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City and HRA make no representations or warranties that such conditions con 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 />toge <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 />S^^2i>Qand utility connection fees in the amount ofS^^^!^. otherwise payable <br />with respect to the Development arc deferred and shall be payable only in the e\ent <br />that the Developer permits the Development to be occupied by tenants who ore nut 62 <br />years of age or older. In that event such fees shall be immediately due and payable <br />together wttHJnterest on the deferred amounts computed at the rate of 7.00% per <br />onnum^^m tlv date hereof. If there is no incurred default under this Section 3.2 on <br />e fees are forgiven and the City shall look solely to ta.\ increment <br />'^from the TIlMdistrict for the reimbursement of such fees. The HRA hereby agrees to <br />apply ta.xirtm ’mcnt from the TIF District to such reimbursement, subject to its <br />obligations under the TIF Note. <br />Section 3.3. Cdnvev^ce of Development Property: Execution of Ground <br />Lease . On or prior ^o_______. 2001 the Developer shall convey fee simple title to <br />the Development Prbpcrty to thj>HRA by warranty deed, subject only to Permitted <br />Lncumbronccs. In consIdertKion of such conveyance the HRA shall e.xecute andubn of such conveyance the HRA shall e.xecute and <br />deliver the TIF Note to the Developer. Upon execution and deliver)' of the Financing <br />Documents, the HRA shall e.xecute and deliver the Ground Lease. <br />[The balance of this page intentionally left blank.] <br />..Jl