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<br />6.18 <br />Page 8 <br /> <br />The Agency hereby agrees that in order to assist the <br />Developer in the development of the Project, the Agency <br />shall, subject to the terms and conditions contained <br />herein, convey to Developer the Property at no cost (the <br />"Land Grant") and monetary assistance in the amount of <br />ThreeSix Hundred Thirty Two Thousand Eight Hundred Twenty <br />One -ThOuo;lndS"ix" Dollars ~"-"arld----S-eventy Pi ve C::=E!:~ <br />(~$632,{}-w?:~~6. 75) (the "Development Grant") and a <br />subsidy to be used for the sole purpose of paying water <br />facility fees (the "Fee Subsidy"). The Land Grant, the <br />Development Grant and the Fee Subsidy are from time to <br />time referred to collectively herein as the "Agency <br />Assistance". <br /> <br />a. The Agency shall provide the <br />Developer with the Land Grant, which shall be deemed to <br />have a value of Eight Hundred Seven Thousand Five Hundred <br />Dollars ($807,500). <br /> <br />b. Proceeds of the Development Grant <br />shall only be used to help offset the costs of the <br />construction of the Project. Proceeds from the Fee <br />Subsidy shall be directly allocated to the payment of the <br />required water facility fees applicable to the Project. <br />The parties acknowledge that the amount of the Fee <br />Subsidy necessary to pay for the water facility fees of <br />the Project is unknown at this time. However, to the <br />extent that such water facility fees exceed Seventy Four <br />Thousand Dollars ($74,000), Developer acknowledges that <br />additional funds necessary to pay for the excess amount <br />will be contingent upon Agency's ability to secure <br />additional funding. <br /> <br />c. The Agency's duty to provide the <br />Agency Assistance to the Developer, and to disburse the <br />proceeds of the Development Grant as more fully set forth <br />in Section 2.02(e} hereof, shall be expressly subject to <br />the satisfaction of the following conditions precedent or <br />the waiver of such conditions by the Agency: <br /> <br />(1) The Developer shall have <br />submitted to the Agency evidence reasonably satisfactory <br />to the Agency that the Developer has obtained (i) firm <br />and fully executed commitments for the receipt of a Self- <br />Help Home Ownership ("SHOP") grant and Affordable Housing <br />Program ("AHP") funds in amounts sufficient to fund the <br />Project's development costs in excess of the amount of <br />the Development Grant (collectively, the "Public <br /> <br />3 <br />