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7.3.B. - Page 22 <br /> with a copy of the Title Policy, and the Title Policy shall be in the amount of the Purchase Price <br /> of the City Property. <br /> The City shall pay only for that portion of the Title Policy premium attributable to <br /> a C.L.T.A. standard form owner's policy of title insurance in the amount of the Purchase Price of <br /> the City Property. The Developer shall pay for that portion of the Title Policy premium <br /> attributable to any A.L.T.A. extended coverage and any special endorsements. <br /> 209. Proration of Taxes and Assessments <br /> Ad valorem taxes and assessments on the City Property, if any, and taxes upon <br /> this Agreement or any rights hereunder, levied, assessed or imposed for any period commencing <br /> prior to conveyance of title shall be borne by the City. All such ad valorem taxes and <br /> assessments levied or imposed for any period commencing after closing of the escrow shall be <br /> paid by the Developer. All such ad valorem taxes and assessments shall be prorated by the <br /> Escrow Agent as between the City and the Developer as of the Closing Date consistent with the <br /> preceding provisions of this Section 209. <br /> 210. Conveyance Free of Possession <br /> The City Property shall be conveyed by the City to the Developer free and clear <br /> of any possession or right of possession by any person except that of the Developer and the <br /> easements of record. <br /> 211. Inspections; Conditions of the City Property <br /> 1. Inspections <br /> The Developer shall conduct the Developer's own investigation of the <br /> City Property, its physical condition, the soils and toxic conditions of the <br /> City Property and all other matters which in the Developer's judgment <br /> affect or influence the Developer's proposed use of the City Property and <br /> the Developer's willingness to develop the City Property and the Site <br /> pursuant to this Agreement. The Developer's investigation may include, <br /> without limitation, the preparation by a duly licensed soils engineer of a <br /> soils report for the City Property. If, in the Developer's reasonable <br /> judgment, the physical condition of the City Property is in material <br /> respects unsuitable for the use or uses to which the City Property will be <br /> put, then the Developer shall have the option either to (a) take any action <br /> necessary to place the City Property in a condition suitable for <br /> development, at no cost to the City; or (b) terminate this Agreement <br /> pursuant to the provisions of Section 506.1 hereof If the Developer has <br /> not notified the City of its determinations concerning the suitability of the <br /> physical condition of the City Property within the time set forth in the <br /> Schedule of Performance (Attachment No. 3), the Developer shall be <br /> deemed to have waived its right to terminate this Agreement pursuant to <br /> this Section 211. <br /> ATTY /AGR /2014.197/RDW GREYSTAR PDA <br /> REV: 10 -01 -14 PT & VR <br /> 82483.00017\9102745.13 11 <br />