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