Res 2018-142/approving a contract with the San Marcos River Foundation, Inc. for the City to purchase approximately 249 acres of land, commonly referred to as the “Millican Tract,” in the vicinity of Palomino Lane and Country Estates drive for a price of

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e. Possession. Seller will deliver possession of the Property to Buyer, subject to the Permitted Exceptions existing at closing. 2. Transaction Costs a. Seller's Costs. Seller will pay the basic charge for the Title Policy;one-half of the escrow fee charged by the Title Company;the costs to obtain, deliver, and record releases of all liens to be released at closing; the costs to record all documents to cure Title Objections agreed to be cured by Seller; certificates or reports of ad valorem taxes and Seller's expenses and attorney's fees. b. Buyer's Costs. Buyer will pay one-half of the escrow fee charged by Title Company; the costs to obtain, deliver, and record all documents other than those to be recorded at Seller's expense; Title Company's inspection fee to delete from the Title Policy the customary exception for parties in possession; the costs to obtain the Survey; the costs to deliver copies of the instruments described in section A.5; the additional premium for the "survey/area and boundary deletion" in the Title Policy, if the deletion is requested by Buyer; the costs of work required by Buyer to have the survey reflect matters other than those required under this contract; the costs to obtain financing of the Purchase Price, including the incremental premium costs of mortgagee's title policies and endorsements and deletions required by Buyer's lender; and Buyer's expenses and attorney's fees. c. Ad Valorem Taxes. Buyer is a tax-exempt governmental entity and assumes no responsibility for taxes associated with Seller's ownership of the Property through the Closing Date. Ad valorem taxes for the Property for the calendar year of closing will be prorated between Buyer and Seller as of the Closing Date. Seller's portion of the prorated taxes will be paid to Buyer at closing as an adjustment to the Purchase Price. If the assessment for the calendar year of closing is not known at the Closing Date,the proration will be based on taxes for the previous tax year, and Buyer and Seller will adjust the prorations in cash within thirty days of when the actual assessment and taxes are known. In addition, Seller shall be solely responsible for payment of any taxes arising from a change in use or "roll-back" taxes. Seller will promptly notify Buyer of all notices of proposed or final tax valuations and assessments that Seller receives after the Effective Date and after closing. All taxes due as of closing will be paid at closing. After closing, Buyer may forward any tax bills attributable to Seller's ownership of the Property or arising from change in use or "roll-back" taxes directly to the Seller and Seller shall promptly pay such bill. If Buyer pays such bill, it may forward an invoice to Seller for reimbursement and Seller shall promptly pay such invoice. Buyer may pursue any remedies available at law or in equity to 7