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<br />deed in fee simple, free of lien or encumbrance, save and except <br /> <br />LCRA shall only convey such title as it has and same shall be <br />conveyed subject to any and all existing easements affecting the <br /> <br />Property or rights conveyed or assigned. <br /> <br />Said easements are not <br /> <br />inconsistent with the use now being made of said properties or <br /> <br />rights. <br /> <br />4.02 The personal property to be transferred hereunder shall <br /> <br />be transferred free of liens and encumbrances, with a covenant on <br /> <br />the part of LCRA that it is the lawful owner thereof and has a <br />lawful right to transfer and deliver such Property. <br /> <br />4.03 All easements, rights of way, contracts and agreements <br /> <br />within or pertaining to the Properties to be conveyed to CITY <br /> <br />shall be transferred subject to the terms and conditions upon <br />which they were acquired and are now held by LCRA. <br /> <br />4.04 LCRA shall furnish to CITY at LCRA's expense an Owner's <br />Policy of Title Insurance covering real property conveyed to CITY <br /> <br />in fee with the following exceptions only: <br /> <br />A. <br /> <br />Restrictive covenants affecting the land <br /> <br />described; <br /> <br />B. <br />C. <br /> <br />All taxes for the current and subsequent years; <br /> <br />Shortages in area; and <br /> <br />D. <br /> <br />Any and all restrictions, reservations, exceptions, <br /> <br />rights of way, covenants, conditions and easements <br /> <br />of record, if any. <br /> <br />or in the alternative, at LCRA's option, LCRA shall deliver any <br /> <br />abstracts or other evidence of title and a title opinion <br /> <br />8. <br />