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<br />WHEREAS, the Property is currently owned of record by the City, and it must be <br /> <br /> <br />conveyed to the Housing Authority in order for the proposed development to go forward, and <br /> <br /> <br />WHEREAS, Portsmouth City Council, by the adoption of Resolution No. R-12-** has <br /> <br /> <br />made a legislative determination that redevelopment of the Property under the terms of the <br /> <br /> <br />Development Agreement will be in the Public Interest, and <br /> <br /> <br />WHEREAS, the parties desire by this instrument to have the City provide a legally <br /> <br /> <br />binding commitment to the Housing Authority to provide the resources, assurances, and support <br /> <br /> <br />needed for the Housing Authority to implement the Development Agreement with the <br /> <br /> <br />Developer, and to ensure the Housing Authority implements the Development Agreement as <br /> <br /> <br />anticipated, <br />NOW, THEREFORE, it is AGREED by the parties as follows: <br />AGREEMENT <br /> <br />1. Entering into Development Agreement. The Housing Authority shall enter into a <br /> <br />Development Agreement with the Developer substantially the same as that which is attached <br /> <br />hereto, subject to review and final approval of the City Attorney. <br /> <br />2. Implementation of Development Agreement. The Housing Authority shall thereafter <br /> <br />diligently perform its duties and enforce its rights under the Development Agreement in a <br /> <br />commercially reasonable manner, and it shall use all reasonable efforts to ensure that the <br /> <br />Developer meets its obligations under said instrument. <br /> <br />3. Amendment of Development Agreement. The Housing Authority shall not permit, <br /> <br />countenance, or authorize any material deviation from, or amendment of the Development <br /> <br />Agreement without prior written approval of the City Manager. <br /> <br />-2- <br />