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3.7 Time for and Place of Delivery of Grant Deed. Subject to any mutually agreed upon extensions of time, the City shall deposit the Grant Deed for the City Property with the Escrow Agent on or before the date established in the Schedule of Performance for the conveyance of fee title to the City Property to Developer, Developer shall deposit the Purchase Price and all sums required hereunder with the Escrow Agent prior to the date for conveyance thereof, provided that the Escrow Agent shall have notified the Developer in writing that the Grant Deed, property executed and acknowledged by the City, has been delivered to the Escrow Agent and that title is in condition to be conveyed in conformity with the provisioris of Section 3.4 of this Agreement. 3.8 Recordation of Grant Deed and Recjpt�ocal Easement Agreem . Upon close of escrow, the Escrow Agent shall record the Grant Deed, and subsequently record the Reciprocal Easement Agreement, in the land records of the Office of the County Recorder of Orange County, and shall deliver to the Developer, with a copy to the City, the title insurance policy insuring fee title to the City Property, in conformity with this Agreetrient, 3.9 Title Insurance. Concirrrently with recordation of the Grant Deed, Title Company or another title insurance company satisfactory to the City and the beveloper having equal or greater financial responsibility ("Title Company"), shall provide and deliver to the Developer a title insurance policy issued by the Title Company insuring that title to the City Property is vested in the Developer in the condition required by this Agreement, and shall provide the City with a copy of the title insurance policy. The face amount of the title policy shall be shall be equal to the Purchase Price. 3.9.1 The Developer shall pay for the title insurance premium attributable to a CLTA standard fonn policy of title insurance for the City Property. The Title Company shall, if requested by the Developer, provide the Developer with an endorsement to insure the amount of the Developer's estimated development costs of the improvements to be constructed upon the Project Site. The Developer shall pay the entire premium for any increase in coverage and special endorsements, including extended ALTA coverage, if any, that may be requested by it. 3.10 Delivery of Possession. The City Property shall be conveyed to Developer free of any possession or right of possession by any person, 3.11 Payment of Taxe , All general and special real property taxes, bonds and assessments, if any, on the City Property, and taxes upon this Agreement or any rights hereunder, levied, assessed or imposed for any period commencing prior to the close of escrow for the sale of the City Property to Developer shall be borne by the City. All general and special real property taxes, bonds and assessments levied or imposed for any period commencing after close of escrow for sale of the City Property to Developer shall be paid by the Developer. 3.12 Inspections and Conditions of the Project Site. 3.12.1 Inspectigns. Within the time established in the Schedule of Performance, the Developer shall, at its sole cost, conduct any additional investigation of the City Property, its physical condition, the soils and toxic conditions of the City Property and all other matters which in the Developer's sole and absolute judgment affect or influence the Developer's proposed use 5 53 94.00000\29008220,1 65D-21