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--� . � - i ,.� <br /> C. Developer Responsibilities <br /> The Developer is responsible for developing the Project in accordance with the terms ofthe <br /> Disposition and Development Agreement, as follows: <br /> ■ Secure all necessary entitlements for the Project. <br /> ■ Developer will be required to obtain commitments for debt, equity, and subsidy <br /> sources sufficient to fund the project's development costs prior to the conveyance <br /> of the property and the funding of the Agency's Development Grant. If PHH is <br /> unable to secure sufficient financing to complete the Project without additional <br /> funding by the Agency, then the DDA will terminate, the property will not <br /> transfer to PHH, and PHH will not receive any cash assistance from the City. <br /> ■ Developer shall construct the project consistent with the above project <br /> description. <br /> ■ Developer shall be responsible for funding all development costs <br /> (predevelopment, land improvements, and building improvements) beyond the <br /> Agency's cash contribution of $321,000 plus a yet-to-be determined Fee Subsidy <br /> of no more than $74,000. <br /> ■ The ownership units will carry 45-year affordability covenants limiting ownership <br /> to Very Low Income households and occupancy costs to levels affordable to Very <br /> Low Income households. <br /> ■ Developer will market the units in accordance with a Marketing Plan to be <br /> developed by Agency staff. <br /> ■ Developer covenants to pay prevailing wages pursuant to Agency Resolution No. <br /> RD-8-807 and state and federal law. <br /> 18610.001\028-005.doc, 2/11/2005 Keyser Marston Associates, Inc. <br /> Page 6 <br />