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r • a J 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 within thirty (30) days following the receipt of such written notice in a form and substance deemed satisfactory to the Agency, in its reasonable discretion. ARTICLE II DISPOSITION OF PROPERTY Section 2 . 01 . Disposition of Propertv. I n o r d e r t o facilitate the development of the Project on the Property, which shall consist of the construction of eight (8) townhome units ("Units") to be reserved for the sale to and occupation by persons not earning more than fifty percent (50 0) of the Area Median Income ("AMI") for San Mateo County, as determined by HUD ("Qualified Buyers") , the Agency shall convey the Property to the Developer under the terms and conditions of this Agreement. The Agency' s sale of the P roperty 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 3 year (s) 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. Section 2 . 02 . Agency 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 Three Hundred Twenty One Thousand Dollars ($321, 000) (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 � � Subs`dy are from time �to time referred to collectively herein as t � the Agency Assistance . � � vi e the Develo er with the Land � � a. The Agency shall pro d p ' ! Grant, which shall be deemed to have a value of Eight Hundred Seven Thousand Five Hundred Dollars ($807, 500) . REDW\0006\DOC\013-6 3 3/08/05 mvc