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2) At the end of the 99-year lease term, the City will sell Lot 2 back to the <br /> Developer/Owner for the sum of$1.00. <br /> (b) During the 99 year term of the lease,the building shall be owned and operated by a <br /> non-profit corporation. <br /> (c) During the term of the TIF funding as described in this document,the Developer shall <br /> limit the rental price of 20%of the units per the TIF Agreement,and all 62 units shall <br /> be used only for housing of seniors age 62 and older,with rental preference given to <br /> Orono residents,per the terms and conditions of the"Senior Housing Restriction"and <br /> the "Orono Preference Requirement" as stated within that certain document entitled <br /> "Development Agreement Relating to Orono Woods Apartments (Including Tax <br /> Increment Financing District No. 1-1) Between City of Orono, Orono Housing and <br /> Redevelopment Authority and Orono Senior Housing, LLC" (hereinafter the <br /> "Development Agreement"). <br /> (d) The City has agreed to defer Sewer and Water Connection Fees in the amount of <br /> $40,838 and Park Dedication Fees in the amount of$161,200 that would otherwise <br /> be due at the time of development of the Senior Housing. Such fees (hereinafter <br /> "deferred improvement costs")shall be payable only in the event that the Developer <br /> violates the "Senior Housing Restriction" as set forth in the "Development <br /> Agreement". In that event such fees shall be immediately due and payable together <br /> with interest on the deferred amounts computed at the rate of 7%per annum from the <br /> date of said"Development Agreement". If there is no incurred default under section <br /> 3.2 of the"Development Agreement"on the date specified in said Agreement,the fees <br /> are forgiven and the City shall look solely to to tax increment from the TIF District <br /> for the reimbursement of such fees. <br /> 16. Developer Representations and Covenants. The Developer hereby makes the following <br /> representations and covenants: <br /> (a) The Developer has the legal authority and power to enter into this Agreement. <br /> (b) The Developer reasonably expects to obtain financial resources which, when <br /> combined with the assistance hereunder,will be sufficient to enable the completion <br /> of the Improvements. <br /> Page 9 of 17 <br />