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<br />l,B-\Y <br /> <br />c. <br /> <br />Developer Responsibilities <br /> <br />The Developer is responsible for developing the Project in accordance with the terms of the <br /> <br />Disposition and Development Agreement, as follows: <br /> <br />. <br /> <br />Secure all necessary entitlements for the Project. <br /> <br />. <br /> <br />Developer will be required to obtain commitments for debt, equity, and subsidy <br />sources sufficient to fund the project's development costs prior to the conveyance <br />of the property and the funding of the Agency's Development Grant. IfPHH is <br />unable to secure sufficient financing to complete the Project without additional <br />funding by the Agency, then the DDA will terminate, the property will not <br />transfer to PHH, and PHH will not receive any cash assistance from the City. <br /> <br />. <br /> <br />Developer shall construct the project consistent with the above project <br />description. <br /> <br />. <br /> <br />Developer shall be responsible for funding all development costs <br />(predevelopment, land improvements, and building improvements) beyond the <br />Agency's cash contribution of$321,000 plus a yet-to-be determined Fee Subsidy <br />of no more than $74,000. <br /> <br />. <br /> <br />The ownership units will carry 45-year affordability covenants limiting ownership <br />to Very Low Income households and occupancy costs to levels affordable to Very <br />Low Income households. <br /> <br />. <br /> <br />Developer will market the units in accordance with a Marketing Plan to be <br />developed by Agency staff. <br /> <br />. <br /> <br />Developer covenants to pay prevailing wages pursuant to Agency Resolution No. <br />RD-8-807 and state and federal law. <br /> <br />1861 0.001\028-005.doc, 2/11/2005 <br /> <br />Keyser Marston Associates, Inc. <br />Page 6 <br />