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• Section 3 . 3 Condemnation Contests . Upon execution of <br /> this Agreement and delivery of the Letter of Credit to the HRA, <br /> the HRA shall commence negotiations for acquisition of the <br /> Redevelopment Property. If a petition for condemnation of <br /> interests in the Redevelopment Property is not granted, then <br /> this Agreement may be terminated by the HRA by written notice <br /> to Redeveloper . HRA may, in its sole discretion, choose to <br /> appeal any judgment denying a petition. If the interests in <br /> the Redevelopment Property for which a petition was denied are <br /> acquired by HRA prior to termination of this Agreement, then <br /> HRA shall convey - such interests to Redeveloper, subject to <br /> performance by Redeveloper of all of its obligations which are <br /> conditions to such conveyance. <br /> Section 3 .4 Title. Prior to acquisition of the <br /> Redevelopment Property by the HRA, the Redeveloper shall obtain <br /> a commitment for title insurance covering the Redevelopment <br /> Property and naming the HRA and Developer as insureds . within <br /> 20 days after receipt of the commitment by Redeveloper, <br /> Redeveloper shall make any objections to title in writing or <br /> the objections will be deemed waived. If objections are so <br /> made, HRA shall be allowed 120 days to have the title made <br /> marketable. Pending correction of title, acquisition of the <br /> property by the HRA and the payments required hereunder from <br /> Redeveloper shall be postponed, but upon correction of title <br /> and within 10 days after written notice to Redeveloper, this <br /> • Agreement shall be performed according to its terms . If a <br /> title insurance policy is issued, Redeveloper shall pay all <br /> premiums and other costs thereof except the cost of any premium <br /> attributable to title insurance for the benefit of the HRA in <br /> excess of $700, 000 . <br /> Section 3 . 5 Time of Conveyance. <br /> (a) Subject to satisfaction of all of the terms and <br /> conditions of this Agreement, HRA shall execute and deliver to <br /> Redeveloper a Deed for the Redevelopment Property on the date <br /> title has vested in HRA, or on such other date as HRA and <br /> Redeveloper mutually agree upon in writing . Redeveloper shall <br /> pay the Purchase Price and accept the Deed within 30 days after <br /> receipt of a notice from HRA. <br /> (b) Redeveloper shall take possession of the <br /> Redevelopment Property in an "as is" condition on the day of <br /> execution and delivery of the Deed . <br /> (c) Unless otherwise agreed, delivery of the Deed and <br /> payment of the Purchase Price shall be made at the principal <br /> office of the HRA' s attorneys . <br /> • -8- <br />