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A <br /> DRAFT <br /> 4.15.2004 <br /> III <br /> 5.0. Evidence Of Title. <br /> 5.1. Within fifteen(15)days after the execution of this Agreement by both parties or <br /> such other time period as may be specified in this Article,Authority shall at the discretion of <br /> the Authority: <br /> (a) Cause to be delivered to the Developer at the cost of Developer, an <br /> Abstract of Title for the Property (or a Registered Property Abstract if title to the <br /> Property is registered) certified to date to include proper searches covering <br /> bankruptcies,tax liens and state and federal court judgments and liens; or <br /> (b) Cause to be issued and delivered to Developer, at the cost of <br /> Developer, an ALTA Form 1970 commitment for an Owner's title insurance policy <br /> (the "Commitment") issued by the Title Insurer pursuant to which the Title Insurer <br /> agrees to issue to the Developer upon the recording of the documents of conveyance <br /> referred to herein an ALTA Form 1970 Owner's title insurance policy in the full <br /> amount of the Purchase Price,with standard exceptions for matters of survey,parties <br /> in possession (other than tenants under current written leases) and unfiled <br /> mechanic's or materialmen's liens deleted. The Commitment shall include proper <br /> 0 searches covering bankruptcies, state and federal judgments and liens and levied and <br /> pending special assessments and shall be accompanied by copies of all recorded <br /> documents presently affecting the Property. <br /> 5.2. Developer shall have fifteen (15) business days after receipt of all the title <br /> evidence discussed in Sections 5.1 above to render objections to title in writing to Authority <br /> and Authority shall have the greater of(i) the number of days remaining until the Date of <br /> Closing or (ii) thirty (30) days to have such objections removed or satisfied. If Authority <br /> shall fail to have such objections removed within said time, the Developer may, at its sole <br /> election: (a) terminate this Agreement without any liability on its part; in which event the <br /> Earnest Money paid hereunder shall be promptly refunded in exchange for a quit claim deed <br /> to the Property from Developer; or (b) take title to the Property subject to such objections. <br /> Authority agrees to use its reasonable efforts to satisfy promptly at its sole cost any such <br /> objections, provided, however, that other than to cure liens, Authority shall not be obligated <br /> to spend a total of more than $0.00 to cure all such objections. <br /> 6.0. Control of Property. Until the Date of Closing, Authority shall have the full <br /> responsibility and the entire liability for any and all damages or injuries of any kind whatsoever to <br /> the Property, to any and all persons, whether employees or otherwise, and to any other property <br /> from and connected to the Property, except liability arising from the acts, omissions, intentional <br /> torts or negligence of Developer, its agents or employees. If, prior to the Date of Closing, all or a <br /> material portion of the Property shall be the subject of an action in eminent domain or a proposed <br /> 0 taking by a governmental authority (other than the City), whether temporary or permanent, <br /> SJR-245249v4 <br /> MU205-29 <br /> 5 <br /> 11\ <br />