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Attachment A 178 (b) The Developer has the necessary equity capital or has obtained commitments for 179 financing necessary for construction of the Improvements; 180 181 (c) The Developer will construct the Improvements in accordance with the terms of 182 this Agreement and all local, state and federal laws and regulations; 183 184 (d) The Developer will obtain, in a timely manner, all required permits, licenses and 185 approvals, and will meet, in a timely manner, the requirements of all local, state and federal laws 186 and regulations which must be obtained or met before the Improvements may be constructed; 187 188 (e) The plans for the Improvements have been prepared by a qualified draftsperson or 189 architect; and 190 191 (f) The Developer has read and understands the Guidelines and agrees to be bound 192 by them. 193 194 Section 2.2. By the Authority . The Authority makes the following representations as 195 the basis for the undertaking on its part herein contained: 196 197 (a) The Authority is authorized by law to enter into this Agreement and to carry out 198 its obligations hereunder; and 199 200 (b) The Authority will, in a timely manner, subject to all notification requirements, 201 review and act upon all submittals and applications of the Developer and will cooperate with the 202 efforts of the Developer to secure the granting of any permit, license, or other approval required 203 to allow the construction of the Improvements. 204 205 ARTICLE III. 206 207 ACQUISITION OF PROPERTY; CONVEYANCE TO DEVELOPER 208 209 Section 3.1. Purchase of Property by Developer . The Authority agrees to sell the 210 Property to Developer and the Developer agrees to purchase the Property from the Authority in 211 an “as-is” condition. As provided in the Guidelines, the Developer has paid the Authority an 212 application fee of $500 for payment of administrative costs related to this Agreement. The 213 Authority agrees to convey the Property to the Developer by Quit Claim Deed in the general 214 form of Exhibit C. The Authority’s deed to the Developer will contain the right of reverter 215 required in Section 8.3. The purchase price for the Property will be $115,000 (“Purchase 216 Price”). There will be no payment of earnest money. The Developer will provide the Authority 217 with a promissory note (the “Note”) secured by a Mortgage, both in substantially the form 218 attached hereto as Exhibit E, for the Purchase Price ($115,000) at Closing. The Authority’s 219 Mortgage may be subordinated to any Mortgage held by a third party lender for the construction 220 of the Improvements on the Property. 221 222 Section 3.2. Title and Examination. As soon as reasonably possible after execution of 223 this Agreement by both parties, 4 498768v2 MNI RS275-12