Development Agreement relating to Orono Woods Apartments 4-30-01

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(3) the purchase price for the Landlord's entire interest in the Development Property shall be One Dollar($1.00), (4) at closing, Landlord shall convey fee title in the Development Property to Tenant by quit claim deed, assignments and other appropriate instruments of conveyance, such conveyance to be subject only to (i) the Permitted Encumbrances, (ii) at Landlord's option, a restriction running with the land for such period as the Landlord may specify to the effect that the Development may be used only for residential housing purposes available for occupancy by persons 62 years of age and older, and (iii) any liens and encumbrances created or consented to by Tenant or arising from the failure of Tenant to perform or observe by its agreements under this Lease, (5) this Lease shall automatically terminate on closing, (6) Tenant shall reimburse Landlord for all reasonable out of pocket costs and expenses incurred by Landlord in connection with the conveyance.] 2.6 Title to Improvements. Title to the Improvements hereafter erected or located on the Development Property by or on behalf of the Tenant shall remain the property of Tenant, except that if(1) Tenant does not purchase the Development Property pursuant to Section 2.5 of this Lease, all Improvements located on the Development Property on the Termination Date shall become the property of Landlord, or (2) Landlord terminates this Lease pursuant to Section 10.2(1) hereof, then Landlord may repossess the Development, as provided in said Section 10.2(1). ARTICLE 3 RENT 3.1 Rent. Tenant shall pay Rent to Landlord on of each calendar year until the Termination Date in the amount of$1. 3.2 Net Lease. It is the intention and purpose of Landlord and Tenant that this Lease shall be a"Net Lease" to Landlord. All costs and expenses of whatever character or kind, general and special, ordinary and extraordinary, foreseeable or unforeseeable, and of every kind and nature whatsoever that may be necessary in or about the operation of the Improvements shall be responsibility of Tenant. 3.3 Manner of Payment. Rent payable to Landlord shall be paid to Landlord in immediately available funds of the United States of America at the office of Landlord set out in Section 9.1 or at such place and to such party as Landlord may from time to time designate. Except as otherwise provided, Rent that has accrued prior to the expiration or earlier termination of this Lease shall be absolutely net to Landlord throughout the Term without offset or deduction. Tenant's obligation to pay Rent that has accrued prior to the expiration or earlier termination of this Lease shall survive the expiration or earlier termination of this Lease.