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<br />. <br /> <br />. <br /> <br />Agreement, or (ii) pay the City an amount equal to the <br />fair market value of the Delhi Property as determined by <br />the above specified appraisal. <br />3. Convevance of the Delhi ProDertv. <br />Delhi's option to convey the Delhi Property to the City <br />pursuant to section 2 of this Agreement, and the City's obligation <br />to accept such conveyance in lieu of payment of an amount equal to <br />the fair market value of the Delhi Property, is subj ect to the <br />following conditions: <br />A. Delhi shall deliver to the City a grant deed conveying <br />marketable title to the Delhi Property to the City in fee <br />simple, subject only to any items shown on the Prelimi- <br />nary Report prepared First American Title Insurance <br />Company, dated May 4, 1994, as updated March 24, 1995, <br />and liens pertaining to payment of taxes. <br />B. Delhi agrees to deliver to the City, concurrently with <br />the conveyance of the Delhi Property to the City, a <br />policy of title insurance to be issued by First American <br />Title Insurance Company (the "Title Company") with the <br />City therein named as the insured, in the amount of the <br />value of the said real property, as determined pursuant <br />to section 2 of this Agreement, insuring the title of the <br />city to the Delhi Property is subject only to any items <br />shown on the Preliminary Report prepared First American <br />Title Insurance Company, dated May 4, 1994, as updated <br />March 24, 1995, and liens pertaining to taxes. <br /> <br />4 <br />