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s � 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. Project 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 Project' s development costs in excess of the amount of the Development Grant (collectively, the "Public Assistance") , and/or (ii� firm and fully executed commitments for construction financing and sufficient equity capital, all as may be necessary for the development and construction of the Project on the Property in accordance wit.h this Agreement, and (iii) a firm construction contract reasonably acceptable by the Agency. In lieu of (i) and (ii) above, the Developer may submit evidence to the Agency reasonably satisfactory to the Agency in its sole discretion that the Developer has or will have sufficient funds of its own for the purposes set forth in this Section. Agency acknowledges that the Deve'loper intends on raising sufficient funds and capital needed to complete the Project through community donations of ;materials, funds, and labor. � (2) The Agency agrees to use its best efforts to seek approval during the fiscal year 2005/2006 budgetary process for additional funding of the Project, as needed to provide funding of the Agency Assistance. � ' ; ? (3) The Agency agrees to provide reasonable ` i assistance to the Developer in connection with obtaining the � Developer' s const ruction and permanent financing, by way of : � providing information and documents as reasonably requested by said lenders . REDW\0006\DOC\013-6 Q 3/08/OS mvc