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The Development Property is properly zoned for the developer's intended use and <br />the Minimum Improvements contemplated by the Construction Plans are in <br />conformity with the Program and TIF Plan. <br />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 <br />give 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 $113,256 <br />TIF Assistance ( the "Financial Assistance") $74,000 <br />Net Development Property Cost for Developer $39,256 <br />Section 2.3 Title. City, at City's expense, shall promptly obtain and deliver to Developer <br />a commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) issued by <br />a title insurance company acceptable to Developer ("Title Company"), naming Developer as the <br />proposed owner -insured of the Development Property in the amount of $113,256 (the <br />"Commitment"), together with copies of all documents referred to in the Commitment. The <br />Commitment shall commit to insure fee title in Developer, free and clear of all mechanic's lien <br />claims, questions of survey, unrecorded interests, rights of parties in possession, or other <br />exceptions. The City shall be obligated to deliver only those abstracts of title which are in its <br />possession. <br />Developer will be allowed ten (10) business days after receipt of the Commitment, the <br />copies of the documents referred to in the Commitment for examination thereof, and for making <br />any objections to the marketability of the title to the Development Property, said objections to <br />be made by written notice or to be deemed waived. Developer need not object to mortgages or <br />other monetary liens. If any objections are so made to the marketability of the title to the <br />Development Property, City shall immediately commence and diligently endeavor to complete <br />all actions necessary to cure the objections, including, but not limited to, the institution of <br />"quick take" eminent domain proceedings, and shall be allowed until the Closing Date to cure <br />such objections and make the title to the Development Property good and marketable of record <br />in City and to obtain and deliver to Developer appropriate endorsements to the Commitment. If <br />not sooner satisfied, City shall satisfy any mortgages or other monetary liens against the <br />Development Property at the closing. If the title to the Development Property, as evidenced by <br />the Commitment together with any updating of the Commitment, is not made good and <br />marketable of record in City on the Closing Date, Developer, at its option, may terminate this <br />Agreement by giving written notice to City in which event this Agreement shall become null <br />and void, and neither party shall have any further rights, obligations, or liability hereunder. <br />8 <br />