Res 2014-155/Agreement of Sale with the Trust for Public Land for the City to purchase approximately 89.7 acres of land for the expansion of the Purgatory Creek Preserve Green Space

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existing structural, geologic, subsurface, soil, water and environmental conditions on, under, adjacent to or otherwise affecting the Property. 3. Closing. Final settlement of the obligations of the parties hereto shall occur on or before November 14, 2014, at such date, place and time as the parties shall agree (the "Closing "); provided, however, TPL may at its option elect to extend the Closing if the contingency set forth in Section 27 have not been met by said date. This transaction shall be closed in escrow with Presidio Title, 7373 Broadway, Suite 105, San Antonio, Texas 78209 (the "Escrow Holder "). The transaction contemplated hereunder shall be closed by Escrow Holder in accordance with the general provisions of the usual form of deed and money escrow agreement then in use by Escrow Holder, with such additional special provisions inserted in said escrow agreement as may be required to conform with the terms and conditions of this Agreement. 4. Title. TPL shall by special warranty deed convey to City its interest in the Property, subject only to the following: (i) any federal, state or local laws, ordinances, regulations and/or orders whatsoever; liens for real estate taxes not yet due and payable and other taxes and assessments of any kind or nature assessed (not yet due and payable) with respect to the Property; (iii) matters or record; and (iv) the standard printed exceptions on the form of title insurance issued pursuant to Section 5. TPL has delivered to City a copy of a commitment for title insurance covering the Property owned by Current Owner, issued by Escrow Holder committing the title company to issue a TLTA Owner's Policy insuring title to the Property in TPL (the "TPL's Title Commitment "). City shall at its sole cost and expense obtain a title commitment for title insurance from Escrow Holder committing the title company to issue a TLTA Owner's Policy insuring title to the Property in City. 5. Title Insurance. City shall at its option and its sole cost and expense procure a TLTA owner's policy of title insurance from the title company that issued the commitment for title insurance described in Section 4 insuring that title to the Property is vested in City upon Closing and City's rights under the Access Rights described in Recital B, subject to the matters set forth in Section 4. 6. TPL's Promise not to Further Encumber. TPL shall not, without the prior written consent of City, make any leases, contracts, options or agreements whatsoever affecting Agrmt of Sale City of San Marcos—Barker Tract B -2 (9- 17- 14).doc