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6. TITLE. <br />A. SELLER shall furnish a quit claim deed, (the "Deed") conveying to BUYER title to the <br />property, including covenants and restrictions, in the form hereto attached. <br />B . BUYER shall, at its option, obtain an ALTA Owner's Policy of Title Insurance in the <br />amount of the Purchase Price (the "Title Policy") issued through a Title Company as <br />designated by BUYER (the "Title Company") insuring title to the Property to be good as <br />of the filing of the Deed for record, subject only to easement, covenants, conditions and <br />restrictions of record and minor encumbrances that do not materially and adversely affect <br />the use of the property. At BUYER's request, and expense, the Title Company shall deliver <br />a Title Commitment to BUYER within 10 days after the date hereof. <br />C. BUYER shall take the title to the property subject to the following conditions: <br />1. BUYER shall identify a willing developer to fully restore the property into a code <br />compliant single-family home and transfer the property to the developer within 90 days <br />of closing. <br />2. BUYER shall insure that the developer completes all work on the property and that a <br />certificate of occupancy is issued within 365 days of developer taking title to the <br />property. The completion requirement set forth in this Section may be extended by the <br />City in its sole discretion (by and through the approval of the Mayor or Law Director), <br />upon receipt of a written request from the Developer, submitted to the City within 90 <br />days of the completion requirement date, documenting the circumstances causing the <br />Developer to not to satisfy the completion requirement. <br />3. Developer shall restore the property in accordance with all rules, regulations, and <br />applicable laws. <br />4. These conditions shall be recorded as deed restrictions on the property and will run <br />with the land. Failure by BUYER or developer to fulfill any condition in a timely <br />manner shall cause the reversion of the property to SELLER. <br />7. ESCROW. The Escrow Agent for this transaction shall be the Cleveland Home Title, whose <br />address is 2035 Crocker Road, Suite 104, Westlake, Ohio 44145. BUYER shall deliver to the Escrow <br />Agent a copy of this Agreement which shall serve as its escrow instructions for this transaction. The Escrow <br />Agent may accept this escrow subject to its standard conditions of acceptance of escrow; to the extent they <br />are not inconsistent with this Agreement. <br />8. CLOSING AND DELIVERY OF POSSESSION. All documents and funds shall be placed in <br />escrow in sufficient time to permit transfer of title on the Closing Date (as defined below). The Escrow <br />Agent shall file the Deed for record (the "Closing") and complete this transaction in accordance with the <br />provisions of this Agreement as soon as practical after execution of documents or on such other date as <br />BUYER and SELLER may agree in writing (the "Closing Date"), provided that the Escrow Agent has <br />received all funds and documents required to be deposited with it for the Closing. SELLER shall deliver <br />possession of the Property to BUYER, free of any tenants' possessory rights, on the Closing Date. <br />9. PRORATIONS, CHARGES AND CREDITS. <br />SELLER Initials Page 2 of 4 BUYER Initials <br />