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13 <br /> <br />ARTICLE IV <br /> <br />CONVEYANCE OF THE REDEVELOPMENT PROPERTY <br /> <br /> Section 4.1. Conveyance of the Redevelopment Property. <br /> <br /> (a) Title. The City shall convey marketable title to and possession of the <br />Redevelopment Property on the Closing Date. The City shall execute and deliver a limited <br />warranty deed of the Redevelopment Property in the form of the Redevelopment Property Deed <br />attached as Exhibit C at Closing. The conveyance of title to the Redevelopment Property <br />pursuant to the Redevelopment Property Deed shall be subject to all of the conditions, covenants, <br />restrictions and limitations imposed by this Agreement and the Redevelopment Property Deed. <br />At its expense the Redeveloper may obtain any title insurance and endorsements it deems <br />necessary. <br /> <br />At its expense, the City agrees to obtain and shall deliver to the Redeveloper a commitment for <br />an ALTA Form owner’s title insurance policy issued by the Title Company, naming Redeveloper <br />as the proposed owner-insured of the Redevelopment Property in the amount of the Purchase <br />Price (the “Commitment”). The Commitment shall have a current date as its effective date and <br />shall commit to insure marketable title in the Redeveloper, free and clear of all mechanics’ lien <br />claims, questions of survey, unrecorded interests, rights of parties in possession or other <br />exceptions. <br /> <br />The Redeveloper will be allowed twenty (20) days after receipt of the Commitment and the <br />Survey (described in Section 4.1(c)) to make an examination thereof and to make any objections <br />to the marketability of the title, objections to be made by written notice or to be deemed waived. <br /> <br />If the title, as evidenced by the Commitment and the Survey, together with any appropriate <br />endorsements, is not marketable of record in the City and is not made so by the applicable Date <br />of Closing, the Redeveloper may either: <br /> <br /> (1) Terminate this Agreement by giving written notice to the City, in which <br />event all earnest money paid by the Redeveloper shall be returned to the <br />Redeveloper and this Agreement shall become null and void and neither <br />party shall have any further rights or obligations hereunder; or <br /> <br />(2) Elect to accept the title in its unmarketable condition and proceed to <br />closing. <br /> <br />(b) Redevelopment Property Sold “As-Is”. <br /> <br />(1) The City hereby specifically disclaims any warranty (oral or written) <br />concerning: (i) the nature and condition of the Redevelopment Property and <br />the suitability thereof for any and all activities and uses that Redeveloper elects <br />to conduct thereon; (ii) the manner, construction, condition and state of repair