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Multifamily Developer, the Multifamily Developer shall enter into the Business Subsidy Agreement to satisfy the other requirements of the law. Section 10.9. Term. The term of this Agreement shall be effective from the day and year first above written until the Maturity Date. Section 10.10. Park Dedication Fee. The Multifamily Developer agrees to pay to the City 5150,000.00 as the Park Dedication Fee applicable to the following three developments known as the Town Square Project: (1) the Multifamily Development to be constructed on real property legally described as Lot 1, Block 1, Falcon Heights Town Square Second Addition; 12- the Senior Development to be constructed on real property legally described as Lot 1, Block 1, Falcon Heights Town Square; and 13- the Townhome Development to be constructed on real property legally described as Lot 2, Block 1, Falcon Heights Town Square. The Park Dedication Fee will be paid in two installments: 575,000.00 will be paid on the closing date of the first mortgage loan for the portion of the Town Square Project commonly referred to as the Multifamily Development; and 575,000.00 will be paid on December 31, 2005. ARTICLE XI HUD Requirements Section 11.1. Subordination. Notwithstanding anything in this document to the contrary, except the requirements in 26 U.S.C. 42(h)(6)(E)(ii), the provisions hereof are expressly subordinate to the promissory note dated as of , 2003, given by Developer to Glaser Financial Group, Inc. (the "HUD Note"), the mortgage securing the HUD Note (the "HUD Mortgage"), the regulatory agreement executed in connection with the HUD Note (the "HUD Regulatory Agreement") (collectively, the "HUD Loan Documents"), and subordinate to all applicable HUD mortgage insurance (and Section 8, if applicable) regulations and related administrative requirements. In the event of any conflict between the provisions of this document and the provisions of applicable HUD regulations, related HUD administrative requirements, or HUD Loan Documents, the HUD regulations, related administrative requirements or HUD Loan Documents shall control. Section 11.2. Foreclosure. In the event of foreclosure of the HUD Mortgage or transfer of title by deed in lieu of foreclosure, any and all land use covenants contained herein shall automatically terminate (except that the requirements set out in 26 U.S.C. 42(h)(6)(E)(ii) that for three (3) years low income tenants may not be evicted and their rents may not be raised may remain on the Project, as defined in the HUD Note. Section 11.3. Default. Failure to comply with the land-use covenants contained herein will not serve as basis for default on the HUD Mortgage. Section 11.4. Covenants. The covenants contained herein are not included in any of the HUD Loan Documents. • •~?r~r-i ' _--'q'tr=December 29, 2003 loa