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the Deed of Trust <br />d. Any and all routine easements of record. <br />204. Title Insurance. <br />A. Owner's Policy. Concurrently with recordation of the Grant Deed(s) <br />conveying title to each Sites in a Phase, there shall be issued to Developer an ALTA Owner's <br />Policy of Title Insurance with Western Regional Exceptions (the "Title Policy"), together with <br />such endorsements as are reasonably requested by the Developer, issued by First American Title <br />Insurance Company ("Title Company") insuring that the title to the Sites in such Phase is vested <br />in Developer in the condition required by Section 203 of this Agreement. The Title Company <br />shall provide the Agency with a copy of the Title Policy. The Title Policy shall be for the <br />amount of the fair market value of each Site in the Phase. The Agency agrees to remove on or <br />before the Closing any deeds of trust or other monetary liens against the Sites. The Agency shall <br />pay that portion of the premium for the Title Policy equal to the cost of the ALTA standard <br />coverage title policy in the amount of the fair market value of the Sites. Any additional costs, <br />including the cost of an ALTA extended coverage policy or any endorsements requested by the <br />Developer, shall be borne by the Developer. <br />B. Lender's Policy. Concurrently with recordation of the Deed(s) of Trust <br />covering the Sites in a Phase, there shall be issued to Agency an ALTA Lender's Policy of Title <br />Insurance with Western Regional Exceptions ("Lender's Policy") together with such <br />endorsements as are reasonable requested by the Agency, used by the Title Company insuring <br />the lien of Agency's Deed(s) of Trust subject only to such exceptions as Developer shall have <br />approved pursuant to Section 203 of this Agreement. The Lender's Policy shall be for the <br />amount of the Promissory Note delivered to Agency in connection with the purchase of the <br />applicable Phase. <br />205. Conditions of Closing. The Closing of each Phase of the Sites is conditioned <br />upon the satisfaction (or written waiver by the benefited Party or Parties in its or their sole and <br />absolute discretion) of the following terms and conditions within the times designated below: <br />205.1 Agency's Conditions of Closing. Agency's obligation to proceed with <br />the Closing of the sale of the Sites in each Phase is subject to the fulfillment or waiver by <br />Agency of each and all of the conditions precedent (a) through (1), inclusive, described below <br />("Agency's Conditions Precedent"), which are solely for the benefit of Agency, and which <br />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 in <br />default in any of its obligations under the terms of this Agreement and all representations and <br />warranties of Developer contained herein shall be true and correct in all material respects. <br />b. Execution of Documents. The Developer shall have executed the <br />Promissory Note and Deed of Trust for each Site in the applicable Phase and executed any other <br />documents required hereunder and delivered such documents into Escrow. <br />13 EXHIBIT 4 <br />8OA-28