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ARTICLE III. <br /> CITY OBLIGATIONS FOR HOUSING BONDS AND <br /> SUBORDINATED HOUSING NOTE; DEFERMENT OF <br /> FEES: ACQUISITION OF DEVELOPMENT PROPERTY; <br /> CONSTRUCTION OF PUBLIC IMPROVEMENTS <br /> Section 3.1 Housing Bonds and Subordinated Housing Note. The City agrees <br /> to issue the Housing Bonds and Subordinated Housing Note pursuant to the Housing <br /> Act in an aggregate amount, not to exceed $ , sufficient to pay the estimated <br /> Project Costs; provided, however, that the principal amount of the Housing Bonds <br /> shall not exceed $ and the principal amount of the Subordinated Housing <br /> Note shall not exceed $ . The obligation of the City to issue the Housing <br /> Bonds and Subordinated Housing Note is subject to the following conditions: <br /> (a) The Financing Documents, in form and substance satisfactory to <br /> the City and the City Attorney, have been duly executed and delivered by the <br /> Developer and the other parties thereto. <br /> (b) The Developer shall have executed and delivered the Ground Lease <br /> and the PUD Agreement. <br /> (c) Faegre & Benson LLP, as bond counsel, shall have delivered its <br /> opinion that the Housing Bonds and Subordinated Housing Note were validly <br /> issued and that the interest thereon is exempt from federal income taxation. <br /> (d) The City shall have received opinions of counsel to the Developer <br /> and the other parties to the Financing Documents, in form and substance <br /> satisfactory to it, to the effect that the Ground Lease and Financing Documents <br /> are valid and binding obligations of such parties, enforceable in accordance <br /> with their terms. <br /> (e) The Developer shall have entered into a contract for construction of <br /> the Improvements with , in form and substance satisfactory to the <br /> City, and providing for a guaranteed maximum price of not more than <br /> (f) All conditions precedent to the execution and delivery of the <br /> Financing Documents shall have been satisfied without regard to any waivers <br /> which the City has not approved. <br /> Neither the City nor the HRA shall be responsible for the failure of the <br /> Developer, Dunbar or any other person to satisfy the foregoing conditions and the <br /> City and HRA make no representations or warranties that such conditions can or will <br /> be met. The City and HRA have no obligation to issue any additional obligations to <br /> refund the Housing Bonds or Subordinated Housing Note or to provide any additional <br /> funds for completion of the Development or otherwise. <br />