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(d) Title Insurance. Upon closing of this exchange, the District shall furnish City, at <br /> no cost to City, an owner's title insurance policy, in an amount equal to its then current fair market <br /> value, insuring City against loss or damage which might be sustained by reason of any defect in title <br /> of the Exchange Parcel, except matters contained in the usual printed exceptions to such standard <br /> title policies and easements, restrictions and reservations of record. If the parties cannot agree to the <br /> fair market value of the Exchange Parcel, the value shall be as determined by an independent <br /> appraisal. The District shall bear all costs related to any title policy for the School Site Parcel. <br /> Section 2. Conveyance Conditions. The conditions to City's conveyance of the School <br /> Site Parcel are set forth in this Section 2, all of which shall be satisfied at District's sole cost and <br /> expense. <br /> (a) Survey and Partition. Prior to conveyance, each parcel shall be legally separated <br /> from its existing parcel and added to the land owned by the party to receive the parcel by lot line <br /> adjustment. Each lot line adjustment shall be accomplished prior to the date of conveyance of the <br /> relevant parcel. An accurate legal description of the Patterson School property as it will be after the <br /> lot line adjustment and the City's adjacent property as it will be after the lot line adjustment has been <br /> created by survey and is included as attachment D. <br /> (b) Covenants and Restrictions. All unacceptable covenants, restrictions and <br /> encumbrances shall be removed from both parcels prior to conveyance of either parcel as provided <br /> in Subsection 1(b). <br /> (c) Restoration of Exchange Parcel. Prior to conveyance of the Exchange Parcel, <br /> District shall clean, grade to level and remove all improvements from the Exchange Parcel, except <br /> for improvements that the City expressly agrees to accept with the Exchange Parcel. <br /> (d) Replacement of Ball Fields. The parcel of land that currently contains the School <br /> Site Parcel is improved with two softball fields and two soccer fields. District shall repair and <br /> replace, or shall make arrangements satisfactory to City for the repair or replacement, as the case <br /> may be, of all baseball fields and soccer fields that will be damaged or removed from the School Site <br /> Parcel or City land adjacent to the School Site Parcel as a result of District's acquisition and use of <br /> the School Site Parcel. All replacement fields shall be of size and quality equal to or greater than <br /> the size and quality of the fields that are removed. All replacement fields must be located on the <br /> Exchange Parcel and the adjacent City-owned land retained by the City. <br /> Suitable arrangements for the replacement of a field shall include identification of the site, <br /> and production of plans and specifications for the field, all of the foregoing satisfactory to the City. <br /> Unless otherwise agreed by the parties, District shall be responsible for all aspects of construction <br /> of the replacement fields, including obtaining all required licenses, permits and inspections and <br /> compliance with all applicable procurement laws. Construction of all replacement fields shall <br /> commence not more than 365 days after execution of this Agreement and shall be completed not <br /> later than the second anniversary of the execution of this Agreement. Construction shall be made <br /> IGA - Patterson School Land Exchange Page 3 <br />