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(i) Agency shall remove any objectionable exceptions from title prior to close of <br />escrow, and Agency shall promptly provide evidence satisfactory to Developer and to <br />the Title Company of Agency's ability to so remove such exceptions; or (ii) Agency <br />elects not to cause such exceptions to be removed. I£ Agency gives Developer notice <br />under clause (ii), then Developer shall have ten (10) days to either waive such <br />objections, in which event this Agreement shall continue in full force and effect, or <br />terminate this Agreement by notice delivered to Agency within ten (10) days, failing <br />which Developer shall be deemed to have waived such objections. <br />(d) Within fourteen (14) days after Developer has approved the <br />Preliminary Report pursuant to this Section, or fourteen (14) days after Agency has <br />given satisfactory evidence of its ability to remove objectionable exceptions, and in no <br />event later than ten (10) days prior to close of escrow, escrow agent shall deliver or <br />cause to be delivered to Developer a title commitment (the "Title Commitment") for <br />an ALTA Owner's extended coverage policy of title insurance, (the "Title Policy"), <br />issued by the Title Company in the amount of the Purchase Price and showing the <br />status of the title of the Property and all exceptions, as such title and exceptions will <br />appear upon close of escrow, including encumbrances, liens, adverse claims, <br />easements, restrictions, rights -of -way, covenants, reservations and all other <br />conditions, if any, affecting the Property which would appear in the Title Policy, and <br />committing the Title Company to issue such a Title Policy to Developer upon <br />satisfaction of expressed conditions. Developer shall have ten (10) days from receipt <br />of the Title Commitment in which to approve such conditions. <br />Article Three: DISPOSITION OF PROPERTY <br />3.01 Sale and Purchase. <br />The Agency shall sell to Developer, and the Developer shall purchase from the <br />Agency, the Property pursuant to the terms, covenants, and conditions of this <br />Agreement. <br />3.02 Purchase Price. <br />The Purchase Price for the Property shall be the fair market value of $10 per <br />square foot. The estimated actual Purchase Price as used herein is Three Million <br />Dollars ($3,000,000). <br />Disposition and Development Page 10 <br />Agreement (Creekside Center) <br />7/23/97, 8/5/97, 8/11/97, 8/12/97 <br />