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f' <br />WHEREAS, the I'rojcct, the I lousing Bonds and Subordinated Housing Note arc <br />contemplated and authorized by a Senior Housing Program (the "Housing Program") adopted <br />by the City Council pursuant to Minnesota Statutes. Chapter 462C; and <br />WHEREAS, the Project is to be developed as a planned unit development pursuant to the <br />terms of a_________Agreement dated as of October , 2001 between the City and the <br />Developer (the "PUD Agreement"). <br />WHEREAS, the proposed Project qualifies as a "housing development project" within <br />the meaning of Minnesota Statutes, Sections 469.002. Subd. 15 and 469.017. and will <br />promote and carry out the objectives of the Housing Program and the TIP Plan, will be in the <br />vital best interests of the City and will promote the health, safety, morals and welfare of its <br />residents, and ore in accord with the public purposes and provisions of the applicable state <br />and local laws. <br />NOW, THEREFORE, in consideration of the mutual covenants and obligations of the HRA, <br />the City and the Developer, the parties hereby represent, covenant and agree as follows: <br />(The balance of this page intentionally lel\ blank.]