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Section 2.10. Title Insurance. Concurrently with recordation of the Grant Deed, the Title Company shall provide and deliver to the Developer an ALTA owner's policy of title insurance issued by the Title Company insuring that the title to the Property is as required pursuant to the terms of this Agreement. The title insurance policy shall be in the amount of Three Million One Hundred Sixty Thousand Dollars ($3,160,000). Section 2.11. Taxes and Assessments. Ad valorem taxes and assessments, if any, on the Property levied; assessed or imposed as to any period prior to conveyance of title through the Escrow, shall be borne by the Agency. Section 2.12. Land Use and Environmental Approvals. The Developer must obtain any and all necessary land use approvals or changes required for the Project, including, without limitation, general and special plan amendments, conditional use permits required pursuant to applicable zoning ordinances, any and all modifications or variances including, but not limited to, those modifications or variances necessary for height, parking, signs and any and all other matters. The Agency requires that all requirements of the California Environmental Quality Act ("CEQA") and the National Environmental Policy Act ("NEPA") applicable to this Agreement and the Project, shall be met. The Developer shall apply for all necessary environmental permits or clearances applicable to the Project. Section 2.13. Condition of the Property. a. The Property shall be conveyed in an "as is" condi tion with no warranty or liability, except as otherwise provided herein, express or implied on the part of the Agency as to the condition of the soil, its geology or the presence of known or unknown faults or defects. b. It shall be the responsibility solely of the Developer, at the Developer's expense, to investigate and determine the soil and seismic conditions of the Property and its suitability for the development to be constructed thereon. After the Close of Escrow, it shall be the responsibility solely of the Developer, at the Developer's expense, to perform all work necessary to prepare the Property for development, other than the work related to the Agency's clearance and remediation obligations under this Agreement. The Developer shall not disapprove any soils report or soils condition which would permit the construction with normal foundation conditions of the contemplated improvements. 13 REDW\0006\DOC\001-5 1/27/05 7:00 /mvc