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ARTICLE 3. PROJECT IMPLEMENTATION 3.1 General Implementation of the Proiect. The Parties agree to carry out the elements of the Project and obligations set forth in this Article 3 in the manner and within the time frames set forth in the Project Approvals. This Section has been intentionally left blank. 3.3 Offer of Dedication for Public Use. Property Owner shall dedicate and City shall accept dedication of the Public Parcel subject to the following terms and conditions: (a) Subject to the provisions of Section 3.18 below and to a reservation by "San Francisco" (as hereinafter defined) of a water easement (the "Castlewood Water Easement") across the Property in the location of the existing underground water pipelines by which San Francisco furnishes water to Castlewood, Property Owner shall convey title to the Public Parcel subject only to the easements, liens, covenants, conditions and restrictions and encumbrances that affect title to the Public Parcel, as such matters are reflected on the Preliminary Title Report dated August 1, 2000 (Order No. 593331) issued by First American Title Company of Los Angeles. City shall be responsible for escrow fees, transfer taxes, title insurance and any other closing costs associated with the transfer of the Public Parcel, or any portion thereof, to City. (b) The boundaries of the Public Parcel and the PUD Properties shall be adjusted, e.g., by way of lot line adjustments, as maps are prepared and finalized, as development alternatives are finalized in accordance with provisions of Section 3.15(a) below, or as may be required by third -party governmental agencies. For illustration purposes, the Public Parcel is depicted on Exhibit "D -1" (depicting the Public Parcel for "Alternative A" (as hereinafter defined)) and on Exhibit "13-2" (depicting the Public Parcel for "Alternative B" (as hereinafter defined)), both of which Exhibits are attached hereto and incorporated herein by reference. (c) In light of the provisions of Section 3.15(a) below, which provide for alternative development scenarios, City hereby agrees that portions of the Public Parcel that are included in Alternative B shall be retained by Property Owner until the final development plan is determined in accordance with the provisions of Section 3.15(a) below, at which point appropriate conveyances shall be made by Property Owner and City in accordance with the provisions of Section 3.15(a). (d) In its dedication and conveyance of the Public Parcel, City hereby acknowledges that Property Owner will reserve the following rights: (i) the placement and/or removal of soil for the purpose of grading; (ii) installation of storm water retention basins as shown in the Initial Project Approvals; (iii) mitigation for biological purposes as may be required by other agencies which have jurisdiction over biologically sensitive areas on the Property (`Biological Mitigation (iv) for the disposition of Native American burial findings, if any; and (v) location of construction trailers and equipment and storage of construction supplies and 35690/1149375v14 11 0843I00