4.5. SR 06-04-2018 - Laserfiche WebLink

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Default that has occurred and is continuing under this Agreement that has not been cured during the applicable cure period, and (B) this Agreement shall not have been terminated pursuant to Section 4.2, and (C) all conditions set forth in Section 3.2(2) have been satisfied as of such date. (7) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit D. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.2, the terms of the TIF Note shall govern. The issuance of the TIF Note is pursuant and subject to the terms of this Agreement. Section 3.3. Income and Rent Restrictions. The Developer hereby represents, covenants and agrees as follows: (1) The Project is intended for occupancy, in part, by persons or families of low and moderate income, as defined in chapter 462A, Title II of the National Housing Act of 1934, the National Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other similar present or future federal, state or municipal legislation, or the regulations promulgated under any of those acts; and (2) No more than 20% of the square footage of the buildings of the Project financed with the proceeds of the TIF Note will consist of commercial, retail or other non-residential uses; and (3) In accordance with the Declaration, commencing on the Completion Date and continuing until the Termination Date, at least 20% of the housing units shall be occupied by or available for rent to persons whose income does not exceed 50% of the area -wide median family income for the standard metropolitan statistical area which includes Minneapolis/St. Paul, Minnesota, as that figure is determined and announced from time to time by HUD, as adjusted for family size ("Median Income"); and (4) The Developer will provide the City an annual certification in the form attached as Exhibit C to the Declaration (the "Compliance Certificate") evidencing compliance with the requirements of paragraph (3) above, and income verifications from tenants used to meet such requirements. The annual certification shall also include the vacancy rate for the preceding calendar year and the rents for all units broken down by unit type, size and rent per square foot. The annual certification shall be provided on or before January 31 of each year commencing January 31, 2020, and shall cover the preceding calendar year. (5) The provisions of this Section 3.3 shall be incorporated into the Declaration of in substantially the form attached as Exhibit F and recorded against the Development Property prior to the issuance of the TIF Note. Section 3.4. Developer to Pay City's Fees and Expenses. The Developer will pay all of the City's reasonable Administrative Costs (as defined below). Developer has deposited $10,000 with the City for the payment or reimbursement of the City's Administrative Costs (as defined below). For the purposes of this Agreement, the term "Administrative Costs" means out of pocket costs incurred by the City together with staff and consultant (including legal, financial adviser, etc.) costs of the City, all attributable to or incurred in connection with the establishment of the TIF District and the TIF Plan and review, negotiation and preparation of this Agreement 9 51939401SB EL18549