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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 /> Section 3.2. Park Dedication and Utility Connection Charges. The City agrees <br /> that fees aggregating $200,000, consisting of park dedication fees in the amount of <br /> VW/ZOO and utility connection fees in the amount of$111F3,38 , otherwise payable <br /> with respect to the Development are deferred and shall be payable only in the event <br /> that the Developer permits the Development to be occupied by tenants who are not 62 <br /> years of age or older. In that event such fees shall be immediately due and payable <br /> s ge 'nterest on the deferred amounts computed at the rate of 7.00%per <br /> annumrom t - date hereof. If there is no incurred default under this Section 3.2 on <br /> i e fees are forgiven and the City shall look solely to tax increment <br /> om the TIF istrict for the reimbursement of such fees. The HRA hereby agrees to <br /> app • L. crement from the TIF District to such reimbursement, subject to its <br /> obligations under the TIF Note. <br /> Section 3.3. .nveyan• - .f Development Property; Execution of Ground <br /> Lease. On or prior o , 001 the Developer shall convey fee simple title to <br /> the Development Pr. .erty to th- 'I' • by warranty deed, subject only to Permitted <br /> Encumbrances. In cons'. - . ion of such conveyance the HRA shall execute and <br /> deliver the TIF Note to the Developer. Upon execution and delivery of the Financing <br /> Documents, the HRA shall execute and deliver the Ground Lease. <br /> [The balance of this page intentionally left blank.] <br />