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05-19-99 13:49 From-KENNEDY & GRAVEN +6123379310 T-B06 P.17/31 F-170 19.15 Housin Desi and Site Criteria. The Housing Design and Site Criteria information attached hereto as Exhibit C, is incorporated herein by reference and made a part of this Agreement as if set forth fully herein. The Housing Design and Site Criteria general policy and requirements are binding upon the Developer and shall be obligations upon the Developer unless inconsistent with the provisions of this Agreement. 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 approved Construction Plans, 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. (h) 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, 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$184,500.00. 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. Construction Plans. (a) Before beginning construction of the Minimum Improvements, the Developer shall submit to the Authority Construction Plans. The Construction 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 Construction Plans in writing if: (i) the Construction Plans conform to the terms and conditions of this Agreement; (ii) the Construction Plans conform to all applicable federal, State and local laws, ordinances, rules and regulations; (iii) the Construction Plans are adequate to provide for construction of the Minimum Improvements; and (iv) no Event of Default has occurred. Approval may be t)JG-162543 15 Muss