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5 <br /> Purchaser, including the following design aspects for the project (the "Project"): a <br /> single mixed-use building, comprised of a hotel, retail, and below-grade parking, in <br /> accordance with the Seller's comprehensive plan and zoning requirements applicable to <br /> the area in which the Property is located; the building shall consist of a minimum of <br /> eight (8) stories; the hotel shall be branded by a nationally recognized hotel franchise <br /> ("Hotel Franchise"), provided, however, the budget/economy class franchises listed on <br /> Exhibit D attached hereto (and their substantial equivalent) shall be prohibited as a <br /> possible Hotel Franchise; the hotel shall be managed by a hotel operator experienced <br /> with the selected Hotel Franchise; a portion of the retail component shall be at street <br /> level at Colby Avenue and Wall Street and shall be designed to generate increased <br /> levels of pedestrian traffic and activity; and street level uses shall not include health <br /> clinics or other medical related facilities, general office use, parking lots or parking <br /> garages, or those uses specifically included in Special Regulation (66) of Table #5.2 of <br /> EMC Chapter 19.05. Upon Purchaser's selection of a Hotel Franchise for the Project, <br /> Purchaser shall give Seller written notice of such selection. Notwithstanding any <br /> provision of this Section 4(d) or the Project Construction Covenant, Seller <br /> acknowledges that the hotel franchises excluded from the Property may be appropriate <br /> and desirable in other parts of the City of Everett even though the Seller's objectives for <br /> the Property necessitate such exclusions. <br /> e. Plans and Specs. Purchaser shall prepare all plans and <br /> specifications for the Project, including, but not limited to, specifications for the exterior <br /> finish materials for the Project (the "Plans and Specs") in accordance with the Project <br /> Design Criteria and Project Approvals. <br /> 5. DELIVERY AND REVIEW AND APPROVAL OF TITLE, SURVEY AND <br /> OTHER DOCUMENTS. <br /> a. Seller's Obligations to Deliver Documents. Within ten (10) days <br /> following the Effective Date of this Agreement, Seller, at its sole cost and expense, shall <br /> deliver or cause to be delivered to Purchaser the following items: <br /> (i) Title Commitment. A current title commitment ("Title <br /> Commitment") for the owner's extended coverage title policy referred to in Section 9(b) <br /> ("Title Policy"), issued by the Title Company (with the understanding that the Title Policy <br /> shall be issued by the National Business Office of First American Title Insurance <br /> Company in Seattle, Washington) in the amount of the Purchase Price and underwritten <br /> by First American Title Insurance Company showing the status of the title of the <br /> Property and all exceptions, including encumbrances, liens, adverse claims, easements, <br /> restrictions, rights of way, covenants, reservations, and all other conditions, if any, <br /> affecting the Property which would appear in the Title Policy, and committing the Title <br /> Company to issue such a Title Policy to Purchaser; <br /> (ii) Underlying Title Documents; Tax Bills. Complete and legible <br /> copies of all instruments referred to in the Title Commitment as conditions or exceptions <br /> 8 <br /> -6- <br /> 50939068.4 <br />