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<br />Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as <br />the "Condition of Title." The Developer shall have the right to approve or disapprove any <br />further Exceptions reported by the Title Company after the Developer has approved the <br />Condition of Title for the Property (which are not created by Developer) including any <br />exceptions disclosed by any revisions to the ALTA survey within the same time periods set forth <br />above, commencing upon receipt of such further exceptions. The Agency shall not voluntarily <br />create any new exceptions to title following the date of this DDA. <br /> <br />Notwithstanding the foregoing, Developer shaH not object to the following exceptions: <br /> <br />(I) <br /> <br />Easements held by a public entity or a privately owned public utility company; <br /> <br />(2) Subsurface drilling rights pertaining to exploration for or production of oil, gas, <br />hydrocarbon substances or minerals which do not affect development of the Property; <br /> <br />(3) <br /> <br />The Redevelopment Plan; <br /> <br />(4) <br /> <br />The covenants, conditions and restrictions set forth in this DDA and in the Grant <br /> <br />Deed. <br /> <br />Section 408. <br /> <br />Title Insurance. <br /> <br />Concurrently with recordation of the Grant Deed conveying title to the Property, there shall be <br />issued to Developer an ALTA owner's policy oftitle insurance (the "Title Policy"), together <br />with such endorsements as are reasonably requested by the Developer, issued by the Title <br />Company insuring that the title to the Property is vested in Developer in the condition required <br />by Section 407 of this DDA. The Title Company shall provide the Agency with a copy ofthe <br />Title Policy. Except as provided by Section 407, subparagraphs (1) through (4), the Agency <br />agrees to remove on or before the Closing any deeds of trust or other monetary liens against the <br />Property. Any costs, including the additional cost of an ALTA policy above the cost ofa CLTA <br />policy or any endorsements requested by the Developer, shaH be borne by the Developer. <br /> <br />Section 409. Costs of Convevance. <br /> <br />With regard to the conveyance oftitle to Parcel A and Parcel B to Developer: <br /> <br />(I) <br />limitation: <br /> <br />The Agency shall pay the following fees, charges and costs, including without <br /> <br />~ <br /> <br />(a) Subject to section 407, costs necessary to place title in the condition <br />req)lired by the provisions of this DDA; and <br /> <br />(b) Ad valorem taxes, if any, upon Parcel A and Parcel B conveyed for any <br />time prior to conveyance oftitle. <br /> <br />14 <br />