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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 $8,070,000$8,060,000, which is estimated <br /> by the Developer to be sufficient to pay the estimated Project Costs; provided, <br /> however, that the aggregate principal amount of the Housing Bonds shall not exceed <br /> $7,800,000 $7,810,000 and the principal amount of the Subordinated Housing Note <br /> shall not exceed $250,000. The obligation of the City to issue the Housing Bonds and <br /> Subordinated Housing Note is subject to the following conditions: <br /> (a) The Financing Documents, in form and substance satisfactory to the <br /> 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 Frana& Sons Inc., in form and <br /> substance satisfactory to the City, and providing for a guaranteed maximum <br /> 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 />