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(b) The Developer reasonably expects to obtain financial resources which, when combined with the assistance hereunder, will be sufficient to enable the completion N of the Improvements. (c) The Developer will, subject to the requirements of Section B - Installation and Maintenance of Improvements hereof, construct, operate and maintain the Improvements in accordance with the terms of this Agreement,the requirements of the TIF District and all local, state and federal laws and regulations, and will construct or pay the costs of construction of any site improvements, utilities, landscaping, stormwater management facilities, roads, parking facilities which are necessary in connection with the construction and such 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 reviews, licenses, and will be in compliance with the requirements of federal, state, and local authority. (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 the 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 all times prior to the expiration of the Term the use of the property shall continue to qualify as a "housing district" under the TIF Act; specifically, that not less than 20% of the housing units shall be rented to tenants having annual income less than 50% of area median gross income. At least once annually,the Developer or Owner agrees to provide evidence satisfactory to the City of Orono of compliance with the applicable income limitation, including without limitation the total number of rental units during any reporting period and income verifications. Page 9of16