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10/1/08 <br />Developer shall have thirty (30) days from the date of receipt of the Report to <br />give written notice to Agency and Escrow Holder of Developer's approval or disapproval <br />of any such Exceptions. Developer's failure to give written disapproval of the Report <br />within such time limit shall be deemed approval of the Report. If Developer notifies <br />Agency of its disapproval of any Exceptions in the Report, Agency shall have the right, <br />but not the obligation, to remove any disapproved Exceptions within sixty (60) business <br />days after receiving written notice of Developer's disapproval or provide assurances <br />satisfactory to Developer that such Exception(s) will be removed on or before the <br />Closing. If Agency cannot or does not elect to remove any of the disapproved Exceptions <br />within that period, Developer shall have ten (10) business days after expiration of such <br />(10) business day period to either give the Agency written notice that Developer elects to <br />proceed with the purchase of the Sites subject to the disapproved Exceptions or to give <br />the Agency written notice that the Developer elects to terminate this Agreement. If the <br />Developer disapproves the Exceptions, the Agency shall reimburse the Developer for the <br />Developer's costs incurred under this Agreement up to the date of termination of this <br />Agreement. The Exceptions to title approved by Developer as provided herein shall <br />hereinafter be referred to as the "Condition of Title." Developer shall have the right to <br />approve or disapprove any Exceptions reported by the Title Company after Developer has <br />approved the Condition of Title for the Sites (which are not created by Developer). <br />Agency shall not voluntarily create any new exceptions to title following the date of this <br />Agreement. <br />204. Title Insurance. Concurrently with recordation of the Grant Deed(s) <br />conveying title to the Sites, there shall be issued to Developer an ALTA owner's policy <br />of title insurance (the "Title Policy"), together with such endorsements as are reasonably <br />requested by the Developer, issued by the Title Company insuring that the title to the <br />Sites is vested in Developer in the condition required by Section 203 of this Agreement. <br />The Title Company shall provide the Agency with a copy of the Title Policy. The Title <br />Policy shall be for the amount of the Purchase Price. The Agency agrees to remove on or <br />before the Closing any deeds of trust or other monetary liens against the Sites. The <br />Agency shall pay that portion of the premium for the Title Policy equal to the cost of <br />CLTA standard coverage title policy in the amount of the Purchase Price. Any additional <br />costs, including the cost of an ALTA policy or any endorsements requested by the <br />Developer, shall be borne by the Developer. <br />205. Conditions of Closing. The Closing is conditioned upon the satisfaction <br />of the following terms and conditions within the times designated below: <br />205.1 Agency's Conditions of Closing. Agency's obligation to proceed <br />with the Closing of the sale of the Sites is subject to the fulfillment or waiver by Agency <br />of each and all of the conditions precedent (a) through (h), inclusive, described below <br />("Agency's Conditions Precedent"), which are solely for the benefit of Agency, and <br />which shall be fulfilled or waived by the time periods provided for herein: <br />a. No Default. Prior to the Close of Escrow, Developer is not <br />in default in any of its obligations under the terms of this Agreement and all <br />10 <br />