Res 2003-086 - Laserfiche WebLink

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6.04. Conditions at City Tract Closing. At the closing on the City Tract, the City will deliver or cause to be delivered to Owner: 1. A Texas form owner's policy of title insurance, issued by Title Insurance Company, in the full value ofthe City Tract, insuring that Owner will be the owner of fee simple title to the City Tract, subject only to the permitted exceptions. Owner and the City will each pay one-half of the premium for this policy. 2. A duly executed and acknowledged Special Warranty Deed, in form and substance reasonably acceptable to Owner and the City, conveying good and indefeasible title to the City Tract, ITee of liens, encumbrances, conditions, easements, leases, assessments and restrictions, except the permitted exceptions. 3. Evidence of the authority and capacity of the City and/or its representatives to close the transaction as the Title Company may reasonably require. 6.05. Conditions at Owner Tracts Closing. At the closing on the Owner Tracts, Owner will deliver or cause to be delivered to the City: 1. A Texas form owner's policy of title insurance, issued by the Title Insurance Company, in the full value of the Owner Tracts, insuring that after Closing the City will be the owner of title to easements in the Owner Tracts, subject only to the permitted exceptions. Owner and the City will each pay one-half of the premium for this policy. 2. One or more duly executed and acknowledged Special Warranty Deeds, in form and substance reasonably acceptable to Owner and the City, conveying good and indefeasible title to easements in the Owner Tracts as described in Section 1.01, free of liens, encumbrances, conditions, other easements, leases, assessments and restrictions, except the permitted exceptions. 3. Evidence of their authority and capacity of Owner and/or its representatives to close this transaction as the Title Company may reasonably require. 6.06. Escrow and Fees. The City and Owner will each pay one-half of any escrow fees to the closing agent. The grantee of property will pay recording fees for the documents of conveyance. The City and Owner will each pay their own attorney's fees. 7. Remedies Upon Default 7.01. Termination of Agreement. If either party fails to perform its obligations or fails to consummate this exchange for any reason except the other party's default or pursuant to a right to terminate expressly set forth in this Agreement, the other party will elect either to enforce specific performance or to terminate this Agreement. The remedy elected will be the party's exclusive remedy. If the party elects to terminate the Agreement, then neither party will have any further rights or obligations. 5