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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 <br />BUYER shall insure that all w <br />occupancy is issued within 31 <br />completion requirement set for <br />discretion (by and through the <br />of a written request from the <br />completion requirement date, i <br />to not to satisfy the completion <br />2. BUYER shall provic <br />Profit /Sale Price > <br />with the City of Lak <br />if BUYER is able to <br />purchase price given <br />3. Developer shall rest <br />applicable laws. <br />4. These conditions sh <br />with the land. +Failui <br />7. ESCROW —The Escrow <br />address is 2035 Crocker Road, <br />Agent a copy of this Agreement N <br />Agent may accept this escrow su <br />are not inconsistent with this AR <br />following conditions: <br />e property is complete and that a certificate of <br />of BUYER taking; title to the property. The <br />Section may be extended by the City in its sole <br />I of the Mayor or Law Director), upon receipt <br />submitted to the City within 90 days of the <br />ting the circumstances causing the Developer <br />profit margin over 25% of sale price (Total Net <br />margin over>25% will then be split 50% / 50% <br />proposed this as a good faith gesture to the City <br />idgef or command a higher -than -expected <br />the property in accordance with all rules, regulations, and <br />of the <br />deed restrictions on the property and will run <br />o fulfill any condition in a timely manner shall <br />it for this transaction shall be the Cleveland Home Title, whose <br />104, Westlake, Ohio 44145. BUYER shall deliver to the Escrow <br />Shall serve as its escrow instructions for this transaction. The Escrow <br />o its standard conditions of acceptance of escrow; to the extent they <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 />SELLER Initials Page 2 of 4 BUYER Initials — <br />