Res 2013-116/Approving an agreement w/Union Pacific Railroad Company for the City to purchase land adjacent to the railroad crossing at S. LBJ Dr. and Edward Gary St.

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M (4) Covenants To Run With Land. The foregoing covenants, conditions and restrictions shall run with the Property, the burdens of which will be binding on the successors and assigns of Buyer, and the benefits of which will inure to the successors and assigns of Seller. A breach of the foregoing covenants, conditions and restrictions, or the continuance thereof, may, at the option of Seller, its successors or assigns, be enjoined, abated or remedied by appropriate proceedings. Article 7. Existing Agreements: A. If any lease or "Use Rights" (license or other rights to use the Property) affects the Property (whether identified by Seller before or after execution of this Agreement), Seller's rights and obligations under any such identified lease or Use Right will be assigned in full or in part to and assumed by Buyer at or after Closing. B. Buyer acknowledges that the Property may be subject to unidentified Use Rights. It is the responsibility of Buyer to determine if any of these unidentified Use Rights exist. C. Within 120 days after Closing, Buyer shall remove that certain covered shelter as shown in the Survey and identified as "COVERED CONC" from the abutting premises of Seller. The removal of such shelter shall be in accordance with a right of entry granted by Seller for such purpose. This condition shall survive closing. Article 8. Closing - Default: A. Closing will occur within thirty (30) days after expiration of the Feasibility Review Period ( "Closing Date "). The Closing will be deemed to occur upon payment of the Sale Price by a cashier's or certified check, and delivery of the Deed. All Closing costs, including transfer taxes and excise taxes, will be paid by Buyer. B. If Closing fails to occur due to default by Seller, Buyer may terminate this Agreement as Buyer's sole remedy against Seller. In the event of such termination, neither Seller nor Buyer will have any further liability hereunder. C. If Closing fails to occur due to default by Buyer, Seller may terminate this Agreement and neither Seller nor Buyer shall have any further obligations or liability hereunder except for any of Buyer's surviving obligations pursuant to Article 3 (B) hereof. In no event shall Seller have any obligation whatsoever to extend the Closing Date for any reason if Buyer fails to perform. Article 9. Prorations: Local property taxes, if any, and other assessments due and payable in the year of Closing, as well as rental under any leases or Use Rights that are being assigned, will be prorated as of the date of Closing. Buyer will assume any installments of assessments not yet due and payable.