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DRAFT • 4.15.2004 20.0 Construction of Minimum Improvements. 20.1. Construction of Minimum Improvements. (a) The Developer agrees that it will construct the Minimum Improvements on the Property in accordance with the accepted proposal dated , 20_, (attached as Exhibit C) and the approved Redevelopment Plans and the developers agreement required by paragraph 7.2(f) of this Agreement, and at all times prior to the Termination Date will operate and maintain, preserve, and keep the Minimum Improvements, or cause the Minimum Improvements to be maintained, preserved, and kept, with the appurtenances and every part and parcel thereof, in good repair and condition. The Authority shall not have any obligation to operate or maintain the Minimum Improvements. (b) The Developer will construct the Minimum Improvements in accordance with all local, State, and federal energy-conservation laws or regulations. (c) The Developer will obtain, in a timely manner, all required permits, licenses, rental licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, State, and federal laws and regulations which must be obtained or met before the Minimum Improvements may be lawfully constructed, including, without limitation, the requirements of any necessary special • use permits. (d) The Developer shall promptly advise the Authority in writing of all litigation or claims affecting any part of the Minimum Improvements and all written complaints and charges made by any governmental authority materially affecting the Minimum Improvements or materially affecting Developer or its business which may delay or require changes in construction of the Minimum Improvements. (e) The Developer agrees that the Minimum Market Value for the Property with the Minimum Improvements shall be at least $ per developed lot. The parties agree that this value for the Minimum Improvements shall be established by the assessed value of the Property as of the Termination Date as defined in the Agreement. The Minimum Market Value herein established shall be of no further force and effect and shall end on the Termination Date as defined in the Agreement. 20.2. Redevelopment Plans. (a) Before beginning construction of the Minimum Improvements, the Developer shall submit to the Authority Redevelopment Plans which shall be incorporated into the developers agreement required by paragraph 7.2(f) of this Agreement. The Redevelopment Plans shall provide for the construction of the Minimum Improvements, as applicable, and shall be in conformity with this Agreement and all applicable State and local laws and regulations. The Authority will approve the Redevelopment Plans in writing if: (i) the Redevelopment Plans conform to the terms and SJR-245249v4 MU205-29 18