R2013-87 AUTHORIZING EXECUTION OF A REDEVLOPMENT AGREEMENT Southside

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record set forth in the Title Commitment. If the City fails to give said notice within said seven(7)day period,the City shall be deemed to have accepted all matters then affecting title to the Police Facility Site set forth in the Title Commitment. If the City does give said notice,the City shall be deemed to have accepted all matters set forth in the Title Commitment not set forth in the notice. After receipt of said notice, the Redeveloper shall endeavor to cure such objections to or defects in title set forth therein and shall notify the City of such election within five (5) days. If the City does elect to promptly commence and diligently pursue efforts to cure endeavor to cure such objections to or defects in title,it shall such objections. (b) Failure to Cure Objections. In the event the Redeveloper fails to cure the City's objections to or defects in title within twenty (20) days of receiving notice of such objections to or defects in title, or if the Redeveloper shall determine that its efforts to cure will not be successful, the City may either (i) waive such title objections to or defects in title and proceed with closing hereunder or (ii) terminate this Agreement. In the event of termination, the parties shall have no further rights or liabilities under this Agreement. 4.5 Commencement of the Police Facility Lease. The Commencement Date of the Police Facility Lease shall be consummated as follows: 4.5.1 Closing Date. The Closing shall on be on the Delivery Date as set forth in the Lease. 4.5.2 Closing Date Certificate. A certificate shall be delivered to the City by the Redeveloper on the Closing Date, executed by the Redeveloper,to the effect that on and as of the Closing Date: (a) All representations and warranties made by the Redeveloper in this Agreement and the Lease and all schedules, documents, certificates or exhibits given to the City pursuant to this Agreement are true correct in all material respects;and (b) All of the covenants and obligations to be performed on the part of the Redeveloper under this Agreement and the Lease as of the Closing Date have been timely and properly performed; and 4.5.3 Joint Deliveries. At Closing, the City and the Redeveloper shall jointly deliver to each other an executed copy of the Lease. 4.5.4 Possession. Possession of the Police Facility and the Police Facility Site pursuant to the Lease shall be delivered to the City on the Closing Date. 4.5.5 Property Taxes and Insurance. All real property taxes and property insurance, except for insurance on FF&E, with respect to the Police Facility and the Police Facility Site during the term of the Police Facility Lease shall be the responsibility of the Redeveloper. 9