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2) At the end of the 99->'ear lease teim. the City will sell Lot 2 back to the <br />Developer/Ch^Twr for the sum of SI .00. <br />(b) During the 99 >'ear term of the lease, the building shall be owned and operated by a <br />non-profit corporation. <br />(c) During the term of the Tir funding as described in this document, the Developer shall <br />limit the rental price of 20% of the units per the TIF Agreement, and all 62 units shall <br />be used only for housing of seniors age 62 and older, with rental preference given lo <br />Orono residents, per the terms and conditions of the "Senior I lousing Restriction" and <br />the "Orono Preference Requirement" os stated within that certain document entitled <br />"IX'velopment Agreement Relating to Orono Woods Apartments (Including Ta\ <br />Increment Financing District No. 1-1) Betw een City of Orono. Orono Housing and <br />Redevelopment Authority and Orono Senior Housing. LLC" (hereinaRer the <br />"Development Agreement"). <br />(d) The City has agreed to defer Sewer and Water Connection Fees in the amount of <br />$40,838 and Park Dedication Fees in the amount of $161.200 that would oiher\sise <br />be due at the time of development of the Senior Housing. Such fees (hereinafter <br />"deferred improvement costs") shall be payable only in the event that the Developer <br />violates the "Senior Housing Restriction" as set forth in the "IXvelopment <br />Agreement". In that event such fees shall be immediately due and payable together <br />with interest on the deferred amounts computed at the rate of 7% per annum from the <br />date of said "Development Agreement". If there is no incurred default under section <br />3.2 of the "Development Agreement" on the date specified in said Agreement, the fees <br />are forgiven and the City shall look solely to to ta.x increment from the TIF District <br />for the reimbursement of such fees. <br />Developer Representations and Covenants. The Developer hereby makes the following <br />representations and covenants: <br />(a) The Developer has the legal authority* and power to enter into this .Agreement. <br />(b) Tlic Developer reasonably e.xpects to obtain financial resources which, when <br />combined with the assistance hereunder, will be sufficient to enable the completion <br />of the Improvements. <br />Page 9 of 17