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(g) The City has received no notice or communication from any local, state or federal <br />official that the activities of the Developer or the City in the Development District <br />may be, or will be, in violation of any environmental law or regulation (other than <br />those notices or communications of which the Developer is aware).- The City is <br />aware of no facts, the existence of, which would cause it to be in violation of, or give <br />any person a valid claim, under any. local, state or federal environmental law, <br />regulation or review procedure. <br />(h} The City will provide the Financial Assistance to the Developer determined as <br />follows: <br />Value of Development Property $230,000 <br />TIF Assistance (the "Financial. Assistance") $150.000 <br />Net Development Property Cost for Developer $80,000 <br />On the Closing Date, Developer agrees to pay to the City the difference between the <br />value of the Development Property less the Financial Assistance. <br />Section 2.3. Title. City, at City's expense, shall promptly obtain and deliver to Developer a <br />Commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) naming <br />Developer as the proposed ovv~ier/insured of the Development Property (the "Title Commitment"). <br />The Title Commitment-shall commit to insure fee title in Developer, free and clear of all mechanic's <br />lien claims, questions of survey, unrecorded interests, rights of parties in possession, or other <br />exceptions. <br />Developer will be allowed ten (10) business days after receipt of the Title Commitment and the <br />Survey (as hereinafter defined) for examination thereof, and for making any objections to the <br />marketability of the title to the Development Property, said objections to be made by written <br />notice or to be deemed waived. Developer need not object to mortgages or other monetary liens. <br />If any objections are so made to the marketability of the title to the Development Property, City <br />shall immediately commence and diligently endeavor to complete all actions necessary to cure <br />the objections, including, but not limited to, the institution of "quick take" eminent domain <br />proceedings, and shall be allowed until the Closing Date to cure such objections and make the <br />title to the Development Property good and marketable of record in City and to obtain and <br />deliver to Developer appropriate endorsements to the Title Commitment and an updated Survey <br />indicating that any such objections have been cured. If not sooner satisfied, City shall satisfy. <br />any mortgages or other monetary liens against the Development Property at the closing. If the <br />title to the Development Property, as evidenced by the Title Commitment and Survey together. <br />with any updating of the Title Commitment and Survey, is not made good and marketable of <br />record in City on the Closing Date, Developer, at its option, may terminate this Agreement by <br />giving written notice to City in which event this Agreement shall become null and void, and <br />neither party shall have any fiuther rights, obligations, or liability hereunder. <br />_107_ <br />