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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 $8,070.00058.060.000. which is estimated <br />by the Developer to be sulTicient 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 Cit>’ to issue the Housing Bonds and <br />Subordinated Housing Note is subject to the following conditions: <br />(u) 'Hie 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 tlic Ground Lease <br />and the PUD Agreement. <br />(c) Faegre & Denson 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) ITie City shall have received opinions of counsel to the Developer <br />and the other parties to the Financing Documents, in form and substance <br />satisfactor to it. to the cITcct that the Ground Lease and Financing Documents <br />arc valid and binding obligations of such parties, enforceable in accordance <br />with their terms. <br />(c) The Developer shall have entered into a contract for construction of <br />the Improvements with Frana & Sons Inc., in form and <br />substance satisfactor>* to the City, and providing for a guaranteed maximum <br />price of not more than S_________________. <br />(0 All conditions precedent to the c.xccution and deliver) 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