AF EVANS DISPOSITION AND DEVELOPMENT OF LAND 1992

WHEREAS, the ownership of the Development following construction will be a limited partnership composed of a joint venture of the Nonprofit, the Developer and the purchaser of tax credits as the limited partner; and WHEREAS, the parties to this agreement realize that the feasibility and affordability of this Development is directly related to the type and amount of funds secured through available financing; and WHEREAS, the parties to this Agreement accept that due to the availability of financing, this agreement may need to be amended to reflect different strategies and options; and that the Development is subject to certain conditions, including execution of this agreement, rezoning of the Site by the City to residential use, architectural design review and approval, City Planning Commission and City Council approval and the issuance by the City of appropriate building permits to the Developer; NOW, THEREFORE, THE PARTIES HERETO, in consideration of the premises and the agreement of the other, do agree as follows: I. Land Lease A. The Site shall be made available to the Developer through either the sale of the land or a land lease executed between the City and Developer. Terms and conditions of the sale or lease shall be Agreement for Disposition and Development of the Land for Private Development -December 1, 1992 Page 2