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3.5.2.9 Developer has received all City approvals and necessary entitlements required for the development of the Hotel Project, at its own expense, including all required discretionary entitlements, design review, and all appeal periods for such approvals have expired; 3.5.2.10 Developer has provided evidence, satisfactory to City in its sole and discretion exercised in good faith, that Developer has sufficient and binding financing commitments to complete the Project; 3.5.2.11 Developer has an executed construction contract for the Project with its general contractor; 3.5.2.12 Developer has delivered to the City proof of insurance, in compliance with Section 4.6 hereof; 3.5.2.13 Developer shall have obtained the commitments and approvals necessary to develop and operate the hotel component of the Project as a minimum three (3) star on the Project Site. 3.6 Conditions of Title. Within 30 days following execution of this Agreement, the City will submit to the Developer for review and approval a preliminary title report for the City Property, together with a copy of all underlying dociaments referred to therein ("Preliminary Title Report"), and will farther provide an updated preliminary report at such time that the City takes fee title to the Successor Agency Parcels, and thereafter from time to time upon reasonable request of the Developer. The Developer shall approve or disapprove the Preliminary Title Report within the time established in the Schedule of Performance, Failure by the Developer to approve within such time shall be deemed disapproval. 3.6.1 The Developer shall be responsible for any costs and expenses necessary to place title to the City Property in the condition for conveyance of fee title to the City Property to the Developer as required hereunder, Tf the Developer disapproves any title exception reflected in the Preliminary Title Report (or my updated preliminary report), and the City, within ten (10) days thereafter gives Developer written notice that the City elects not to remove such exception, the Developer may elect, within ten (10) days of receipt of the City's notice, to accept fee title to the Project Site subject to such exception or to terminate this Agreement by providing written notice thereof to the City. Notwithstanding the foregoing, City shall, without the requirement of Developer to object or City to refuse, remove all monetary liens (other than property taxes or assessments for amounts not yet delinquent) from the title to the City Property delivered to Developer at Close of Escrow, and shall remove from title or otherwise satisfy all exceptions it otherwise agrees to remove, in a form that is reasonably satisfactory to Developer prior to the Closing Date. 3.62 The City shall convey to the Developer fee interest in the City Property free and clear of all recorded liens, encumbrances, assessments, leases and taxes, except easements of record and encumbrances that are consistent with this Agreement or approved in writing by the Developer. 553 94.00000\29008220. 1 65D-20