R2002-192 AUTHORIZING DEVELOPMENT AGREEMENT

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:�+, -_a�.. ...._ ,.. . _ ,.:.:•,:: __.,,:,....... as DHA and the City(as applicable)may be entitled to at law or equity. Any termination by DHA pursuant to this Section 8.4 shall not be applicable to any Component for which a Closing has occurred prior to such termination. 8.5 DHA and City Alternative Remedies. After the applicable cure period for any Event of Default by Developer has expired without cure, DHA may, as an alternative to the rights specified in Sections 8.4,have the right to impose reasonable special conditions or restrictions upon Developer with respect to the defaulted obligation, with which Developer shall comply, including the following: (a) requiring additional, more detailed financial reports; (b) requiring additional monitoring; (c) requiring Developer to obtain, at Developer's expense, additional technical or management assistance in substitution for any technical or management services failure which formed the basis of the default; (d) establishing additional prior approvals; (e) requiring Developer, within a time period established by DHA, to prepare a revised plan for implementation; or (fl requiring Developer to terminate defaulting Contractors. 8.6 Reserved. 8.7 Contingencies Beyond Developer's Control. DHA, the City and Developer acknowledge the Parties' ability to perform many responsibilities under this Agreement is substantially contingent upon actions by third parties over which Developer, DHA and the City have limited control, or factual circumstances which could not reasonably have been determined as of the date of this Agreement ("Predevelopment Contingency" or"Predevelopment Contingencies"). Such Predevelopment Contingencies include,but may not be limited to, the following items as to which the Revitalization Plan reflects certain expectations of the Parties, (a) the award of Low Income Housing Tax Credits or related tax-exempt bond financing allocations in the projected amounts, (b)receipt of the Other Financing and provision of all projected governmental assistance, (c)the acquisition of certain off-site properties other than the DHA Parcels and the City Parcels owned in fee simple by the City as of the Effective Date, (d) the receipt of required HUD approvals, including the approval of the Revitalization Plan, this Agreement, Mixed-Finance Proposals, the Regulatory and Operating Agreement, and Mixed- Finance Evidentiary Documents, (e)the continuation of law,regulations and policy at least as favorable to mixed-finance development in general, and to the Revitalization in particular, as they currently exist, and(fl a favorable market for the development and sale of homeownership units as contemplated by the Revitalization Plan and assuming that all homeownership units shall be built on contract. Notwithstanding the foregoing, nothing herein excuses the Parties from Decatur Housing Authority Near North Impact Area Development Agreement Page 36