80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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1. pertaining to title (collectively, the "Title Matters"); provided, however, that the Developer herein approves the following Exceptions: (a) the Redevelopment Plan; (b) the lien of any nondelin cent taxes and assessments to be prorated at Close of Escrow) with respect to each Phase; and (c) the provisions of the Grant Deed. The Developer shall have one hundred t wenty (1 20) days from the Date of Agreement to give vrittcri notice to the Agency and Escrow Holder of the Developer's approval or disapproval of any Title Matters. The Developer's failure to give written disapproval within such thne limit shall be deemed approval of all Title Matters. If the Developer notifies the Agency of its disapproval of any Title Matter, the Agency shall have the right, but not the obligation, within ten 1 business days after receiving Britten notice of the Developer "s disapproval, to notify the Developer that it will cause the sanic to be curd at the Agency's sole cost to the Developer's satisfaction. If the Agency cannot or aloes not timel y so elect by timel y delivery of notice, the Developer shall have ten 10 business days after the expi ration of such ten 10 business day period to either give the Agency written notice that the Developer elects to proceed with the purchase of the Phase affected thereby u eet to the disapproved Title Matter(s) or to give the Agency written notice that the Developer elects to terminate the rights and obligation of the parties under this Agreement with respect to such Please. The Developer shall have the right to approve or disapprove any subsequent title exceptions not caused by the Developer and reported after the Developer has approved the Title Matters in the manner set forth above, including Title Matters associated with any Additional Properties. If the Developer disapproves any subsequent title exception, and the matter cannot be solved to the satisfaction of the parties, the Developer shall have the right to terminate the rights and obligations of the parties tinder this Agreement with respect to the Phase affected thereby. Except as set forth herein, the Agency shall not voluntarily create any new exceptions to title following the Date of Agreement. 203. Title Insurance. ance. Concurrently with recordation of each Grant. Deed conveying title to the applicable Phase, there shall be issued to the Developer a CLTA or, at Developer's request, an ALTA owner's policy of title insurance (each, a "Title Policy") i the amount of the unrestricted fair market et value of the portion of the Site being conveyed, as agreed upon by the patties prior to Closing, together with such endorsements as the Developer arranges with the Title Company during the title review period described in Section 202, issued by the Title Company insuring that the title to such phase is vested in the Developer with no exceptions other than those approved by the Developer pursuant to Section 202. Tile Title Company shall provide the Agency with a copy of each such Title Policy. Any additional costs, including the cost of an ALTA policy, any surveys or inspections necessary for the issuance of an ALTS. policy, or any endorsements requested by the Developer, shall be borne by the Developer. 204. Conditions of Closing. The Closing for each Phase is conditioned upon the satisfaction of the following terns and conditions of such Phase within the threes designated below. 16 Doo/ 1400v 131200272-0001