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w II <br /> ARTICLE L PROPERTY <br /> Subject to all of the terms and conditions of this Agreement,the City agrees to <br /> transfer and to convey to Developer,and Developer agrees to accept, develop and <br /> operate that certain unimproved real property in Everett,Washington legally described <br /> on Exhibit A hereto,together with all rights,privileges and easements to or used in <br /> connection with such real property, including without limitation all existing appurtenant <br /> easements,development rights;permits, applications and licenses appurtenant to or <br /> used in connection with such real property(collectively,the"Property"). <br /> ARTICLE II. TITLE <br /> 2.1 Title and Survey. City has delivered to Developer a preliminary title <br /> commitment. This preliminary title commitment is attached hereto as Exhibit E. Only <br /> those exceptions marked as "permitted" in such attached title commitment shall be <br /> permitted to remain on title at Closing(the"Permitted Encumbrances"). If required by <br /> Title Company for extended coverage,Developer shall,at its own expense,contract with <br /> a licensed surveyor for a new ALTA survey of the Property("Survey"). <br /> 2.2 Title Insurance. City shall cause Title Company to deliver to Developer <br /> at Closing an ALTA extended coverage owner's policy of title insurance issued by Title <br /> Company, insuring Developer's title to the Property (the "Title Policy"), subject to <br /> Developer's obligation to pay a portion of the premium therefor as set forth. in <br /> Section 6.6(b) and for the cost of the Survey if required by Title Company. Developer <br /> shall consult directly with Title Company regarding any special endorsements Developer <br /> may reasonably require,at Developer's sole cost and expense,to be included in the Title <br /> Policy. City shall pay the premium for a standard coverage owner's policy of title <br /> insurance. Developer shall pay all costs in excess of the amount of the premium for the <br /> Title Policy, including, without limitation, the cost of all endorsements requested by <br /> Developer, the cost of the premium increase for extended coverage, and the cost of the <br /> Survey required for such extended coverage. Prior to or at Closing, City shall execute <br /> and deliver to the Title Company a commercially reasonable form owner's affidavit <br /> sufficient to allow Title Company to remove the standard preprinted exceptions for <br /> parties in possession and any mechanic's or materialmen's liens. <br /> 2.3 Conveyance of Property. At Closing, City shall convey to Developer fee <br /> simple title to the Property by execution and delivery of a bargain and sale deed to the <br /> Property in the form of Exhibit B hereto (the"Deed"). <br /> ARTICLE III. DUE DILIGENCE <br /> Developer has completed its due diligence with respect to the Property. <br /> 3 <br /> 83 <br />