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<br />by an appraisal performed at the Developer's expense by a professional appraiser certified by the <br />State of Texas. <br /> <br />Section 2. Developer's Construction of Realignment <br /> <br />A. After the property exchange described in Section l, the Developer will complete the construction <br />of the Realignment in accordance with the existing development incentive agreement between the <br />City and the Developer, and with plans and specifications approved by the City. The Developer <br />agrees to complete the Realignment by December 31, 2000. <br /> <br />B. The Realignment will include the removal of the portion of Bishop Street across Tract B, <br />including base materials, the removal or relocation of all utilities and associated easements from <br />Tract B, and the regrading of Tract B to a clean, level condition. <br /> <br />Section 3. City's Conveyance of Property to Buie; Developer's Dedication of New Rights-of- <br />Way <br /> <br />A. Within 10 days after the City approves and accepts the completed Realignment, and upon <br />adoption of an ordinance abandoning the former Bishop Street right-of-way, the City will convey <br />Tract B to Buie by special warranty deed, and the Developer will convey Tract 1 and Tract A to the <br />City by warranty deed. The Developer agrees to provide, at its cost, a policy oftitle insurance for <br />Tract B at the time of the conveyance of Tract B by the City to Buie. <br /> <br />B. At the time of closing on these conveyances, Buie will pay to the Developer the value of Tract <br />B as determined under Section 1.B. <br /> <br />Section 4. Miscellaneous <br /> <br />A. This Agreement is expressly contingent on the approval of the final plat of the Subdivision by <br />the City's Planning and Zoning Commission. The effective date of this Agreement is the date of the <br />last signature of a party to the Agreement. <br /> <br />B. No party may assign any of its rights, or delegate or subcontract any of its duties under this <br />Agreement, in whole or in part, without the prior written consent of the other parties. <br /> <br />C. This agreement shall be governed by the laws of the State of Texas. Exclusive venue for any legal <br />dispute arising under this agreement shall be in Hays County, Texas. <br /> <br />D. This Agreement pertains to interests in real estate that are unique, and the parties therefore agree <br />that this Agreement may be enforced by specific performance ordered by a court of competent <br />jurisdiction. The parties agree that the value ofthe properties being acquired by the City under this <br />Agreement exceeds the value ofthe property being conveyed by the City. <br /> <br />E. If any provision of this Agreement is held invalid by a court of competent jurisdiction, and the <br />invalidity does not materially alter the essence of the Agreement to any party, this Agreement will <br />C:\Corel\WP~OCS\CONTRACT\property exch~nge K.doc 2 <br />