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(g) The Developer acknowledges that the "deferred improvement costs" shall be in <br /> addition to the requirements of the "TIF" financing. Such costs as identified in <br /> Section above shall be deferred and no payment shall be made to the City of t j <br /> Orono by the Owner if the housing remains in ownership of the"non-profit operator" <br /> and the housing be limited to senior rental units for persons aged 62 and older. At <br /> such time that either condition no longer exists, the deferred amounts plus 7% per <br /> annum interest compounded annually shall be immediately due and payable in full. <br /> (h) It is intended and agreed that the covenants provided in this Section shall remain in <br /> effect throughout the Terms and shall be covenants running with the land not the <br /> owner or developer. <br /> 17. City Representations and Covenants: The City makes the following representations as the <br /> basis for the undertaking on its part here in contained: <br /> (a) The City is authorized by law to enter into this Agreement and to carry out its <br /> obligations hereunder. <br /> (b) The City will,in a timely manner,subject to all notification requirements,review and <br /> act upon all submittals and application of the Developer and will cooperate with the <br /> effort of the Developer to secure the granting of any permit, license, or other <br /> approval required to construct and operate the Improvements; provided, however, <br /> that nothing contained in this subparagraph shall be construed to limit in any way the <br /> reasonable and legitimate exercise of the City's discretion in considering any <br /> submittal or application. <br /> (c) The Development Property is zoned for purposes which include the Development as <br /> proposed (NOT COMPLETE). The city has issued all necessary residential <br /> planned unit development(RPUD)approval(NOT COMPLETE),and plat approval <br /> of Orono Woods Addition (NOT COMPLETE). <br /> (d) The City has duly taken such steps as it is required to take to approve the TIF District <br /> (NOT COMPLETE)and TIF Plan pursuant to and in accordance with the TIF Act <br /> and the City covenants to discharge such future obligation. The City acknowledges <br /> that,as a housing TIF District,the TIF District is subject to specific requirements and <br /> limitation under the TIF Act, including the requirements that: <br /> 1. The increment be expended in accordance with the TIF Plan (Section <br /> Page 10 of 16 <br />