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shall record the Restrictive Covenant Agreement in a form substantially in accordance with Exhibit <br />"C," attached hereto and made a part hereof, which will run with the land and bind the Owner's <br />successors and assigns. <br />Section 3.02. Exchange and Dedication of Land. The City and the Developer intend to <br />exchange two triangular shaped tracts of land and the Developer agrees to dedicate to the City <br />another triangular shaped tract of land along Highway 80, each as identified in Exhibit "D-1", <br />attached hereto and made a part hereof. The City and the Developer aelmowledge and agree that <br />the two tracts of land proposed to be exchanged are of comparable value. Within 180 days after <br />the Owner of that certain 160.2 -acre tract of land depicted on the survey of the 674.641 -acre tract <br />included a s part of Exhibit "A", sells the area of said tract remaining after the Owners sell the <br />Katerra Tract (defined in this Agreement below), the Developer or the Future Owner of the tract <br />following conveyance of the Katerra Tract (as applicable) shall, at its sole cost, cause surveys and <br />title commitments of the two exchange tracts and the tract to be dedicated to be prepared and <br />delivered to the City for review and approval. Within 90 days after the mutual approval of the <br />surveys and title commitments by the City and the Developer or Future Owner of such remaining <br />tract, as applicable, the City and the Developer or such Future Owner, as applicable, shall exchange <br />the two tracts, subject to the requirements of Section 272.001 of the Texas Local Government <br />Code. Concurrently with the exchange, the Developer or such Future Owner, as applicable, will <br />convey the third tract to the City. The conveyances of land under this section shall be by special <br />warranty deed generally in the form prescribed by the State Bar of Texas. If no mutual approval <br />of the surveys and title commitments is achieved within 30 days after delivery thereof to the City, <br />any obligations to exchange or dedicate of land under this Section shall terminate. <br />5 <br />065611.00495 309237v15 <br />