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NOW, THEREFORE, in consideration of the recitals, promises, <br />payments, covenants and undertakings hereinafter set forth, and <br />other good and valuable consideration, which is hereby acknowledged <br />and receipted for, the parties agree as follows: <br /> <br /> 1. County and City Contributions to~P_ur~hase. Cowry Housing <br />intends to purchase'Regal Place/Court, subject to the terms of the <br />Purchase Agreement, and subject'to receipt of grants and financing. <br />provided County Housing is successful in obtaining financing, and <br />can complete the purchase of Regal Place/Court, County and City <br />shall each contribute SEVENTY FIVE THOUSAND DOLLARS ($75,000) to <br />County Housing for purchase of the affordable units in Regal <br />Place/Court. The contributions by County and City shall be <br />provided to County Housing at or before the time scheduled for <br />closing on Regal Place/Court. <br /> <br /> 2. ~1~. County Housing and City Housing shall each own <br />10 affordable apartments in Re~al Place/Court (the "Affordable <br />Units"). County Housing will own a one hundred percent interest in <br />the market rate apartments in Regal Place/Court. County Housing <br />shall have complete authority over the market rate apartments, and <br />may manage, or transfer them in its sole discretion, including <br />without limitation renting the market rent apartments, selling the <br />market rent apartments to any person, and selling the market rent <br />apartments as condominiums. <br /> <br /> 3. Rents. Each housing authority shall determine the rents on <br />their Affordable Units. <br /> <br /> 4. M~naaement. The overall management'of Regal Place/Court <br />shall be with the City Housing. The City Mousing may contract for <br />management services with the County Housing. <br /> <br /> 5. First Right of Refusal. City Mousing and County Housing <br />shall each have a first right to purchase the other's interest in <br />the Affordable Units in Regal Place/Court. In the event that <br />either City Housing or County Housing desires to sell its interest <br />in the Affordable Units, and receives a bona fide offer for such <br />sale, then the Affordable Units shall be offered to the other <br />Housing Authority, which shall have a first right to purchase such <br />offered fee interest ~or the same ter~ and conditions as the bona <br /> <br />TOTI=II._ P. 02 <br /> <br /> <br />