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ARTICLE II.
<br /> REPRESENTATIONS AND COVENANTS
<br /> Section 2.1 By the Developer. The Developer makes the following
<br /> representations and covenants:
<br /> (a) The Developer has the legal authority and power to enter into this
<br /> Agreement.
<br /> (b) The Developer reasonably expects to obtain financial resources which,
<br /> when combined with the assistance hereunder, will be sufficient to enable the
<br /> completion of the Improvements.
<br /> (c) The Developer will, subject to the provisions of Article IV hereof,
<br /> construct, operate and maintain the Improvements in accordance with the terms of this
<br /> Agreement, the PUD Agreement, the Housing Plan, the TIF Plan and all local, state
<br /> and federal laws and regulations, and will construct or pay the costs of construction of
<br /> any site improvements, utilities, parking facilities, or landscaping improvements
<br /> which are necessary in connection with the construction and operation of the
<br /> Improvements.
<br /> (d) At such time or times as may be required by law, the Developer will
<br /> have complied with all local, state and federal environmental laws and regulations,
<br /> will have obtained any and all necessary environmental reviews, licenses or
<br /> clearances under, and will be in compliance with the requirements of the National
<br /> Environmental Policy Act of 1969, the Minnesota Environmental Policy Act, and the
<br /> Critical Area Act of 1973.
<br /> (e) The Developer will obtain, in a timely manner, all required permits,
<br /> licenses and approvals, and will meet, in a timely manner, all requirements of all
<br /> local, state and federal laws and regulations which must be obtained or met before the
<br /> Improvements may be constructed.
<br /> (0 The Developer acknowledges that the TIF District is a"housing
<br /> district," as defined in Section 469.174, Subdivision 11, of the TIF Act and, as such,
<br /> is subject to the limitations provided in Minnesota Statutes, Section 469.174,
<br /> Subdivision 11 and Section 469.1761, Subdivision 3 (together, the "Restrictions").
<br /> The Developer covenants that it will, with respect to the Improvements, observe and
<br /> comply, and that it will cause and require any of its permitted successors and assigns
<br /> to observe and comply with such Restrictions. In particular, and without limitation,
<br /> the Developer covenants that at no time prior to the expiration of the Term shall the
<br /> fair market value (determined using cost of construction, capitalized income,or other
<br /> appropriate method of estimating market value) of any portion of the Improvements
<br /> which are, within the meaning of Section 469.174, Subdivision 11, constructed for
<br /> commercial uses or for uses other than low and moderate income housing constitute
<br /> more than 20% of the total fair market value of the Improvements. The Developer
<br /> represents and covenants that throughout the Term the TIF District shall continue to
<br /> qualify as "housing district" under the TIF Act; specifically, that not less than 20% of
<br /> the rental housing units of the Improvements shall be rented to persons/families that at
<br /> occupancy have annual income less than 50% of area median gross income. The
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