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E. Title Insurance. The Commission shall furnish the Developer a title insurance policy <br />which insures the Developer's title in a sum equal to the Twenty Thousand and 00 /100 Dollars <br />($20,000.00) and subject only to those items provided for in the Contract. <br />F. Condition Precedent to Closing. Prior to, and as a condition precedent to closing, the <br />Commission shall provide to Developer an ALTA Land Survey of the Property. <br />SECTION III. FAITHFUL PERFORMANCE GUARANTEE <br />A. Amount. Within seven (7) days of executing this Contract, the Developer shall <br />deliver to the Commission a faithful performance deposit ( "Deposit ") in the form satisfactory to the <br />Commission in the amount of Twenty Thousand and 00 /100 Dollars ($20;000.00) as security for <br />performing its obligations under this Contract. <br />B. Retention by Commission. If before the issuance of a Certification of Completion as <br />provided in Section VI of this Contract, the Developer defaults in its obligations under this Contract <br />and fails to cure such defect as this Contract provides, then the Commission may exercise any and all <br />rights it may have pursuant to the Deposit without any reduction, offset, or recoupment, as liquidated <br />damages. Exercise of these rights shall be in addition to any other remedies and shall not waive any <br />other right under this Contract or other laws. <br />C. Return to Develo er. Upon pon issuing the Project Certificate of Completion upon <br />completion of redevelopment as required by this Contract, the Commission shall return the Deposit <br />to the Developer. <br />SECTION IV. NATURE OF IMPROVEMENTS; TIME FOR COMMENCEMENT <br />AND COMPLETION. <br />A. Nature of Improvements. The construction of Project on the Property shall be <br />substantially of the same size, scope and nature as specified in the Development Agreement, which <br />reflects plans and specifications set forth in the advertisement for bids on the air - rights to the <br />Property, in its bid to the Commission for disposition and development of the air - rights to the <br />Property, and in the documents submitted to the Commission subsequent to the awarding of the air - <br />rights to the Property pertaining to the development of the ground- rights to the Property. In awarding <br />the bid of the air - rights of the Property to the Developer and in executing the Development <br />Agreement, the Commission relied upon all representations, descriptions, discussions, drawings and <br />other representations by the Developer of the Project. Those matters are incorporated into this <br />Contract by reference together with the air - rights bid packet of the Developer as well as the narrative <br />description of the Project submitted with the air- rights bid, as amended, and the plans and <br />• <br />