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B. Consideration --Improvements <br />3.3 The Improvements to be completed consist of ten (10) single family homes <br />structures (the Structure or Structures) on the above described Properties and as more fully <br />described in the application for the Program attached hereto and incorporated herein as Exhibit <br />1. <br />3.4 The total estimated value of the Improvements to be constructed on the above - <br />referenced parcels is TWO MILLION ONE HUNDRED FORTY THOUSAND AND <br />NO/100 DOLLARS ($2,140,000.00). <br />3.5 Owner shall obtain City approval for all necessary platting (if required) and plans, <br />building permits, green tags and a Certificate of Completion from the City of Paris. <br />3.6 Owner shall allow city inspectors access to the Properties and Improvements <br />throughout construction and completion of Improvements. <br />3.7 Owner agrees and covenants that it will diligently and faithfully construct each <br />Improvement/Structure referenced herein in a good and workmanlike manner within 12 months <br />of obtaining building permits from City for each structure. Owner further covenants and agrees <br />that construction of the Improvements will be in accordance with all applicable state and local <br />laws, codes, regulations, and Program Guidelines or Owner will procure a valid waiver or <br />variance thereof. Owner shall complete all Improvements required herein on or before June 8, <br />2030. <br />3.8 Owner shall contact City Building Official for final inspection as Improvements <br />are completed and obtain a Certificate of Completion for the new residential dwellings as <br />completed. <br />3.9 Owner shall notify the Lamar County Appraisal District upon completion of <br />Improvements and request an updated appraisal of the Improvements. <br />3.10 Owner shall provide City with appraised value of Improvements upon receipt of <br />same from Lamar County Appraisal District. <br />3.11 Owner may not use the parcels described in Section 3.1 for any other purpose <br />other than to construct the Improvements set forth in this Article. Use of any parcel for any other <br />purpose shall constitute a separate act of default of the Agreement and will trigger the default <br />provisions and remedies set forth hereunder. <br />3 <br />