Reso 1996-166 to 170 - Laserfiche WebLink

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A Phase I Environmental Assessment for 1152 Marina Boulevard has been completed and determined that no further action is necessary. Obtaining a letter of case closure, or such other documentation as is reasonably acceptable to Developer's construction lender, from the Regional Water Quality Control Board for 1066-1072 Marina Boulevard shall constitute satisfaction of the contingency of this Section 2.03. (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 proforma ALTA title report (the "Title Report") for the Property issued by Placer Title Company (the "Title Company") showing how title to the Property will appear upon conveyance to Developer, assuming recordation of all documents in form tendered by Agency to Title Company in order to meet the title conditions provided in this Agreement; (ii) Underldng Title Documents. Complete and legible copies of all instruments referred to in the Title Report as conditions or exceptions to the title 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 2.04, including, but not limited to the last modification or addition to the Title Report, to review and comment on the exceptions and matters contained in or disclosed by the Title Report. Developer shall be entitled to condition its acquisition of the Property upon the release, discharge or removal of any exception prior to the close of escrow, and the deletion of such exception or exceptions from the Title Policy to be issued at close of escrow. (c) If Developer raises any objections to the title of the Property in accordance with the procedures of this Section 2.04, then Agency shall have ten (10) Disposition and Development Page 7 of 39 Agreement (Automall) 10/2/96