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Section 3.5. Conveyance of Parcels. Prior to the City taking title to and possession of the Shopping Center Parcel{- [or in any other way obligating itself to acquire the parcel, Multifamily] Developer shall pay to the City all 1~~~,,:~:*~^~ ~^~*~' [Acquisition Costs] incurred to date, compensation to be paid to acquire the Shopping Center Parcel and deposit with the City an additional amount to cover future ~^^^~~~°~*~^~ ^^~*^' [Acquisition Costs] which are reasonably identifiable at that time. As soon as possible after the City takes title to and possession of the Shopping Center Parcel and the Snelling Avenue Parcel, the City shall convey title to the Shopping Center Parcel and the Snelling Avenue Parcel to the Multifamily Developer pursuant to a Quit Claim Deed in the form attached hereto as Schedule M. Section 3.6. Platting of Town Square Site. The Multifamily Developer shall obtain approval of a Plat of the Town Square Site, known as Falcon Heights Town Square, and a [Planned Unit Development ("PUD")] of such property, all in accordance with City ordinances and procedures. In connection with approval of the Plat, the Multifamily Developer will enter into a PUD Agreement and Construction Development Contract. The parties agree and understand that on or before the Closing Date of the First Mortgage Loan, the Multifamily Developer will (a) close on acquisition of the Shopping Center Parcel, any portion of the Snelling Avenue Parcel required for the Multifamily Development Property and the Restaurant Parcel, (b) file the Plat, and (c) convey portions of the platted property to the Senior Developer and the Townhome Developer, all as further described in this • Article. Section 3.7. Conveyance of Senior Development Property. The Multifamily Developer will convey the Senior Development Property to the Senior Developer for such consideration as the Multifamily Developer and the Senior Developer mutually agree. Section 3.8. Conveyance of Townhome Development Property. The Multifamily Developer will convey the Townhome Development Property to the Townhome Developer for such consideration as the Multifamily Developer and the Townhome Developer mutually agree. • 3n