Res 2015-085/Interlocal Agreement with Texas State University for cost sharing in connection with the design and construction of street, sidewalk, bicycle and pedestrian improvements along Sessom Drive

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State shall pay such invoice with 30 days of receiving it. d. Notice to Proceed. The City's award of a contract under this section will be subject to the exchange of the City Property for the Texas State Property as outlined in Article III below. The City shall not issue any notice to proceed under a contract for construction awarded under this section until the exchange of the City Property for the Texas State Property has occurred. III. Exchange of Parcels 3.01. Agreement to Convey City Parcel. The City agrees to convey the City Property to Texas State, subject to the terms and conditions of this Agreement and approval by the San Marcos City Council of an ordinance abandoning the City Property to Texas State. 3.02. Agreement to Convey Texas State Parcel. Texas State agrees to convey the Texas State Property to the City, subject to the terms and conditions of this Agreement and approval by the Board of Regents for The Texas State University System of a motion authorizing such conveyance. 3.03. Mutual Exchange. Upon approval by the parties of the survey prepared by Byrn & Associates and the legal descriptions for the Texas State Property and the City Property, and award of the construction contract for the Improvements under Article II, the parties will each execute one or more quitclaim deeds conveying to the other their respective property under sections 3.01 and 3.02. Texas State agrees to reimburse the City for the actual cost to remove existing electric utility facilities within Vista Street estimated to be $1,200.00. The City Property shall be conveyed subject to the rights of any existing non-city utility providers and franchisees of the City. 3.04. Licenses and Easements. Texas State agrees to grant to the City such temporary licenses as are necessary and agreed between the parties for the initial construction the Improvements. Each party also agrees to grant to the other such easements as are reasonably necessary resulting from the exchange of property to the extent a party's existing facilities cannot be removed from the portion of land conveyed to the other, subject to the approval of the governing bodies for each party. 3.05. Recording Fees. Each party shall pay its own costs for recording their respective deeds or easements. IV. Remedies Upon Default 4.01. Termination of Agreement. If either party fails to perform its obligations for any reason except the other party's default or pursuant to a right to terminate expressly set forth in this Agreement, the other party may terminate this Agreement. If the party elects to terminate the Agreement, then neither party will have any further rights or obligations, except for payment of any expenses owed to the other party for services or work properly completed for the benefit of the terminating party. V. General Provisions 5.01. Assignment. Neither party may assign any of its duties or obligations under this Agreement without the written consent of the other. 5.02. Choice of Law and Venue. The parties will construe this Agreement under the laws of the State of Texas and will perform all of their obligations in Hays County, Texas. The