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(b) Qualified Designee Conditions Precedent. In addition to the applicable <br />conditions precedent set forth in this Article 3, the following conditions shall be satisfied, or <br />waived in writing by the Qualified Designee, prior to or concurrently with, and as conditions of, <br />the Close of Escrow: <br />(1) Developer shall have acquired fee title to the Affordable Site or, <br />alternatively, subject to the terms and conditions of this Agreement assigned its right to acquire <br />the Affordable Site to the Qualified Designee. <br />(2) The Title Company is irrevocably committed to issue an ALTA <br />form of title insurance policy insuring Qualified Designee as the owner in fee simple of the <br />property, and subject to the condition of title as set forth in Section 3.4 in an amount, and subject <br />to the endorsements, as may be reasonably required by Qualified Designee. <br />(3) The Developer and the City shall have executed and delivered to the <br />Qualified Designee or the Title Company the Effectuating Agreements, and any other documents <br />and instruments required to be executed and delivered in order to close the transactions <br />contemplated by this Agreement. <br />(4) There shall exist no condition, event or act which would constitute <br />a breach or default by City or the Developer Linder this Agreement, or any other document or <br />which, upon the giving of notice or the passage of time, or both, would constitute such a breach or <br />default. <br />(5) There is no litigation, administrative claim or other legal proceeding <br />that would prevent Qualified Designee from developing the Affordable Development on the <br />property. <br />(6) All representations and warranties of the Developer and the City <br />contained in this Agreement shall be true and correct as of the Close of Escrow. <br />(7) Developer shall have executed and delivered to the Title Company <br />customary owner's affidavits and other documents reasonably required by the Title Company or <br />Qualified Designee to Close Escrow. <br />(c) Developer Conditions Precedent. In addition to the applicable conditions <br />precedent set forth in this Article 3, the following conditions shall be satisfied, or waived in writing <br />by the Developer, prior to or concurrently with, and as conditions of, the Close of Escrow. <br />(1) Developer shall have acquired fee title to the Affordable Site, or, <br />alternatively, subject to the terms and conditions of this Agreement assigned its right to acquire <br />the Affordable Site to the Qualified Designee. <br />(2) The Qualified Designee and the City shall have executed and <br />delivered to the Developer or the Title Company the Effectuating Agreements, and any other <br />documents and instruments required to be executed and delivered in order to close the transactions <br />contemplated by this Agreement. <br />ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-16-25 VR <br />Page 20 of 41 <br />