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25 (d) Title Insurance. Developer shall have reviewed and approved the condition of title of the Market Parcel, and Title Company shall be prepared to issue an ALTA leasehold form policy of title insurance in a policy amount acceptable to Developer showing leasehold title to the Market Parcel vested in the Developer, free and clear of all recorded liens, encumbrances, encroachments, assessments, leases and taxes except (i) the lien of the construction loan security documents, (ii) the exceptions set forth in a preliminary title report issued by the Title Company (the “Preliminary Report”) which have been reasonably approved by Developer, and (iii) the standard conditions and exceptions contained in an ALTA standard owner’s policy of title insurance that is regularly issued by the Title Company in transactions similar to the one contemplated by this Agreement (the “Market Title Policy”). The Title Company shall provide the City with a copy of the Market Title Policy. (e) No Default. No Event of Default of this Agreement by City shall then exist, and no event shall then exist which, with only the giving of notice or the passage of time or both, would constitute an Event of Default by City. 1.4.8. Park Element. A new park and public recreational area, Monarch Bay Park, is to be located on the peninsula portion of the Property as well as along the publicly- accessible areas abutting both the shoreline adjacent to the Developer Hotel Parcel and the exterior of the Multifamily Parcel, as described in Exhibit H, attached hereto and incorporated herein by this reference (the “Park Parcel”). City shall be responsible for the design and construction of surface improvements for the Park Element. The City’s obligation to cause the design and construction of the Park Element is expressly made contingent upon the close of escrow for the Single Family Parcel. The Park Element shall consist of pedestrian paths, plazas, landscaping, irrigation, restrooms, boat launch, sitting areas, parking, public art and sections of the San Francisco Bay Trail, all in conformance with City Building and Zoning codes and pursuant to plans to be approved by the City. The trail design shall conform to the San Francisco Bay Trail Design Guidelines and Toolkit, dated June 2016, as it may be amended. The City intends to obtain some or all of the funding for the Park Element design and construction from the proceeds of the sale of the Single Family Parcel to Developer, and the Park Facilities Impact Fee payable by Developer to City in connection with the Single Family Element. The City may also use all or a portion of the deposit made by Developer pursuant to the Single Family PSA for the costs of the design of the Park, subject to the terms and conditions set forth in the Single Family PSA. Such design work shall be completed by an architect and/or consultant selected by the City in its sole discretion, and may be performed as part of a design- build contract as determined by the City in its sole discretion. The final design for the Park Element shall be approved by the City in its sole discretion and approved by the San Francisco Bay Conservation and Development Commission (“BCDC”). If this Agreement is terminated for any reason other than a material default or default hereunder by City, City may, in its sole and absolute discretion, request that Developer assign and transfer Developer’s rights to any or all Park Element plans that have previously been prepared, provided that the City shall pay to Developer, as consideration for such plans, Developer’s out of pocket cost for such plans. Upon such request, the Developer shall deliver to the City copies of all plans requested by the City together with a bill of sale therefor, provided