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of Lot 45-B on its Transfer Date shall be no less than 487 feet. The rough-grade elevation of Lot <br /> 45-C on its Transfer Date shall be no less than the rough-grade elevation of Lot 45-B on its <br /> Transfer Date plus or minus 0.3 feet. The rough-grade elevation of Lot 45-E on its Transfer Date <br /> shall be no less than 480 feet. Notwithstanding the foregoing, if on its Transfer Date, Lot 45-D <br /> is less than 445 feet in rough-grade elevation, Lot 45-D shall still be timely conveyed and <br /> accepted by the City at whatever rough grade elevation Rinker has been achieved. <br /> 1.3 Representations and Warranties. Rinker hereby represents and warrants to the <br /> City, as of the date hereof and as to each Transfer Lot as of the date of each Transfer Date, that: <br /> (a) Title. Rinker warrants that it has good and merchantable title in fee <br /> simple, free and clear, with full right to make the conveyance described herein. <br /> (b) Organization. Rinker is a corporation duly formed and validly existing <br /> and in good standing under the laws of the State of Georgia and is qualified to do all things <br /> required of it under this Agreement. <br /> (c) Authority. Rinker has the full right, title, authority and capacity to <br /> execute and perform this Agreement and to consummate all of the transactions contemplated <br /> herein, and the individual(s)who, on Rinker's behalf, execute and deliver this Agreement and all <br /> documents to be delivered to City hereunder, are and shall be duly authorized to do so. <br /> (d) No Leases. The Transfer Lots are not subject to any leases, tenancies, <br /> licenses or rights of persons in possession. <br /> (At the location of the Property,NAVD minus 3.691'=NGVD.) <br /> 2004 Revised Development Agreement <br /> 6 <br /> 8/23/2005 <br />