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8. Possession. Upon the close of Escrow, Seller shall deliver possession of the Real Estate to Buyer, subject to Seller' rights under the Environmental Declaration. 9. Title. 9.1 Title Policy. Buyer will not be required to complete the Transaction unless the Title Company as named in Section 1 is committed to issue a Standard Coverage Owner's Policy of Title Insurance (the "Title Policy") insuring Buyer in the amount of the Purchase Price upon the close of Escrow. The Title Foilicy must insure Buyer's title to the Real Estate subject to only (i) the standard exclusions and exceptions of the policy form, (ii) nondelinquent taxes and assessments, and (iii) the Permitted Exceptions (as defined in Section 9.2). 9.2 Title Review and Approval. Sel er shall cause the Title Company to issue to Buyer a preliminary title report (or a commitment fo title insurance, if the Real Estate is located in a state where title insurers do not issue pre iminary title reports) (in either case, the "Report") covering the condition of title to the Real Esi ate within ten business days after Escrow ` opens. Unless Buyer gives Seller written notice, withi i five business days after receiving the Report, objecting to matters shown in the Report, Buyer will be considered to have approved the condition of title as shown in the Report. If Buyer so objects to any matter (each, a "Disapproved Matterr') shown in the Report, Seller will have 30 days after receiving Buyer's ` written objection in which to remove the Disapproved atter from record title or to obtain the Title Company's agreement to issue an appropriate a dorsement to the Title Policy. If Seller is I unable or unwilling to remove the Disapproved Matter from record title or to obtain the Title Company's agreement, either party may terminate this Agreement by giving a termination notice to the other party and Escrow Holder within the 30 -day period. If either Party so terminates this Agreement; Buyer and Seller each shall pay one-half of all escrow and title cancellation charges; and neither party will have any f irther obligation to the other under this Agreement. The term Permitted Exception means each matter shown in the Report that (i) is not a Disapproved Matter or (ii) is a Disapproved Matter for which Seller has obtained the Title Company's agreement to issue an appropriate endorsement to the Title Policy. 9.3 Vesting of Title. At least 30 days efore the Closing Date, Buyer shall notify Seller and Escrow Holder how title to the Real Estate ill vest. if Buyer fails to so notify them, title will vest in the City of Stockton. 10. Prorations. Escrow Holder shall prorat a the following items between Seller and Buyer as of the date that Escrow closes: Current instz Ilments of real property taxes, current installments of special taxes and assessments, utility harges, and any rents or other income derived from the Real Estate. Seller shall cause a final reading of the utility meters to be taken on the day that Escrow closes; and Buyer shall arrange for all utility services to be transferred 61 Q:Ireladminljosephldrafts1044931resa09.doc 06/08/99 1 7:57 AM :�_f W47