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satisfactory to Developer providing coverage against loss or damage as a result of such defect or exception. If the City does not cure such title defect or exception to Developer's satisfaction within said ninety (90) days, the Developer may, at its option, either(i) terminate the Agreement upon written notice to the City upon which this Agreement shall be null and void and the Developer and the City shall execute an instrument in recordable form canceling this Agreement; or (ii) waive the title defect or exception and proceed with the closing on the purchase of the Property. If the Developer waives the title defect or exception and proceeds to acquire the Property, the City shall have no further obligations with respect to any such defects or exceptions. The cost of obtaining the title insurance commitment and the cost of title insurance shall be borne by the Developer;provided that the City shall pay the cost of updating the abstract or registered property abstract for the Property or, if there is no abstract or registered property abstract in the possession of the City, the costs of updating title for purposes of the issuance of the title insurance commitment. (b) Within a reasonable time after the date hereof, the Developer shall obtain and furnish to the City, at the Developer's expense, a survey of the Property prepared by a registered surveyor certified to date, showing: (i) the number of square feet contained in the Property, measured to the right-of-way line'of public-roads upon which the property abuts; (ii) the exact legal description of boundary lines of the Property; (iii) encroachments from or onto the Property, if any; (iv) location of utility lines and easements of any kind, of record or appearing thereon, if any; (v) assumed bearings used by the surveyor; and (vi) direct legal access from a public road to the Property. Section 3.5 Environmental Assessment. The Developer has reviewed and approved the environmental condition of the Property and the surrounding real estate. The Developer agrees that if it closes on the acquisition of the Property it will be purchasing the Property in its current condition and the City shall have no obligations to the Developer with respect to any environmental conditions existing on the Property. Section 3.6 Closing. (a) Closing on the conveyance of the Property to the Developer shall occur on or before ten (10) business days after satisfaction, or waiver, of all of the conditions precedent set forth in Section 3.3 of this Agreement. (b) At closing on conveyance of the Property, the City shall deliver to the Developer: (i) a warranty deed duly executed and acknowledged, in recordable form, conveying to the Developer marketable title to the Property subject only to Permitted Encumbrances; (ii) the ALTA Owner's title insurance policy described in Section 3.4 (the premium for which and the cost of obtaining the commitment for which shall be paid by Developer); and (iii) a Seller's Affidavit, in customary form, relative to judgments, federal tax liens, mechanic's liens and outstanding interests in the Property. (c) At closing on the conveyance of the Property the City will pay the following costs: (i) The cost of updating title to or continuing the abstract for the Property; (ii) State deed tax; 7