTANCE OF 134.10 FEET; SECONDS WEST, A DISTANCE OF 294.78 FEET; SECONDS WEST, A DISTANCE OF 234.89 FEET; SECONDS WEST, A DISTANCE OF 918.25 FEET; SECONDS WEST, A DISTANCE OF 271.29 FEET. SECONDS WEST, A DISTANCE OF 346.29 FEET; SECONDS WEST, A DISTANCE OF 294.70 FEET; SECONDS WEST. A DISTANCE OF 449.29 FEET; SECONDS WEST.. A DISTANCE OF 416.78 FEET; SECONDS WEST. A DISTANCE OF 383.69 FEET; SECONDS WEST. A DISTANCE OF 232.89 FEET; SECONDS WEST, A DISTANCE OF 746.25 FEET; SECONDS WEST, A DISTANCE OF 224.19 FEET ; SECONDS WEST, A DISTANCE OF 156.60 FEET; SECONDS WEST, A DISTANCE OF 127.09 FEET; SECONDS WEST, A DISTANCE OF 169.89 FEET; SECONDS EAST. A DISTANCE OF 169.59 FEET TO OF SAID 623.979 ACRE TRACT; THENCE SOUTH 87 DEGREES 36 MINUTES 57 SECONDS EAST, ALONG AND NEAR A FENCE, WITH A NORTH LINE OF SAID 623.979 ACRE TRACT, A DISTANCE OF 1179.97 FEET TO A FENCE CORNER; THENCE SOUTH 86 DEGREES 54 MINUTES 46 SECONDS EAST, ALONG AND NEAR A FENCE, WITH A NORTH LINE OF SAID 623.979 ACRE TRACT, A DISTANCE OF 663.58 FEET TO A INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849; THENCE SOUTH 88 DEGREES 16 MINUTES 20 SECONDS EAST. ALONG AND NEAR A FENCE, WITH A NORTH LINE OF SAID 623.979 ACRE TRACT. A DISTANCE OF 658.14 FEET TO A FENCE CORNER AT AN INNER ELL CORNER OF SAID 623.979 ACRE TRACT: Page 5 of 7 Mar 10 05 05:10p Elk River Investments (9401 381-4906 p.13 THENCE NORTH 06 DEGREES 36 MINUTES 34 SECONDS EAST, A DISTANCE OF 297.78 FEET TO A % INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849. THENCE NORTH 29 DEGREES 15 MINUTES 38 SECONDS EAST, A DISTANCE OF 52.46 FEET TO A M INCH IRON PIN SET FOR CORNER WITH A YELLOW PLASTIC CAP STAMPED H&N 1849, AT THE NORTHERN MOST NORTHWEST CORNER OF SAID 623.979 ACRE TRACT; THENCE SOUTH 86 DEGREES 15 MINUTES 01 SECONDS EAST, WITH A NORTH LINE OF SAID 623.979 ACRE TRACT, A DISTANCE OF 810.79 FEET TO A FENCE CORNER POST; THENCE SOUTH 86 DEGREES 08 MINUTES 44 SECONDS EAST, CONTINUING WITH A NORTH LINE OF SAID 623.979 ACRE TRACT, A DISTANCE OF 1140.57 FEET TO THE POINT —OF — BEGINNING, AND CONTAINING IN ALL 292.403 ACRES OF LAND. Page 6 of 7