Property Transfer Agreement - 36 Lots to Support LIH Tax Credit – Advantix Development Corp.

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4 6. Advantix Post-Closing Development Obligations. Provided Closing occurs, within six (6) months after the Closing Date, Advantix will commence construction and redevelopment of the Properties for the Intended Use. Advantix will expend an amount (including hard and soft costs) of not less than Ten Million Dollars ($10,000,000.00) for constructing income-based single family and multi-family housing on the Properties and all other related improvements (collectively, the “Property Improvements”) to redevelop the Properties for the Intended Use. Promptly upon completing the Property Improvements, Advantix will submit to the City records proving the above required expenditures and will provide to the City copies of the certificate(s) of occupancy for the Property Improvements. Advantix shall permit the City to perform reviews and monitor the progress of the construction of the Property Improvements. The parties expect the Property Improvements to be completed within thirty (30) months of the Construction Commencement Date (the “Completion Date”). If the Property Improvements have not been substantially completed by the Completion Date, Advantix shall be in default under this Agreement. In anticipation of performing its obligations under this Section 6, Advantix shall also provide the designs, plans, and specifications for Property Improvements consistent with City standards for the review and comment by the City's Planning Director or their designee, who, in their sole discretion, may request revisions or amendments to be made to the same. Acceptance of the design and plans by the Planning Director or their designee prior to construction shall be a prerequisite for the issuance of a Certificate of Completion. Advantix covenants and agrees that neither Advantix nor any of Advantix’s successors or assigns will change its use of the Property from the Intended Use of the Property defined above without obtaining City’s prior consent to such change in writing. 7. Certificate of Completion. Promptly after Advantix completes the Property Improvements and proves the same to City’s reasonable satisfaction in accordance with the terms of Section 6(a) above, upon Advantix’s request, the City will issue to Advantix a certificate acknowledging such completion (the “Certificate of Completion”). 8. No Warranties. Advantix agrees to accept the Properties in its condition on the Closing Date “as-is, where-is” and without any representations or warranties by the City concerning title to or the condition of the Properties. The City offers no such representation or warranty as to title or condition, and nothing in this Agreement will be construed to constitute such a representation or warranty as to title or condition. Advantix may, at its sole cost and expense, obtain an owner’s policy of title insurance or a survey prior to the transfer of such Properties. 9. Taxes. Advantix, and Advantix’s successors and assigns, will be liable for any and all real property taxes and assessments, if any, assessed and levied against the Properties with respect to the year in which the Closing takes place and for all subsequent years. The City will have no liability for any real property taxes and assessments associated with the Properties, and nothing in this Agreement shall be construed to require the proration or other apportionment of real property taxes or assessments resulting in the City’s liability therefor.