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<br />determined investor limited partner. The Developer shall notify <br />the Agency of the identity of the limited partner once such limited <br />partner is selected. Admission of an investor limited partner does <br />not require the prior approval of the Agency. <br /> <br />ARTICLE II <br /> <br />DISPOSITION OF PROPERTY <br /> <br />Section 2.01. Disposition of Property. In order to <br />facilitate the development of the Project on the Property, which <br />shall consist of a fifty-eight (58) unit affordable housing <br />complex, the Agency shall convey the Property to the Developer <br />under the terms and conditions of this Agreement. The Agency's <br />sale of the Property to Developer shall be contingent upon the <br />Agency's acquisition of the Property from the City. In the event <br />that the Agency is unable to secure the acquisition of title to the <br />Property under the terms acceptable to the Agency within one (1) <br />year of formal approval of this Agreement by Agency or upon other <br />terms acceptable to the Agency, this Agreement shall become null <br />and void unless extended by mutual written agreement of the parties <br />hereto. <br /> <br />Section 2.02. <br /> <br />Aqencv Assistance <br />Precedent. <br /> <br />and Conditions <br /> <br />The Agency hereby agrees that in order to assist the <br />Developer in the development of the Project, the Agency shall, <br />subject to the terms and conditions contained herein, convey to <br />Developer the Property at no cost (the "Land Grant") and provide <br />monetary assistance in the form of a loan in the amount of Two <br />Million Six Hundred Twenty-Seven Thousand Dollars ($2,627,000) (the <br />"Development Loan" and a subsidy to be used for the sole purpose of <br />paying water facility fees in an amount not to exceed Five Hundred <br />Thirty Three Thousand Dollars ($533,000) (the "Fee Subsidy"). The <br />Land Grant, the Development Loan and the Fee Subsidy are from time <br />to time referred to collectively herein as the "Agency Assistance". <br /> <br />a. The Agency shall provide the Developer with the Land <br />Grant, which shall be deemed to have a value of One Million Three <br />Hundred Fifty Thousand Dollars ($1,350,000). <br /> <br />b. Proceeds from the Development Loan shall only be <br />used to help offset the costs of the construction of the Project. <br />Proceeds from the Fee Subsidy shall be directly allocated to the <br />payment of the water facility fees. The parties acknowledge that <br />the amount of the Fee Subsidy necessary to pay for the water <br />facility fees of the Project is unknown at this time. However, the <br /> <br />4 <br /> <br />REDW\0006\DOC\001-7 <br />3/29/05 3:15 /rove <br />