Res 2018-057/approving an Agreement of Sale with the Trust for Public Land for the City to purchase approximately 151 acres of land for the third and final acquisition out of the Wildenthal Tract at a cost to the City of $2,265,368, subject to the award t

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nature, known. or unknown, that Seller or its successors and assigns may have against Current Owner or that may arise in the future, based in whole or in part, upon the Property conditions and/or the presence of environmental contamination on or within or under the surface of the Property, including, without limitation, all responsibility, liability, obligations, and claims that may arise under any local, state or federal law to which the Property is or may be subject. Buyer aclaiowledges that the provisions of this Section 2 shall survive the Closing. (d) City understands that as a condition of the grant award to the City to acquire the Property such award may require recorded restrictions and/or notice of restrictions to ensure the Property, as well as, the adjacent +/- 51.567 acres that the City acquired from Seller in April, 2017, is consistent with the intent., terins and conditions of the grant application and the purposes for which the grant was awarded. 3. Closin . Final settlement of the obligations of the parties hereto shall occur on or before May 25, 2018, 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 contingencies set forth in Section 27 have not been met by said date, 'Flus 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. TIAL 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; (ii) 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; (iv) the standard printed. exceptions on the form of title insurance issued pursuant to Section 5;and (v) any restrictions and/or notice of such restrictions required by Buyer's source(s) of funding for the Property, TPL has delivered to City a copy of a commitment for title insurance covering the Property issued by Escrow Holder, City shall at its sole cost and expense obtain a title commitment for Agmit of Sale City of San Marcos Wildenthal Phase 3 4