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WHEREAS, the City believes that the development of the Development Property, as <br /> more fully set forth in this Agreement, is in the best interests of the residents of the City and will aik <br /> facilitate the redevelopment of blighted areas in the City, and increase opportunities for owner <br /> occupied and rental housing, and will otherwise benefit the health, safety, morals and welfare of <br /> the residents of the City, in accordance with the public purpose and provisions of the applicable <br /> State and local laws and requirements under the Development Program; and <br /> NOW, THEREFORE, in consideration of the premises and the mutual obligations of,the <br /> parties hereto, each of them does hereby covenant and agree with the other as follows: <br /> • <br /> • <br /> • <br /> 1674205v8 2 <br />