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6.02. SWT Tracts. The closing of the conveyance of the SWT Tracts from SWT to the City will occur at a date determined by agreement ofthe parties (the "SWT Tracts Closing Date"), which will be within thirty days after the City receives the SWT Tracts Commitment and Survey. The closing will occur in the offices of the Title Company, or at another mutually acceptable place. 6.03. Time is of the essence. 6.04. Conditions at City Tract Closing. At the closing on the City Tract, SWT will pay the City the full appraised value of the City Tract in cash, and the City will deliver or cause to be delivered to SWT: 1. A Texas form owner's policy of title insurance, issued by Title Insurance Company, in the full value of the City Tract, insuring that SWT ",ill be the owner of fee simple title to the City Tract, subject only to the permitted exceptions. SWT will pay the premium for this policy. 2. A duly executed and acknowledged General Warranty Deed, conveying good and indefeasible title in fee simple to the City Tract, free 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 SWT Tract Closin€! . At the closing on the SWT Tracts, the City will pay SWT the full appraised value of the SWT Tracts, and SWT 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 SWT Tracts, insuring that after Closing the City will be the owner of fee simple title to the SWT Tracts, subject only to the permitted exceptions. SWT will pay the premium for this policy. 2. A duly executed and acknowledged General Warranty Deed, conveying good and indefeasible title in fee simple to the SWT Tracts, free of liens, encumbrances, conditions, easements, leases, assessments and restrictions, except the permitted exceptions. 3. Evidence of their authority and capacity of SWT and/or its representatives to close this transaction as the Title Company may reasonably require. 6.06. Taxes and Assessments. All normal and customarily proratable items, if any, including any ad valorem or similar taxes and assessments, and any utilities related to the tracts will be prorated between the City and SWT as of the respective closing dates. 6.07. Escrow and Fees. The City and SWT will each pay their customary escrow and recording fees and 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 C:\TEMP\S WT A TP Property Exchange.doc 5