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WHEREAS, it is considered and determined to be in the best <br /> interest of the public by the City and the Authority that the <br /> Authority transfer to the City the interest of the Authority in the <br /> real estate in return for the purchase price a portion of which <br /> will be used for providing storage space and the balance of such <br /> amount used for defraying capital expenditures essential to the <br />� operation of the Civic Center; and <br /> WHEREAS, the purpose of this Agreement is to def�ne the duties <br /> and obligations of the parties hereto in regard to the transfer of <br /> the real estate from the Authority to the City, but this Agreement <br /> is not to supersede any Intergovernmental Agreement heretofore <br /> entered into between such parties . <br /> NOW, THEREFORE, in consideration of the premises and the <br /> mutual obligations of the parties hereto, each party does hereby <br /> covenant and agree with the other, for their mutual benefit as <br /> follows : <br /> 1 . Transfer and Price. The Authority shall transfer to the <br /> City the real estate described on Exhibit A attached hereto and the <br /> City shall pay to the Authority at the time of such transfer the <br /> sum of $627 , 500 . 00, all in accordance with the terms and conditions <br /> contained in this Agreement. <br /> 2 . Evidence of Title. If it so desires, the City, may, at <br /> its cost, obtain an Owner' s Title Insurance Policy against any <br /> defects in the merchantability of title to the real estate. Title , <br /> may be subject to coal and mineral rights if now reserved or ' <br /> conveyed of record and to all easements and building and use <br /> restrictions now of record. The City shall promptly advise the <br /> Authority of any claim to defects in title evidence to permit <br /> -4- <br />