RDA Agmt 2000 American Baptist Homes of the West Inc etc

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2.02 Acquisition of Property. Agency shall acquire titre to the Site no later than six months from the date of execution of this Agreement At the time of closing, Contributor will be reimbursed by the Agency for the $50,000 deposit on the purchase of the Property. 2.03 Modification of Condition of Approval. By entering into this Agreement, the Agency hereby approves an amendment to the Inclusionary Condition in the Conditions of Approval for Planned Development No. 98-2 (the `Chevy City Site"). The Inclusionary Condition currently requires the Contributor to provide 32 residences available to purchasers of moderate income and 26 residences available to purchasers of very low income. The amendment shall require Contributor to make 36 units available to purchasers of moderate income on the Cherry City site. Agency shall record the amendment no later than March 1, 2000. 2.04 Environmental Review. The Agency shall complete any environmental review required by the California Environmental Quality Act and the National Environmental Policy Act by February 7, 2000, or the execution of this Agreement, whichever comes later. 2.05 Conditions of Title. (a) As soon as reasonably possible following the date of this Agreement, Agency shall deliver or cause to be delivered to Developer the following items: (i) Title Report A preliminary report for an ALTA Owner's Policy for the Property issued by Placer Titre Company ("Titre Company"), setting forth all liens, encumbrances, easements, restrictions, conditions, pending litigation, judgments, administrative proceedings, and other matters affecting the Agenc~s titre to the Property ("Preliminary Report"), together with copies of all documents relating to titre exceptions referred to in the Preliminary Report (ii) Underiying Title Documents. Complete and legible copies of all instruments referred to in the Preliminary Report as conditions or exceptions to the titre of the Property, as requested by Developer; and (b) Developer shall have thirty (30) days following the receipt of the documents, instruments and other items required to be delivered~to Developer pursuant to this Section 2.05, including, but not limited to the last modification or addition to the Preliminary Report, to review and comment on the exceptions and matters contained in or disclosed by the Preliminary Report. (c) If Developer raises any objections to the titre of the Property in accordance with the procedures of this Section 2.05, then Agency shall have ten (10) days after the receipt of Developer's objections to give Developer notice that either: (i) Agency shall remove any objectionable exceptions from 6