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<br />1. As Lots become available to the CITY through the CITY's contract with the taxing <br />entities, those Lots shall be placed in a pool. <br /> <br />2. Periodically, CITY shall notify PARIS HABITAT in writing as to the location of <br />the Lots. Within sixty (60) days following the receipt of said notification, Paris <br />Living, Inc., another participant in the program pursuant to a separate agreement <br />with CITY, shall in turn notify the CITY in writing as to the Lot or Lots it desires <br />to utilize in its program of construction of new single-family residential housing. <br />Simultaneous with providing notice to the CITY, Paris Living, Inc. shall likewise <br />provide similar notice to PARIS HABIT AT, and thereafter , PARIS HABIT A T <br />shall, within thirty (30) days of receipt of the notice from Paris Living, Inc., notify <br />CITY and Paris Living, Inc. in writing as to any Lot or Lots (other than those Lots <br />selected previously by Paris Living, Inc.) it desires to utilize in its construction of <br />new single-family residential homes. <br /> <br />3. By providing said notification to the CITY , PARIS HABIT A T covenants and <br />agrees to begin active construction of new single-family residential structures on <br />the Lot or Lots so designated within twelve (12) months of their designation to <br />CITY; otherwise, those Lots on which construction has not been initiated shall <br />return to the pool of Lots maintained by the CITY . PARIS HABIT A T may <br />voluntarily return any Lot previously designated to the CITY's pool of Lots by so <br />notifying the CITY in writing of its request to do so. <br /> <br />4. Prior to initiating any construction of a single-family residential structure on a Lot, <br />PARIS HABIT A T shall be responsible for obtaining detailed title information from <br />a reputable title company regarding the title status of the designated Lots, and shall <br />at least fourteen (14) days in advance of the anticipated date to begin construction <br />on said Lot, provide such information to the CITY. Based on said title <br />information, the CITY shall assess the quality of title it may approve for said Lot <br />or Lots, and shall as trustee on behalf of the Taxing Entities convey to PARIS <br />HABIT A T by title deed, up to a special warranty deed, the interest of the Taxing <br />Entities in the property. <br /> <br />IV. For the period of time during which a Lot or Lots are designated for use by PARIS <br />HABIT A T pursuant to this agreement, PARIS HABIT A T covenants and agrees that it shall <br />be solely responsible for the maintenance of said Lot, including performing any required <br />mowing, cleaning, or other maintenance activities in conformance with all applicable City <br />Ordinances. <br /> <br />V. All construction of new homes pursuant to this Agreement by PARIS HABIT A T shall <br />comply with all applicable City Codes and Ordinances, including but not limited to, the <br />City Building Code, Plumbing Code, Electrical Code, Fire Code, Historical Preservation <br />Ordinance, and Zoning Ordinance. <br /> <br />Page 4 of 6 <br />