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<br />(iv) In accordance with Section 4.1, the Developer shall have submitted the <br />Construction Plans for the Minimum Improvements to the City, and the City shall have <br />approved the same. <br /> <br />(v) Developer shall have performed all of the obligations required. to be <br />performed by Developer under this. Agreement as of the Closing Date. <br /> <br />(vi) The Developer shall have delivered to the City evidence of presales of the <br />- units of the Bluff Block Housing Project in the amount required by the Construction <br />Lender. . <br /> <br />(vii) The Developer shall have delivered to the City all of the Developer's <br />Documents described in Section 3.7(c). <br /> <br />(viii) The Developer shall have paid the Parking Lot Cost to the City or <br />deposited the Parking Lot Cost into escrow pursuant to an escrow agreement executed by <br />the City, the Developer and an escrow agent providing the terms of disbursement of the <br />escrowed funds to pay the costs of constructing the Parking Lot and related costs; <br />provid.ed, the Developer shall pay any costs of establishing the escrow account and any <br />escrow fees; and <br /> <br />(ix) The Parking Lot shall have been substantially completed and be available <br />for use as a parking facility.. <br /> <br />( c) City's and Deveioper's Options. In the event that any of the foregoing <br />continge~cies. fail to be satisfied on or before the Closing Date, the Developer or the City, as the <br />case may be, may: <br /> <br />(i) terminate this Agreement; or <br /> <br />(ii) .waive such failure and proceed to close. <br /> <br />Section 3.7 Closin2'._ <br /> <br />(a). Time and Place. Subject to the terms and conditions of this Agreement, the <br />Closing. on the purchase and sale of the Jackson Block Property shall take place on the Closing <br />Date and shall. take place at such place which is mutually acceptable to the Parties. The City <br />shall deliver possession of the Jackson Block Property on the Closing Date. <br /> <br />- <br />(b) City's Documents. At the Closing, the City shall execute, where appropriate, aI?-d <br />deliver all of the following City's Documents: . <br /> <br />(i) The Deed properly executed on behalf of the City and in recordable form <br />.conveying the Jackson Block Property to the Developer free and clear of all <br />.encumbrances except those accepted by the Developer. <br /> <br />(ii) The most current abstracts of title, if any; in the City's possessio~ to any <br />portion of the Jackson Block Property which are abstract property, and any oWIier's <br /> <br />1 674205v9 <br /> <br />20 <br />