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Section 3.3. Conditions Precedent to Conveyance. The City's obligation to sell and the Developer's obligation to purchase the Property shall be subject to satisfaction of all of the following conditions precedent: (a) The Developer having obtained the requisite approval of the City hereunder and all applicable governmental agencies and instrumentalities, municipal, county, state and federal, to the development of the Property through the construction of the Improvements in accordance with the Developer's Construction Plans and site plan. (b) The Developer having obtained: (i) amendments, revisions, exceptions or changes as may be necessary to applicable zoning codes and ordinances; (ii) special use permits, if applicable, (iii) building permits for the Improvements; (iv) driveway permits; (v) roadway access rights and permits; (vi) environmental consents, if necessary; (vii)vacations and variances deemed necessary by Developer or as may be otherwise required to permit Developer to construct the Improvements in accordance with the Developer's Construction Plans and site plan; and (viii) the City's approval of the Developer's Construction Plans and site plan for the Improvements. (c) The Developer having determined that the Property has soil bearing characteristics sufficient to support the Improvements. (d) The Developer having reviewed and approved, or waived any objections to, title to the Property pursuant to Section 3.4 of this Agreement. (e) Developer shall have secured construction and permanent mortgage loan financing sufficient for the acquisition of the Property and construction of the Improvements, which financing shall contain terms acceptable to the City by which the Developer's lender agrees to be bound by and subject to the Assessments. In the event that the above conditions precedent have not been satisfied, or waived in writing by both the City and Developer, by a date forty five (45) days from the date of this Agreement, either the City or Developer may terminate this Agreement by giving written notice of termination to the other party, whereupon this Agreement shall be null and void and the Developer and City shall execute an instrument in recordable form canceling this Agreement. Upon termination of this Agreement, the City and the Developer shall have no further obligations to the other under this Agreement, except as stated in Section 9.5 of this Agreement. Section 3.4. Title. (a) The Developer has obtained a commitment for the issuance of an owner's policy of title insurance for the Property naming the Developer as the proposed insured party. The Developer shall be allowed twenty (20) days after the date hereof for examination of said title and the making of any objections thereto, said objections to be made in writing or deemed to be waived. The Developer may not object to Permitted Encumbrances. The Developer's objections shall be made in writing or shall be deemed waived. If any objections are so made,the City shall be allowed ninety(90) days from notice thereof to cure the title defect or exception, either by the removal thereof or by the procurement of title insurance endorsements 6