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<br />. <br /> <br />. <br /> <br />. <br /> <br />current replacement cost. Such policies shall at the option of Purchaser be <br />assigned to Purchaser at closing. <br /> <br />11. Continaencies. Notwithstanding anything to the contrary contained <br />in this Agreement, the consummation of this Agreement and the closing <br />provided in paragraph 8 hereof is hereby expressly conditioned upon Purchaser <br />receiving assurances satisfactory to Purchaser, in Purchaser's sole discretion, <br />that: <br /> <br />11.1 Accuracv of Representations and Warranties. The representations <br />and warranties of Seller contained in this Agreement shall be true in <br />all material respects on and as of the Closing Date with the same <br />torce and effect as though made on and as of the closing Date <br />(i.e.. a representation that a state of facts exists on or as of the date <br />hereof shall be deemed to be a representation that such state of <br />fact exists on or as of the Closing Date, and a representation that a <br />state of facts has or has not changed between a date prior to the <br />date hereof and the date hereof shall be deemed to be a <br />representation that such state of facts has or has not changed <br />between such prior date and the Closing Date). except as affected <br />by transactions contemplated hereby and except to the extent that <br />any such representations or warranties which were made as of a <br />specified date shall have been true on and as of such date. <br /> <br />11 .2 Performance of Aareement. Seller has performed all obligations <br />and agreements and conditions contained in this Agreement on <br />Seller's part to be performed or complied with at or prior to the <br />Closing Date. <br /> <br />11.3 Development Permits. Adoption of appropriate resolutions and <br />issuance of development permits which allow the Real Property to <br />be developed for an office/condominium project of approximately <br />70,000 square feet; provided that nothing herein shall obligate the <br />Seller to issue development permits unless the Purchaser's <br />development application complies with Seller's development <br />regulations. <br /> <br />11 A Park Dedication Fee. The park dedication fee for the office <br />condominium project shall be $40,000.00. If the nature of the <br />project changes, the City reserves the right to recalculate the park <br />dedication fee required for the revised project. <br /> <br />5 <br />