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ARTICLE III. <br /> CITY OBLIGATIONS FOR HOUSING BONDS AND <br /> SUBORDINATED HOUSING NOTE; DEFERMENT OF <br /> FEES: ACQUISITION OF DEVELOPMENT PROPERTY; <br /> CONSTRUCTION OF PUBLIC IMPROVEMENTS <br /> Section 3.1 Housing Bonds and Subordinated Housing Note. The City agrees to <br /> issue the Housing Bonds and Subordinated Housing Note pursuant to the Housing Act in an <br /> aggregate amount, not to exceed$8,96009$9,000,000, which is estimated by the Developer <br /> to be sufficient to pay the estimated Project Costs; provided, however, that the aggregate <br /> principal amount of the Housing Bonds shall not exceed $7,810,000 $8,500,000 and the <br /> principal amount of the Subordinated Housing Note shall not exceed$250,000$500,000. The <br /> obligation of the City to issue the Housing Bonds and Subordinated Housing Note is subject <br /> to the following conditions: <br /> (a) The Financing Documents, in form and substance satisfactory to the City <br /> and the City Attorney, have been duly executed and delivered by the Developer and <br /> the other parties thereto. <br /> (b) The Developer shall have executed and delivered the Ground Lease and <br /> the PUD Agreement. <br /> (c) Faegre & Benson LLP, as bond counsel, shall have delivered its opinion <br /> that the Housing Bonds and Subordinated Housing Note were validly issued and that <br /> the interest thereon is exempt from federal income taxation. <br /> (d) The City shall have received opinions of counsel to the Developer and the <br /> other parties to the Financing Documents, in form and substance satisfactory to it, to <br /> the effect that the Ground Lease and Financing Documents are valid and binding <br /> obligations of such parties, enforceable in accordance with their terms. <br /> (e) The Developer shall have entered into a contract for construction of the <br /> Improvements with Frana& Sons Inc., in form and substance satisfactory to the City, <br /> and providing for a guaranteed maximum price of not more than <br /> (f) All conditions precedent to the execution and deliveryof the Financing <br /> g <br /> Documents shall have been satisfied without regard to any waivers which the City has <br /> not approved. <br /> 10 <br />