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c. The Developer shall promptly notify the Agency in writing of any and all changes whatsoever in the identity of the parties either comprising or in control of the Developer, as well as any and all changes in the interest or the degree of control of the Developer by any such party, of which information the Developer or any of its members, officers or shareholders has been notified or may otherwise have knowledge or information. This Agreement may be terminated by the Agency if there is any significant or material change, whether voluntary or involuntary, in membership, ownership, management or control of the Developer (other than such changes occasioned by the death or incapacity of any individual) that has not been approved by the Agency at the time of such change, prior to issuance of a final Certificate of Completion for the Project; provided, however, that: (a) the Agency shall first notify the Developer in writing of its intention to terminate this Agreement pursuant hereto, and (b) the Developer shall have twenty (20) days following the date of receipt of such written notice to commence and thereafter diligently and continuously proceed with the cure of the default of the Developer hereunder, and (c) the Developer shall submit evidence of the satisfactory completion of such cure to the Agency wi thin thirty (30) days following the receipt of such written notice in a form and substance deemed satisfactory to the Agency, in its reasonable discretion. The Agency understands and acknowledges that part of the financing for the development of the Project is expected to be a contribution of equity from a to be determined investor limited partner. The Developer shall notify the Agency of the identity of the limited partner once such limited partner is selected. Admission of an investor limited partner does not require the prior approval of the Agency. ARTICLE II DISPOSITION OF PROPERTY Section 2.01. Disposition of Property. In 0 r d e r to facilitate the development of the Project on the Property, which shall consist of a fifty-eight (58) unit affordable housing complex, the Agency shall convey the Property to the Developer under the terms and conditions of this Agreement. The Agency's sale of the Property to Developer shall be contingent upon the Agency's acquisition of the Property from the City. In the event that the Agency is unable to secure the acquisition of title to the Property under the terms acceptable to the Agency within one (1) year of formal approval of this Agreement by Agency or upon other terms acceptable to the Agency, this Agreement shall become null and void unless extended by mutual written agreement of the parties hereto. 3 REDW\0006\DOC\001-5 1/27/05 7:00 /mve