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<br />101. <br /> <br />REAL ESTATE EXCHANGE AGREEMENT <br /> <br />This Real Estate Exchange Agreement is between the Texas State University System, for the <br />Use and Benefit of Southwest Texas State University ("Owner") and the City of San Marcos, Texas <br />(the "City"). <br /> <br />1. Background <br /> <br />1.01. The City owns that certain tract of property in San Marcos, Hays County, Texas, being a <br />portion of the right-of-way of North Fredericksburg Street, and depicted as "0.1629 Acres - Right- <br />of- Way Abandonment Tract" on the map attached as Exhibit A, which is made a part of this <br />Agreement for all purposes (the "City Tract"). Owner wishes to acquire the City Tract to provide for <br />the construction of a new student residence hall facility and related improvements (the "Residence <br />Hall Facility") on the City Tract and on adjacent tracts of property owned by Owner and American <br />Campus (SWT II), Ltd. <br /> <br />1.02. Owner owns the following parcels of real property (referred to collectively as the "Owner <br />Tracts") in San Marcos, Hays County, Texas, depicted as follows on the map attached as Exhibit A: <br />1. 0.0712 Acres Right-of-Way Tract <br />2. 0.0602 Acres 10' Sidewalk and Utility Easement <br />3. 0.0217 Acres Right-of-Way Tract <br />4. 0.0173 Acres 5' Sidewalk Easement <br />The City wishes to acquire the Owner Tracts to provide for street, sidewalk and utility improvements <br />to Comanche Street (the "Comanche Street Improvements"). <br /> <br />1.03. The City and Owner desire to exchange the City Tract for easements in the Owner Tracts on <br />the terms and conditions contained in this Agreement. <br /> <br />NOW, THEREFORE, the City and Owner agree as follows: <br /> <br />2. Exchange of Properties <br /> <br />2.01. Agreement to Convey City Tract. The City agrees to convey the City Tract to Owner, subject <br />to the terms and conditions of this Agreement. <br /> <br />2.02. Agreement to Convey Owner Tracts. Owner agrees to convey the Owner Tracts to the City, <br />subject to the terms and conditions of this Agreement. <br /> <br />3. Additional Considerations <br /> <br />3.01 Equal Exchange of Properties. Pursuant to Section 272.0010) of the Texas Local Government <br />Code, and on the basis of the similarity in size and proximity in location of the tracts to be <br />exchanged under this agreement, the parties agree that the tracts to be exchanged are substantially <br />equivalent in value, and that no cash consideration will pass between the parties at closing for any <br />conveyance of property under this agreement. The City and Owner agree that the agreed upon value <br /> <br />1 <br />