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WHEREAS, construction and/or operation of the Disposition Property was financed in <br /> part by HUD; <br /> WHEREAS, PHA requested HUD approval of the conveyance of the Disposition <br /> Property and HUD has, as documented in the letter from HUD to PHA dated February 26, 2015, <br /> as thereafter amended (collectively the "Approval Letter"), attached hereto as Exhibit B and <br /> incorporated herein, agreed to such sale on the terms and conditions set forth in the Approval <br /> Letter, and this Agreement(collectively, the"HUD Disposition Approval"); <br /> WHEREAS, it is anticipated that the PHA will ultimately be dissolved and that Owner <br /> will succeed certain of its responsibilities; <br /> WHEREAS, HUD has approved the conveyance of the Disposition Property to Owner <br /> for the purchase price of One and No/100ths Dollar($1.00); <br /> WHERAS, Owner will lease the Disposition Property to the Lessee in accordance with <br /> that certain Ground Lease (Phase I of Kottinger Gardens Development Project) by and between <br /> Owner and Lessee dated as of , 2016 (the"Ground Lease"); <br /> WHEREAS, HUD has conditioned its approval for the transfer of the Disposition <br /> Property as set forth in the HUD Disposition Approval and on the further condition that the <br /> Disposition Property be developed with one-hundred three (103)housing units (collectively, the <br /> "Units," or singularly, a "Unit") and operated as affordable and reserved for households at or <br /> below eighty percent (80%) of Area Median Income for a minimum of thirty(30) years from the <br /> date the Lessee receives a Certificate of Occupancy for all of the Units (the "Restricted <br /> Period"); and <br /> WHEREAS, in connection therewith and in accordance with the terms of the Ground <br /> Lease, the Lessee will demolish the existing buildings located on the Disposition Property and <br /> construct the Units. <br /> AGREEMENT <br /> NOW THEREFORE, in consideration of the promises and covenants herein set forth and <br /> other good and valuable consideration, the receipt and sufficiency of which is hereby <br /> acknowledged, the parties hereby agree as follows: <br /> 1. Use Requirement. Each of the Lessee and the Owner, for itself and for its <br /> successors and assigns, hereby covenants and agrees for the benefit of PHA and HUD that the <br /> Disposition Property shall be used exclusively for the development of one-hundred three (103) <br /> housing units and operated as affordable and reserved for households at or below eighty percent <br /> (80%) of Area Median Income (the "Use Requirement") for the duration of the Restricted <br /> Period. <br /> Page 2 of 16 <br />