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of the Housing Project, including, but not limited to, the fees and expenses of Bond Counsel, counsel to the Authority, and the agent or underwriter for the sale of the Bonds, shall be paid from the proceeds of the Bonds or from funds of the Developer. If for any reason such Bonds are not issued, it is understood that all such expenses shall be forthwith paid by the Developer and that the Authority shall have no responsibility or liability therefor. The Bonds, if issued, shall provide that neither the City of Portsmouth, Virginia (the "City") nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged therefor, and neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City or the Authority shall be pledged thereto. I0. The Authority, including its Commissioners, officers, employees and agents, shall not be liable and hereby disclaims all liability to any person for any damages, direct or consequetial, resulting from the Authority's failure to issue Bonds for the Housing Project for any reason. 11. The Authority by adoption of this Resolution expressly takes no action with regard to any limitations on the tax-exempt status of its notes or bonds for federal income tax purposes and by accepting and proceeding under the authority of this Resolution, the Developer agrees to assume the risk that the notes or bonds may not qualify for tax-exempt status for federal income tax purposes. Nothing contained in this section shall operate as or be deemed to be a condition precedent to or limitation on the approval of the issuance of the Bonds and the plan of financing for the Housing Project for purposes of the Code, or for purposes of the Authority's declaration "official intent" to issue the Bonds. 12. Except as modified hereby, the Inducement Resolution of the Authority adopted on July 2, 1996, and extended by resolution adopted December 15, 1997, is hereby ratified and confirmed in every respect in connection with the Authority's issuance and sale of the Bonds to assist in the financing of the Developer's acquisition, rehabilitation, construction and equipping of the Housing Project. 13. All other acts of the officers of the Authority which are in conformity with the purposes and intent of the Inducement Resolution as amended hereby and in furtherance of the preparation and issuance of the Bonds are hereby approved and confirmed. 14. This Resolution shall expire on midnight, March 2. t999, unless extended by appropriate action taken by this Board of Commissioners. 15. This Resolution shall take effect immediately upon its adoption. The undersigned officer of the Portsmouth Redevelopment and Housing Authority hereby certifies that the foregoing is a true, correct and complete copy of the Resolution adopted by the