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(v) The Developer is otherwise in default under this Agreement <br />and has not cured or commenced to cure such default within the time period set forth herein. <br />Then, at the option of the Agency, thirty (30) days after written notice thereof is <br />delivered to the Developer, the provisions of this Agreement regarding the future Phases shall be <br />terminated, and thereafter, neither panty shall have any further rights against the other under this <br />Agreement. <br />202.7 Closing Procedure. Escrow Agent shall close Escrow for each Phase of <br />the Sites as follows: <br />a. Record the Grant Deeds for the Sites with instructions for the <br />Orange County Recorder's Office, California, to deliver the Grant Deeds after recordation to the <br />Developer; <br />b. Record the Deeds of Trust with instructions for the Recorder of <br />Orange County, California to deliver the Deeds of Trust after recordation to the Agency; <br />c. Instruct the Title Company to deliver the Title Policy for the Sites <br />in the Phase to Developer and to deliver the Lender's Policy for the Sites in the Phase to the <br />Agency; <br />d. File any informational reports required by Internal Revenue Code <br />Section 6045(e), as amended, and any other applicable requirements; and <br />e. Deliver the Promissory Note to Agency; <br />£ Deliver the FIRPTA Certificate, if any, to Developer; and <br />g. Forward to both Developer and Agency a separate accounting of <br />ail funds received and disbursed for each party and copies of all executed and recorded or filed <br />documents deposited into Escrow, with such recording and filing date and information endorsed <br />thereon. <br />203. Review of Title. Within the time set forth in the Schedule of Performance, the <br />Agency shall cause First American Title Insurance Company or another title company mutually <br />agreeable to both parties (the "Title Company"), to deliver to Developer a preliminary title <br />report or reports, together with color plotted easements if reasonably available (collectively, the <br />"Title Report") with respect to the title, together with legible copies of the documents <br />underlying the exceptions ("Exceptions") set forth in the Title Report. Developer shall have the <br />right to reasonably approve or disapprove the Exceptions; provided, however, that Developer <br />hereby approves the following Exceptions: <br />a. The Redevelopment Plan, and <br />b. The lien of any non-delinquent property taxes, special taxes and/or <br />assessments (to be prorated as of the Closing Date); and, <br />12 EXHIBIT 4 <br />