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(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 ofthe"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) In order to maximize the length of time that the Senior Housing will serve its intended <br /> purpose, the City will 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". The deferred amounts plus 7% interest <br /> compounded annually shall be due and payable to the City at the termination of the <br /> 99 year lease,except that the Developer/Owner may further extend the deferral period <br /> in 5-year increments by contract with the City. <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 /> (c) The Developer will, subject to the requirements of Section B - Installation and <br /> Maintenance of Improvements hereof, construct, operate and maintain the <br /> Improvements in accordance with the terms of this Agreement,the requirements of <br /> the TIF District and all local, state and federal laws and regulations, and will <br /> construct or pay the costs of construction of any site improvements, utilities, <br /> Page 9 of 17 <br />