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(2) <br /> <br />That the lease mount or sales price pursuant to the sale/lease of the Site shall <br />be set at an amount that enables the project to be economically feasible in <br />view of the affordability requirements as specified above. <br /> <br />(3) <br /> <br />That. in the case of a lease. the tern~ of the lease shall be fbr 75 years. The <br />City shall work with Developer regarding the disposition of the Site <br />improvements upon expiration of the lease term. <br /> <br />(4) <br /> <br />That the City shall have the authority and the sole discretion to terminate the <br />sale/lease if Developer has not commenced construction on the Site within <br />eight (8) momhs following the effective date of the sale/lease. <br /> <br />(5) <br /> <br />That the Developer shall assume all financial obligations of the Development <br />and that unless otherwise agreed to in writing, City shall have no financial or <br />other liability for the continued financial obligations of the Development. <br /> <br />(6) <br /> <br />The City's role with regard to Development finances and management shall be <br />clarified within the sales or lease agreement. <br /> <br />City and Developer shall establish the terms and conditions of a draft sales agreement <br />or lease within six (6) months after the effective date of this agreement. A final sales <br />document or lease will be prepared once all financing issues have been resolved. <br /> <br />So long as this Agreement is in effect, the City shall not sell or lease, or agree to sell <br />or lease, the Property to any entity other than the Developer. <br /> <br />II. <br /> <br />Development Description. The Development shall include an architecturally attractive and <br />well landscaped development comprised of approximately 100 units for assisted living. The <br /> <br />Agreement for Disposition and Development <br />of Land for Private Development - DATE , 1997 <br /> <br /> Page 3 <br />ALFDDA 1 .SAM; 01/10/97 <br /> <br /> <br />