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The City shall deliver its property to the Shedd with clear title free of any and all encumbrances <br />and exceptions except those as may have been approved by the Shedd in its sole discretion. <br />Likewise, the Shedd shall deliver its parcel to the City with clear title free of any and all <br />encumbrances and exceptions except those as may have been approved by City in its sole <br />discretion. Both the City and the Shedd, at their own costs, shall provide a standard form of <br />owner’s policy of title insurance in the amount of the highest appraised value of the property <br />insuring clear title in each buyer’s name subject only to the approved exceptions. <br /> <br />Development Purpose and Timing <br />The land transaction between the City and the Shedd is intended for the purpose of participating <br />in the East Broadway/Whole Foods Redevelopment Project. The City’s obligation to proceed <br />with the land transaction is contingent on this project. If this project does not occur, the land <br />transaction is null and void. <br /> <br />L:\CMO\2006 Council Agendas\M060315\S060315A.doc <br /> <br />