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instructions to that Escrow Agent to accomplish the terms hereof, so long as such instructions are consistent with this Part. 3.05 Close of Escrow. The above-mentioned escrow shall close on or before February 2, 1998, provided that as of the Closing Date, there shall have been no material adverse change in the physical or title conditions of the Property from the conditions theretofore approved by Developer. In the event that Developer is prepared to close this transaction pursuant to the terms of this Agreement, and if Agency has not fully performed its obligations hereunder and deposited all documents, including the Grant Deed, with Escrow Agent necessary for Closing to timely occur, then Developer, in addition to all other rights and remedies it may have, may, from time to time, notify Agency that Developer extends the Closing Date to such date or dates as Developer may elect to provide Agency with the additional time necessary for Agency to fully perform its obligations hereunder, and Developer may defer deposit of the balance of the Purchase Price pending Agency's performance. Agency's failure to fully perform by such extended Closing Date(s) shall constitute a default by Agency under this Agreement. 3.06 Condition of Title. Upon close of escrow the Agency shall convey the Property to Developer, subject to the following: (i) the conditions and effect of the Redevelopment Plan, as such plan then exists or is thereafter from time to time amended; (ii) applicable building and zoning laws and regulations; (iii) the provisions of this Agreement; (iv) any lien for taxes accrued subsequent to recordation of the Deed; (v) assessments, conditions, covenants, restrictions or easements of record as otherwise approved by Developer in writing. Disposition and Development Page 8 of 30 Agreement - Vanuatu Properties Draft December 4, 1997