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Ana for the Property does not currently permit the uses thereon contemplated by this Agreement <br />and the Redevelopment Plan. The .Agency warrants that it has applied to cancel and rescind the <br />Development Agreement between Steadfast Courtyards, LLC and the City of Santa Ana dated on or <br />about October 3, 2005. <br />B. The Agency shall convey to the Developer title to the Property, free and clear of all recorded <br />liens, encumbrances, covenants, conditions, restrictions, easements. leases and taxes, except: <br />1. Easements held by a public entity or a privately owned public utility company; <br />2. Subsurface drilling rights pertaining to exploration for or production of oil, gas, <br />hydrocarbon substances or minerals which do not affect development of the <br />Property; <br />3. The Redevelopment Plan; <br />4. The covenants, conditions and restrictions set forth in this Agreement and the Deed, <br />as defined in Section 406. <br />5. The aforementioned Development Agreement between Steadfast Courtyards, LLC <br />and the City of Santa Ana dated on or about October 3. 2005. <br />Section 206. Title Insurance <br />Concurrent with recordation of the Deed, as defined in Section 406 ,First American Title <br />Insurance Company, 2 American Way, Santa Ana California, 92707, or some other title insurance <br />company mutually agreed upon by the parties (the "Title Company") shall provide and deliver to the <br />Developer a CLTA standard title insurance policy as may be required by Developer issued by the <br />Title Company insuring that title is vested in the Developer, or its designee in the condition required <br />by this Agreement. Such title insurance policy shall be in the amount of the Purchase Price, and the <br />premium therefor shall be paid by the Developer. <br />Concurrently, with the recording of such deed, the Title Company shall, if requested by the <br />Developer, provide an endorsement, solely at Developer's cost to insure the amount of the <br />Developer's estimated development and construction costs of the improvements to be constructed <br />upon the property. <br />Section 207. Possession of the Property <br />A. Possession of the Property shall be deemed delivered by the Agency to Developer at the <br />time title to the Property is conveyed by the Agency to Developer. Except as otherwise <br />provided in subsection B of this section, the Agency shall deliver the Property to Developer <br />6 <br />3-12 <br />