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provide the Agency with a copy of each such Title Policy. Any additional costs, including the <br />cost of an ALTA policy, any surveys or inspections necessary for the issuance of an ALTA <br />policy, or any endorsements requested by the Developer, shall be borne by the Developer. <br />204. Conditions of Closing. The Closing for each Phase is conditioned upon the <br />satisfaction of the following terms and conditions of such Phase within the times designated <br />below. <br />204.1 Agency's Conditions of Closing. The Agency's obligation to proceed <br />with the Closing for each Phase is subject to the fulfillment, or waiver by the Agency Executive <br />Director, of each and all of the conditions precedent (a) through (i), inclusive, described below <br />with respect to such Phase (the "Agency's Conditions Precedent"), which are solely for the <br />benefit of Agency, and which shall be fulfilled or waived on or before the applicable Outside <br />Closing Date. Any condition not specifically waived prior to such Closing shall be deemed <br />waived upon Conveyance for the Phase associated with such Closing: <br />(a) No Default. Prior to the Close of Escrow for such Phase, the <br />Developer has not committed and failed to cure any default in any of its obligations under the <br />terms of this Agreement with respect to such Phase and all representations and warranties of the <br />Developer contained herein shall be true and correct in all material respects. <br />(b) Payment of Closing Costs and Purchase Price. The Developer <br />shall have deposited the Purchase Price for such Phase and all costs payable by Developer of <br />such Closing into Escrow in accordance with Section 201 into Escrow. <br />(c) Execution of Documents. The Developer shall have executed and, <br />as necessary for recordation, shall have had acknowledged, any documents required hereunder <br />with respect to such Phase and shall have delivered such documents into Escrow (including, <br />without limitation, the Notice of Affordability Restrictions). <br />(d) Conceptual Site Plan and Land Use Approvals. The Developer <br />shall (i) have obtained City and Agency Executive Director approval of the Conceptual Site Plan <br />and final Construction Drawings for all of the Developer Improvements in such Phase, (ii) have <br />obtained all Land Use Approvals necessary for the development of such Phase, as set forth in <br />Section 303 hereof, and (iii) take such actions as are necessary to insure that building permits for <br />the development of such Phase shall be issued concurrently with Closing of the portion of the <br />Site associated with such Phase, or demonstrate to Agency's reasonable satisfaction that building <br />permits for the development of such Prase are ready to be issued but for the payment of fees <br />associated therewith, and that the funds necessary for the payment of such fees has been <br />allocated, reserved and committed in the construction financing or equity contributions which are <br />available upon and after the date of the Closing. <br />(e) Insurance. The Developer shall have provided proof of insurance <br />as required by Section 306 hereof with respect to such Phase. <br />(f) Financing. The Agency shall have approved the Evidence of <br />Construction Financing of the Developer Improvements for such Phase as provided in <br />Section 316.1 hereof and the financing consistent with the Evidence of Construction Financing <br />17 <br />DOCSOC11400673v 141200272-0001