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ARTICLE III. <br />CITY OBLIGA1 IONS FOR HOUSING BOND.S AND <br />SUnORDINATI-n HOUSING NOTE: DEFERMENT OF <br />FEES: ACQUISITION OF DEVELOPMENT PROPERTY: <br />CONSTRUCTION OF PUBLIC IMPROVEf <br />Section 3.1 Housing Bonds and Subordinated Housing Note. The City agrees to <br />issue the Housing Bonds and Subordinated Housing Note pursuant to the Housing Act in an <br />aggregate amount, not to exceed $8,070,000, which is estimated by the Developer to be <br />sufTicient to pay the estimated Project Costs: provided, however, that the aggregate principal <br />amount of the Housing Bonds shall not exceed $7,800,000 and the principal amount of the <br />Subordinated Housing Note shall not exceed S250.000. The obligation of the City to issue <br />the Housing Bonds and Subordinated Housing Note is subject to the following conditions: <br />(a) The Financing Documents, in form and substance satisfactorx' to the City <br />and the City Attorney, have been duly executed and delivered by the Developer and <br />the other parlies thereto. <br />(b) ITie Developer shall have executed and delivered the Ground Lease and <br />the PUD Agreement. <br />(c) Faegrc & Benson LI.P, as bond counsel, shall have delivered its opinion <br />that the Housing Bonds md Subordinated Housing Note were validly issued and that <br />the interest thereon is exempt from federal income taxation. <br />(d) llie City shall have received opinions of counsel to the Developer and the <br />other parties to the Financing Documents, in form and substance satisfactory to it, to <br />the effect that the Ground Lease and Financing Dixumenis arc valid and binding <br />obligations of such parties, enforceable in accordance w iih their terms. <br />(e) The Developer shall have entered into a contract for constniction of the <br />Improvements w ith__________, in form and substance satisfactory to the City, and <br />providing for a guaranteed maximum price of not more than $_________________. <br />(0 All conditions precedent to the e.xecution and deliverx' of the Financing <br />Documents shall have been satisfied without regard to any waivers which the City has <br />not approved.