R2002-192 AUTHORIZING DEVELOPMENT AGREEMENT

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6.8 Declaration of Trust. With respect to any Component that include PHA-Assisted Units,to the extent required by Public Housing Requirements,Developer and DHA shall cause the Owner Entity thereof to record a Declaration of Trust against the land comprising such Component pursuant to which the Owner Entity shall be obligated to cause the PHA-Assisted Units contained therein to be operated as public housing in accordance with all Public Housing Requirements for the period required by law. 6.9 Management Agreement and Management Documents. Developer shall prepare or cause to be prepared all management documents required for the Closing of any Component, including, as applicable, a management plan, model leases, resident grievance procedure,resident selection plan and site based waiting list plan(collectively,the"Management Documents"),as well as a management agreement (the "Management AgreemenY'). The Management Documents applicable to any PHA-Assisted Units shall comply with Public Housing Requirements. Developer will create an entity to manage the Phase I Rental Component, which entity may partner with the DHA or relevant resident group to manage the units. 6.10 Closing. The relevant Owner Entity or Entities,if applicable,Developer,DHA and, to the extent appropriate,the City will participate in a closing(the"Closing")for each Component, at which time the Project Documents described in this Article VI applicable thereto,and such other documents as may be reasonably required by Developer,HUD,other lender or Equity Partner or,to the extent participating in the Closing, the City,will be executed. ARTICLE 7. FEE AND PAYMENT ARRANGEMENTS. 7.1 Development Fee. Developer shall be eligible to receive a fee for developing the Revitalization(the"Development Fee") equal to the sum of the Phase I Rental Development Fee, the Phase I Homeownership Development Fee and the Phase I Public Infrastructure Fee as further described below. DHA and the Developer recognize that the amount and timing of the fees paid to Developer will require the agreement of other parties, including, as applicable, HUD, IHDA, and Equity Partners;in any event,however,DHA approves of and shall not object to the payment of the Development Fee as described herein. In addition,at the sole option of Developer,any Development Fee may be deferred if such deferral may result in the approval of a higher Development Fee by other parties, including, as applicable, IHDA, HUD, or the Equity Partners. 7.1.1 Phase I Rental Development Fee. The development fee for the Phase I Rental Component(the"Phase I Rental Development Fee")shall be an amount equal to 9%of the "Project Costs" for the Phase I Rental Component. 7.1.2 Phase I Homeownership Development Fee. The development fee for the Phase I Homeownership Component(the"Phase I Homeownership Development Fee")shall be an amount equal to 7%2 % of the Project Costs allocable to each unit in the Phase I Homeownership Component. Decatur Housing Authority Near North Impact Area Development Agreement Page 30 i�