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(hereinafter refened to as the "property"), and <br /> WHEREAS, City and Owner desire to restore, maintain and preserve the exterior design <br /> and facade of the building situated on the property and open areas in the eligible area, and the City <br /> has agreed to provide funds for certain restoration work as set forth in this Agreement, using <br /> funds made available to City by the Community Development Block Grant program of the United <br /> States Department of Housing and urban Development, and <br /> WHEREAS, City has agreed to provide funds for renovation work to the e�cterior facade <br /> of the building as described in "E�chibit A" hereto, within the financial limitations set out herein, <br /> and Owner has ageed to perform the renovation work to the building as described in "Exhibits <br /> A" hereto. <br /> NOW, THEREFORE, in consideration of the sums of money to be paid by City for <br /> restoration of the e�rterior facade of the building on the property, the beautification and <br /> preservation of the property and the covenants made by Owner herein, the parties agree: <br /> 1. City shall, at its expense, using funds derived only from the Community <br /> Development Block Grant program, pay for the exterior renovation work to the building on the <br /> property, at the times and in the manner described in "E�chibit A", attached hereto and made a part <br /> hereof. The City's liability hereunder for all such renovation work, including all professional fees, <br /> � <br /> shall not exceed Fifty Thousand Dollars($50,000). <br /> 2. Owner shall perform the renovation work to the building described in "Exhibit A" <br /> 3. On the date of completion of the exterior facade renovation work described in <br /> paragraph 1 above and for twenty(20)years thereafter, Owner shall not make any alterations, <br /> repairs, improvements or additions to, nor shall he remove any portion of, the e�erior facade of <br /> the building on the property, including signs, lighting and other implements attached thereto, <br /> which would alter the visual appearance of the exterior facade of the building on the property. <br /> 4. Owner will retain the exterior facade of the building on the property for twenty <br /> (20) year period referred to in paragraph 3 above, in the design and character achieved after <br /> completion of the work described in paragraph 1 above, maintaining the same at his expense in a <br /> good state of repair, subject to the terms of paragraph 3 above. <br />