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while at the same time affording low and moderate income individuals the opportunity to own homes, <br />which in turn would enhance the tax base for the Taxing Entities. The CITY covenants and agrees <br />that the Lots for which it shall be named and designated Trustee in accordance with this Agreement <br />shall be used and utilized exclusively in the programs as described herein, and for no other purposes. <br />IV. <br />All properties held by CITY as Trustee for the other Taxing Entities shall be governed by this <br />Agreement, the terms and provisions of the CITY's programs as described in III above, the Local <br />Government Code, and the Texas Tax Code. <br />V. <br />In order to facilitate the CITY's implementation of its program, the Taxing Entities hereby <br />appoint the CITY as attorney-in-fact for each of them and give to the CITY, with respect to each <br />Lot, the following powers: <br />1. The power to enter into earnest money contracts, sales contracts, or similar real estate <br />agreements necessary and incidental to implementing the programs. <br />2. The power to enter into agreements with non-profit entities to effectuate the purposes of <br />this Agreement and the CITY's programs. <br />3. The power to convey said Lots without the accompanying approval of the remainder of <br />the Taxing Entities. <br />4. The power to execute and deliver any and all legal instruments relating to the conveyance <br />of the Lots, including but not limited to special warranty deeds binding each Taxing Entity <br />with vendor's liens retained or disclaimed as applicable or transferred to a third party lender, <br />affidavits, notices, waivers, designations, and other instruments incident to the transfer of said <br />property or as required by the CITY's programs. <br />5. The power to indemnify and hold harmless on behalf of all the Taxing Entities any third <br />party who accepts and acts under this power of attorney. <br />6. The power to do everything and sign everything necessary or appropriate to transfer the <br />Lots in accordance with this Agreement and the CITY's programs. <br />7. The power to consent to the sale of properties pursuant to Texas Tax Code Section <br />34.05. <br />VI. <br />Page 4 of 9 <br /> <br />