10-25-01 6. DEVELOPMENT AGREEMENT

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ARTICLE II. REPRESENTATIONS AND COVENANTS Section 2.1 By the Developer. The Developer makes the following representations and covenants: (a) The Developer has the legal authority and power to enter into this Agreement. (b) The Developer reasonably expects to obtain financial resources which, when combined with the assistance hereunder, will be sufficient to enable the completion of the Improvements. (c) The Developer will, subject to the provisions of Article IV hereof, construct, operate and maintain the Improvements in accordance with the terms of this Agreement, the PUD Agreement, the Housing Plan, the TIF Plan and all local, state and federal laws and regulations, and will construct or pay the costs of construction of any site improvements, utilities, parking facilities, or landscaping improvements which are necessary in connection with the construction and operation of the Improvements. (d) At such time or times as may be required by law, the Developer will have complied with all local, state and federal environmental laws and regulations, will have obtained any and all necessary environmental reviews, licenses or clearances under, and will be in compliance with the requirements of the National Environmental Policy Act of 1969, the Minnesota Environmental Policy Act, and the Critical Area Act of 1973. (e) The Developer will obtain, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all local, state and federal laws and regulations which must be obtained or met before the Improvements may be constructed. (f) The Developer acknowledges that the TIF District is a "housing district," as defined in Section 469.174, Subdivision 11, of the TIF Act and, as such, is subject to the limitations provided in Minnesota Statutes, Section 469.174, Subdivision 11 and Section 469.1761, Subdivision 3 (together, the "Restrictions"). The Developer covenants that it will with respect to the Improvements observe and comply, and that it will cause and require any of its permitted successors and assigns to observe and comply, with such Restrictions. In particular, and without limitation, the Developer covenants that at no time prior to the expiration of the Term shall the fair market value (determined using cost of construction, capitalized income, or other appropriate method of estimating market value) of any portion of the Improvements which are, within the meaning of Section 469.174, Subdivision 11, of the TIF Act, constructed for commercial uses or for uses other than low and moderate income housing constitute more than 20% of the total fair market value of the 7