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SEC. 2. CONVEYANCE OF PROPERTY (a) Condition of Title and Form of Deed. The Agency shall convey to the ~-d~-e-I~per ~¥~Ie.' to i~¥ Property or portions there- of by grant deed (hereinafter called "Deed") in a form mutually satisfactory to the Redeveloper, the title company which will insure the title hereunder, and the Agcncy consistent with the terms o~ this Agreement. Title shall bo fee simple merchantable, subject to the condition subsequent provid~;d for in Section 704 hereof, free all(] clear of ali recorded and unrecorded liens, ell- cumbrances, covenants, assessments, easements, leases and taxes, except as are set forth or referred to elsewhere in this Agree- ment, and except as are set fort]] below: (i) Easements, if any, described ill the Legal Description of the Property. (ii) The Urban Renewal Plan. (iii) Excepting and reserving from the Property all oil, gas, hydrocarbon substances and minerals, of every kind and character lying more than 500 feet below the surface of the Property, together with the right to drill into, through and to use and occupy all parts of 'tile Property lying more than 500 feet below the surface therof for any and ail purposes incidental to the exploration for and production of oil, .gas, hydrocarbon substances, or minerals from tile Property or other lands, but without, however, any right to use either the surface of the Pro- perty or any portion of said Property within 500 feet of the surface for any purpose or purposes whatsoever, to the extent reserved by tile parties named in deeds, leases and other documents of record. (b) ES~~. The Agency agrees to open an escrow w~th First American Title Insurance Company, or other escrow agent mutually satisfactory to the Agency and the Redeveloper (tile "Escrow Agent"), as escrow agent, in Santa Aha, California, within five (5) days after receipt by the Agency of a written request from the Redeveloper. This Agreement constitutes tile joint escrow instructions of the Agency and the Redeveloper, and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. The Agency and the Redeveloper shall provide such additional escrow instructions as shall be necessary and consistent with this Agreement.- The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of the provisions of this Section in writing, delivered to the Agency and to the Redeveloper, within five (5) days after the opening of the escrow, the Escrow Agent shall carry out its duties as escrow agent hereunder. MAI{ 18 - 4 - FEB 28