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206. REAL ESTATE EXCHANGE AGREEMENT This Real Estate Exchange Agreement is between Southwest Texas State University ("SWT") and the City of San Marcos, Texas ( the "City"). 1. Background 1.01. The City owns that certain tract of real property in San Marcos, Hays County, Texas, more fully described in Exhibit A, attached and made a part of this Agreement for all purposes (the "City Tract"). SWT wishes to acquire the City Tract to provide for the construction of a new Art/Technology/Physics facility (the "ATP Facility") on a portion of the City Tract and on adjacent property of SWT. 1.02. SWT owns the parcels of real property in San Marcos, Hays County, Texas, more particularly described in Exhibit B, attached and made a part of this Agreement for all purposes. The City wishes, subject to certain contingencies, to acquire portions (the "SWT Tracts") of these parcels of property to provide for the construction of improvements to the intersection of Sessom Drive with University Drive (the "Intersection Improvements"). 1.03. The City and SWT desire to exchange the City Tract for the SWT Tracts on the terms and conditions contained in this Agreement. NOW, THEREFORE, the City and SWT agree as follows: 2. Exchange of Properties 2.01. Agreement to Convey City Tract. The City agrees to convey the City Tract to SWT, su~ject to the terms and conditions of this Agreement. 2.02. Agreement to Convey SWT Tracts. SWT agrees to convey the SWT Tracts to the City, subject to the City's determination of the feasibility of the Intersection Improvements in the Evaluation Period described in Section 4.03, and subject to the other terms and conditions of this Af,rreement. 3. Additional Considerations 3.01 Payment of Fair Market Value. This agreement is premised upon an exchange of properties by the parties. However, because it is anticipated that the closing for the conveyance of the City Tract by the City to SWT will occur earlier in time than the conveyance of the SWT Tracts by SWT to the City, and certain contingencies are attached to the City's acquisition of the SWT Tracts, the parties agree to pay one another the appraised fair market value of the tract or tracts to be obtained by them as of the date of each respective closing. 3.02. Appraisals. The parties will agree upon an appraiser to determine the fair market value of the tracts to be exchanged under this Agreement. The parties will divide equally the cost of the appraisals. C:\TEMP\SWT A TP Propcrty Exchange.doc 1