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12. HousingPlans: Housing plans must be agreed to in principal between Redeveloper and <br /> the Authority prior to execution of any binding documents. <br /> 13. Reverter: The Agreement will include a reverter that if a Redeveloper event of default <br /> occurs, which is not cured on or before the applicable cure period, the property shall <br /> automatically revert to the Authority. The reverter will be enforced through the filing of <br /> a Redeveloper deed, which the Authority will hold in escrow. Upon such occurrence, the <br /> Authority will use reasonable efforts to resell the property for similar housing purposes. <br /> Sales proceeds in excess of(i) the fair market value of the property at the time of sale to <br /> Redeveloper less the purchase price and (ii) the Authority's costs to reclaim the property <br /> (both legal and administrative from the closing date), will be paid to Redeveloper. <br /> 14. Letter of Credit: Redeveloper will obtain an irrevocable letter of credit from a lending <br /> institution reasonably acceptable to the Authority in a minimum amount necessary to <br /> cause completion of the site development. The amount of the letter of credit may be <br /> reduced as site development progresses. The balance of the letter of credit will be <br /> released upon completion of the site improvements. <br /> 15. Debt: The Redeveloper will not be permitted to encumber the property with any debt or <br /> other encumbrances without the approval of the Authority. The Authority will permit site <br /> development debt on the entire site (or such applicable portions), and construction debt <br /> only on those portions of the property that are being currently developed. The Authority <br /> will subordinate the Agreement to such approved debt. <br /> 16. Fees: Redeveloper will be responsible for paying all of the Authority's legal and <br /> administrative fees associated with the redevelopment. Upon execution of a term sheet or <br /> letter of intent, the Redeveloper will deposit with the Authority the sum of$10,000. It <br /> will thereafter periodically be required to deposit additional sums of $10,000 as <br /> reasonably determined by the Authority to be necessary to cover additional legal and <br /> administrative expenses. <br /> 17. Miscellaneous: <br /> a. Standard representations and warranties from Redeveloper and the Authority <br /> b. Closing costs—standard and customary <br /> C. No transfer of property or agreement without Authority consent <br /> d. Indemnification <br /> CADOCUMENTS AND SETTINGS\CENGER\LOCAL SETTINGMTEMPORARY INTERNET RLEMOLKA\RYLAND TERM SHEET 8-2-04.DOC <br />