Res 2022-202R Approving a contract with 111 MLK Developement , LLC for the approximately 1.03 acres of Land at 111 East Martin Luther King Drive and its intersection with LBJ

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DocuSign Envelope ID:368077B5-B48E-48A2-ABF6-2F3D87432226 DESIRABLE WITH RESPECT TO THE PROPERTY,EXCEPT FOR ANY CLAIMS CAUSED BY SELLER'S INTENTIONAL OR FRAUDULENT ACTIONS). EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN THE CLOSING DOCUMENTS, WITHOUT LIMITING THE PROVISIONS OF THE FOREGOING PROVISIONS, EFFECTIVE UPON CLOSING, BUYER HEREBY UNCONDITIONALLY AND IRREVOCABLY RELEASES SELLER FROM ANY AND ALL CLAIMS, DEMANDS, ACTIONS, LIABILITIES, LOSSES, COSTS AND EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS' FEES) ARISING FROM OR RELATED TO THE PHYSICAL OR ENVIRONMENTAL CONDITION OF THE PROPERTY. THE RELEASE SET FORTH IN THIS SECTION SPECIFICALLY INCLUDES ANY CLAIMS UNDER ANY ENVIRONMENTAL LAWS. "ENVIRONMENTAL LAWS" INCLUDES, BUT IS NOT LIMITED TO, THE RESOURCE CONSERVATION AND RECOVERY ACT (42 U.S.C. 6901, ET SEQ.), THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED BY THE SUPERFUND AMENDMENTS AND REAUTHORIZATION ACT(42 U.S.C. 9601, ET SEQ.); THE CLEAN AIR ACT (42 U.S.C. 4701, ET SEQ.); THE EMERGENCY PLANNING AND COMMUNITY RIGHT-TO-KNOW ACT (42 U.S.C. §1101, ET SEQ.); THE HAZARDOUS MATERIALS TRANSPORTATION ACT OF 1974(49 U.S.C.§1801,ET SEQ.);THE FEDERAL WATER POLLUTION CONTROL ACT(33 U.S.C. §1251, ET SEQ.); THE FEDERAL INSECTICIDE, FUNGICIDE AND RODENTICIDE ACT (7 U.S.C. §137, ET SEQ.); THE SAFE DRINKING WATER ACT(42 U.S.C.§3001,ET SEQ.);AND THE TOXIC SUBSTANCE CONTROL ACT(15 U.S.C.§2601,ET SEQ.),AS ANY OF THE SAME MAY BE AMENDED FROM TIME TO TIME, AND ANY COMPARABLE OR SUCCESSOR PROVISIONS OF FEDERAL, STATE OR LOCAL LAW, AND ANY REGULATIONS, ORDERS, RULES, PROCEDURES, GUIDELINES AND THE LIKE PROMULGATED IN CONNECTION THEREWITH. NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, SELLER SHALL NOT BE I RELEASED FROM CLAIMS RESULTING FROM SELLER'S INTENTIONAL OR FRAUDULENT ACTIONS. 3 C. THE DISCLAIMERS AND RELEASES SET FORTH IN THIS SECTION SHALL SURVIVE THE CLOSING AND SHALL NOT MERGE THEREIN OR INTO ANY DOCUMENTS EXECUTED IN CONNECTION THEREWITH. 2. Subject to Appraisal. Buyer shall procure an appraisal of the value of the Property from a Texas licensed and MAI certified appraiser no later than the end of the Inspection Period. Buyer will provide a copy of such appraisal to Seller within seven days after Buyer's receipt of the appraisal. If the appraisal concludes that the value of the Property is less than the Purchase Price, Buyer may: a) terminate the contract by providing written notice of termination within 15 days after Buyer's receipt of the appraisal;b)disregard the appraisal and accept the Purchase Price, subject to the terms in this contract; or c) renegotiate the Purchase Price under mutually agreed written terms. [SIGNATURES ON NEXT PAGE] I