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School League regulation fields (a varsity field and a junior varsity field) in Lion John Weicht Park in 2019, pursuant to plans and specifications. The two fields will be prepared by 292 Design Group, dated May 28, 2019 to be available for District use no later than March, 2021, pending unforeseen circumstances. The parties will, simultaneously with the execution of this Agreement, enter the Joint Powers Agreement attached hereto as Exhibit F, which establishes terms for ongoing maintenance, repair and replacement of the softball fields, as well as other facilities located in Lion John Weicht Park. 3. DEED/MARKETABLE TITLE. Upon performance by the parties of the terms of this Agreement, each party shall execute and deliver a Limited Warranty Deed, conveying good and marketable title of record, to the other party for the respective property to be conveyed, subject to the following Permitted Encumbrances: A. Reservations of minerals or mineral rights by the State of Minnesota, if any; B. Building and zoning laws, ordinances, state and federal regulations; C. The lien of real property taxes and the lien of special assessments and interest due thereon, if any, payable in the year of closing which by the terms of this Agreement are to be paid or assumed by the acquiring party; and D. Any encumbrances shown on the title commitment to which acquiring property has not objected to under Paragraph 5 of this Agreement ("Permitted Encumbrances"). 4. ENVIRONMENTAL ASSESSMENT. As soon as possible after the execution hereof, the City and District shall have the right, if they desire, at their own expense to inspect the respective properties of the other party being exchanged for the purpose of determining whether or not there are any environmental conditions that affect the City Exchange Parcel or the District Exchange Parcel. If the environmental inspection reveals any environmental conditions that are unsatisfactory to the respective party, said party may elect either of the following options: (a) Terminate this Agreement as provided by statute; or (b) Proceed with the terms of this Agreement by waiving the contingency relating to the environmental condition. 5. PHYSICAL INSPECTION. The City and District shall each have the right from time to time prior to the Closing, to enter upon the respective property being acquired, to examine the same and the condition thereof and to conduct such surveys and to make such engineering and other inspections, tests and studies as they determine to be reasonably necessary for their use of the property. All physical inspections shall be at the sole cost and expense of the party making the same. The parties will conduct all examinations and surveys of the respective properties in a manner that will not harm or damage the respective properties so that it cannot be restored to its prior condition or cause any claim adverse to either party, and will restore the 201970A 2