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 ED:368C77B5-B48E-48A2-ABF6-2F3D8743222B r 1. Title Commitment; Title Policy. "Title Commitment" means a Commitment for Issuance of an Owner Policy of Title Insurance by Title Company stating the condition of title to the Property.The"effective date"stated in the Title Commitment must be after the Effective Date I of this contract. "Title Policy"means an Owner Policy of Title Insurance issued by Title Company r I# I I i; ti in conformity with the last Title Commitment delivered to and approved by Buyer. 2. Survey. "Survey" means an on-the-ground, staked plat of survey and metes-and- I bounds description of the Property,prepared by Cardinal Surveying and Mapping, TBPLS FIRM No. 10194074, dated March 2017, or any update to said survey, at Buyer's expense, and certified to comply with the current standards and specifications as published by the Texas Society of l Professional Surveyors for Survey Category 1A. 3. Delivery of Title Commitment, Survey and Legible Copies. Seller must deliver the Title Commitment to Buyer by the deadline stated in paragraph A; and legible copies of the instruments referenced in the Title Commitment by the deadline stated in paragraph A. Buyer will obtain and deliver a copy of the Survey to Seller and Title Company by the deadline stated in paragraph A.4. 4. Title Objections. Buyer has until the deadline stated in section A("Title Objection Deadline") to review the Survey, Title Commitment, and legible copies of the title instruments 3 referenced in them and notify Seller of Buyer's objections to any of them ("Title Objections"). Buyer will be deemed to have approved all matters reflected by the Survey and Title Commitment to which Buyer has made no Title Objection by the Title Objection Deadline. The matters that Buyer either approves or is deemed to have approved are"Permitted Exceptions."If Buyer notifies Seller of any Title Objections, Seller has five days from receipt of Buyer's notice to notify Buyer whether Seller agrees to cure, without any obligation to do same, the Title Objections before closing ("Cure Notice"). If Seller does not timely give its Cure Notice or timely gives its Cure Notice but does not agree to cure all the Title Objections before closing, Buyer may, within five days after the deadline for the giving of Seller's Cure Notice,notify Seller that either this contract is terminated or Buyer will proceed to close, subject to Seller's obligations to resolve the items listed in Schedule C of the Title Commitment,remove the liquidated liens, remove all exceptions that arise by, through, or under Seller after the Effective Date, and cure only the Title Objections that Seller has agreed to cure in the Cure Notice.At or before closing, Seller must resolve the items that are listed on Schedule C of the Title Commitment, remove all liquidated liens, remove all exceptions that arise by,through,or under Seller after the Effective Date of this contract, and cure the Title Objections that Seller has agreed to cure. G. Inspection Period 1. Review of Seller's Records. Seller will deliver to Buyer copies of Seller's Records specified in Exhibit C, or otherwise make those records available for Buyer's review, by the deadline stated in section A. 2. Entry onto the Property. Buyer may enter the Property before closing to inspect it, subject to the following: a. Buyer may not interfere in any material manner with existing operations or