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Section 10.10. Park Dedication Fee. The Multifamily Developer agrees to pay to the • City $150,000.00 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;_(2) the Senior_ _ - - Deleted: aaatc~on Development to be constructed on real property legally described as Lot 1, Block 1, Falcon Heights Town Square; and (3) 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: $75,000.00 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 $75,000.00 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 ~1pri1 1, 2004, .given by_Developer.to ,Glaser _ _ - aeietea: 200_ 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. Section 11.5. Enforcement. Enforcement of the covenants herein will not result in any claim against the Project, the proceeds from the HUD Mortgage, any reserve or deposit required by HLJD in connection with the mortgage transaction, or the rents or other income and the Property other than from available Surplus Cash, as defined in the HUD Regulatory Agreement. 21 •