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<br /> Property good and marketable of record in City and to obtain and deliver to Developer
<br /> appropriate endorsements to the Title Commitment If not sooner satisfied, City shall satisfy any
<br /> mortgages of other monetary liens against the Development Property at the closing If the title to
<br /> the Development Property, as evidenced by the Title Commitment together with any updating of
<br /> the Title Commitment, is not made good and marketable of record in City on the Closing Date,
<br /> Developer, at its option, may terminate this Agreement by giving written notice to City in which
<br /> event this Agreement shall become null and void, and neither party shall have any further rights,
<br /> obligations,or liability hereunder
<br /> Section 2 4 Inspection Developer, its agents and designees, are hereby granted the right,
<br /> at all reasonable times, to enter upon and inspect, analyze, and test the Development Property
<br /> and its various components for all reasonable purposes, including, but not limited to,
<br /> investigations for the presence of asbestos, PCBs and other hazardous substances, hazardous
<br /> wastes, pollutants, or contaminants on the Development Property Developer shall pay for the
<br /> cost of all investigations of the Development Property which are ordered by Developer
<br /> Developer hereby agrees to indemnify and hold City harmless from any claims, damage, costs,
<br /> and liability including, without limitation, reasonable attorney's fees, resulting from the entering
<br /> upon the Development Property or the performing of any of the analyses, tests, or inspections
<br /> referred to in this Paragraph, however, nothing contained herein shall be deemed to require
<br /> Developer to indemnify or hold City harmless from any liability for any environmental
<br /> remediation which based upon Developer's tests or inspections, may be detennined to be
<br /> necessary, pursuant to applicable law or regulation The provisions of this Paragraph shall
<br /> survive the closing or terinmation of this Agreement
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<br /> Section 2 5 Environmental Audit The Developer may, at its sole expense, obtain a
<br /> currently dated phase one environmental audit ("Environmental Audit") or other additional
<br /> environmental audits as may be reasonable or necessary for the Development Property
<br /> Section 2 6 Obligations on Closing Date At the closing, City shall execute, where
<br /> appropriate, and deliver to Developer
<br /> (a) A warranty deed ("Deed"), properly executed on behalf of City in recordable
<br /> form, conveying the Development Property to Developer The Deed shall contain
<br /> the following statement "The City certifies that the City does not know of any
<br /> wells on the described Development Property" unless City delivers a well
<br /> certificate described in Subparagraph (e)hereof
<br /> (b) All certificates, instruments, and other documents necessary to permit the
<br /> recoiding of the Deed
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<br /> (c) A policy of title insurance issued pursuant to the Title Commitment, subject to no
<br /> exceptions other than those accepted by Developer pursuant to Section 2 3 hereof
<br /> together with those abstracts of title to any portion of the Development Property
<br /> which are in the City's possession and the owners' duplicate certificate of title to
<br /> any portion of the Development Property which is registered property, provided,
<br /> however, Developer shall pay the premium for the policy of title insurance
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