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other terms acceptable to the Agency, this Agreement shall become null and void unless extended by mutual written agreement of the parties hereto. Section 2 . 02 . Ac�y Assistance and Conditions Precedent . The Agency hereby agrees that in order to assist the Developer in the development of the Project, the Agency shall, subject to the terms and conditions contained herein, convey to Developer the Property at no cost (the "Land Grant" ) and monetary assistance in the amount of �ecSix Hundred Thirtv Two Thousand Eiqht Hundred Twenty Fh�_ ___________Six Dollars and Seventv Five Cents (�3� 632,�-6-�846 . 75) (the "Development Grant" ) and a subsidy to be used for the sole purpose of paying water facility fees (the "Fee Subsidy" ) . The Land Grant, the Development Grant and the Fee Subsidy are from time to time referred to collectively herein as the "Agency Assistance" . a. The Agency shall provide the Developer with the Land Grant, which shall be deemed to have a value of Eight Hundred Seven Thousand Five Hundred Dollars ($807, 500) . b. Proceeds of the Development Grant shall only be used to help offset the costs of the construction of the Project . Proceeds from the Fee Subsidy shall be directly allocated to the payment of the required water facility fees applicable to the Project . The parties acknowledge that the amount of the Fee Subsidy necessary to pay for the water facility fees of the Proj ect is unknown at this time . However, to the extent that such water facility fees exceed Seventy Four Thousand Dollars ($74, 000) , Developer acknowledges that additional funds necessary to pay for the excess amount will be contingent upon Agency' s ability to secure additional funding. c . The Agency' s duty to provide the Agency Assistance to the Developer, and to disburse the proceeds of the Development Grant as more fully set forth in Section 2 . 02 (e) hereof, shall be expressly subject to the satisfaction of the following conditions precedent or the waiver of such conditions by the Agency: (1) The Developer shall have submitted to the Agency evidence reasonably satisfactory to the Agency that the Developer has obtained (i) firm and fully executed commitments for the receipt of a Self-Help Home Ownership ( "SHOP" ) grant and Affordable Housing Program ( "AHP" ) funds in amounts sufficient to fund the Proj ect' s development costs in excess of the amount of the Development Grant (collectively, the "Public Assistance" ) , and/or REDW\0006\DOC\013-7 4 1\11\08 940 law