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or waived. (ii) The contingencies set forth in Article 6 have been satisfied (iii) Escrow Holder shall be in a position to issue at the close of Escrow to City an ALTA (Form 1970 B) owner's policy oftitle insurance showing City as the owner of the Steadfast Land having coverage in the amount of $2,500,000.00, subject only to liens for real property taxes and assessments not yet due and payable and the Steadfast Permitted Exceptions. 5. Closing. (a) In General. When (i) Steadfast has provided Escrow Holder with written confirmation that all Conditions Precedent in Steadfast's favor, as set forth in Section 4( a) hereof, have been satisfied or waived, (ii) City has provided Escrow Holder with written confirmation that all Conditions Precedent in City's favor, as set forth in Section 4(b) hereof have been satisfied or waived, (iii) each Party has deposited in Escrow all of the funds and documents required to be deposited in Escrow by it pursuant to Section 3(d), (iv) each of the Parties has approved or waived each of the contingencies in its favor set forth in Article 6 and Article 7 below, and (v) Escrow Holder is otherwise in a position to close Escrow, Escrow Holder shall close Escrow by dating all undated documents as ofthe Closing Date and shall do the following in the following order: (i) Record the City Deed in the Official Records and cause the original thereof to be returned to Steadfast following recordation. (ii) Record the Steadfast Deed in the Official Records and cause the original thereofto be returned to City following recordation. pursuant to this Agreement. (iii) Pay all closing costs required to be paid by the Parties (iv) Deliver an appropriate escrow closing statement to each Party together with funds, in the amount ofthe net credit, if any, due to each such Party by virtue of the final prorations provided for in this Agreement. (v) Deliver to Steadfast a conformed copy of the City Deed, the original City Transferor's Certificate, two (2) originals ofthe title insurance policies for the City Land as described in Section 4(a)(iv), two (2) original counterparts of the Steadfast General Assigrunent and copies of any other documents delivered into Escrow by City. (vi) Deliver to City a conformed copy of the Steadfast Deed, the original Steadfast Transferor's Certificate, two (2) originals ofthe title insurance policies for the Steadfast Land as described in Section 4(b )(iii) above, and copies of any other documents delivered into Escrow by Steadfast. (b) Deliverv of Possession of City Property. Upon the expiration or earlier termination of the City Lease Agreement, City shall deliver possession of the City Property to Steadfast. Concurrently therewith, City shall deliver to Steadfast copies or originals 40836735. 16 5