10-25-01 6. DEVELOPMENT AGREEMENT

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Neither the City nor the HRA shall be responsible for the failure of the Developer, Dunbar or any other person to satisfy the foregoing conditions and the City and HRA make no representations or warranties that such conditions can or will be met. The City and HRA have no obligation to issue any additional obligations to refund the Housing Bonds or Subordinated Housing Note or to provide any additional funds for completion of the Development or otherwise. Section 3.2. Park Dedication and Utility Connection Charges. The City agrees that fees aggregating $200,000, consisting of park dedication fees in the amount of$ and utility connection fees in the amount of$ , otherwise payable with respect to the Development are deferred and shall be payable only in the event that the Developer permits the Development to be occupied by tenants who are not 62 years of age or older. In that event such fees shall be immediately due and payable together with interest on the deferred amounts computed at the rate of 7.00% per annum from the date hereof. If there is no incurred default under this Section 3.2 on , August 1, 2024 the fees are forgiven and the City shall look solely to tax increment from the TIF District for the reimbursement of such fees. The HRA hereby agrees to apply tax increment from the TIF District to such reimbursement, subject to its obligations under the TIF Note. Section 3.3. Conveyance of Development Property; Execution of Ground Lease. On or prior to November_, 2001 the Developer shall convcy cause to be conveyed fee simple title to the Development Property to the HRA by warranty deed, subject only to Permitted Encumbrances. In consideration of such conveyance the HRA shall execute and deliver the TIF Note to the Developer. Upon execution and delivery of the Financing Documents, the HRA shall execute and deliver the Ground Lease. [The balance of this page intentionally left blank.] 11