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parcels, the parties agree that upon the request of Owner the City will surrender <br /> the Bonds upon the recording of a Deed of Trust, in the form attached to this <br /> Amendment as Exhibit F-lt against the Lots in first lien position(the "Obligation <br /> Deed of Trust"). In addition, Owner shall cause to be delivered to the City at <br /> Owner's sole cost and expense extended coverage 2006 ALTA lender's title <br /> insurance policies for the Obligation Deed of Trust insuring such first lien <br /> position, both in a form acceptable to the City. <br /> (2) Transfer. Regardless of any other provision in this Amendment or <br /> in the Development Agreement, Owner shall not prior to the satisfaction of all <br /> Owner Obligations transfer Owner's interest in Transfer Lot 3 unless (a) Owner <br /> has replaced the Bonds with the Obligation Deed of Trust effective as of the date <br /> of such transfer and secured by the Lots in accordance with Section 1.12(a)(1), or <br /> (b)the transferee or successor delivers replacement Bonds to the City effective as <br /> of date of such transfer, which replacement Bonds must be in a form strictly in <br /> accordance with Exhibit I. Owner acknowledges and agrees that any transfer in <br /> violation of this Section 1.12(a)(2) is null and void and is a default entitling the <br /> City to demand payment in full under the Bonds. <br /> (3) As security for the Lot Profit Payments, Owner shall record against <br /> Lot 1 the form of Deed of Trust attached as Exhibit F securing the Lot 1 Lot <br /> Profit Payment of$252,000 (the "Lot 1 Deed of Trust"), and against Lot 2 the <br /> form Deed of Trust attached as Exhibit F securing the Lot 2 Lot Profit Payment of <br /> $161,500 (the "Lot 2 Deed of Trust"). At the closing of any Bona Fide Sale (as <br /> defined in Section 1.16) of Lot 1 or Lot 2, the City shall cause each of the Lot 1 <br /> 22 <br />