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and the Agency's Executive Director, and the Agency's Executive Director is authorized to make <br />such revisions as he or she deems reasonably necessary. <br />"Scope of Development" means the Scope of Development attached hereto as Exhibit K <br />and incorporated herein, which describes the scope, amount and quality of development of the <br />Improvements to be constructed by the Developer pursuant to the terms and conditions of this <br />Agreement. The Scope of Development is subject to revision from time to time as mutually <br />agreed upon in writing between the Developer and the Executive Director. <br />"Sites" is defined in Recital A above. <br />"Site Legal Description" means the legal description of each Site attached hereto as <br />Exhibit A, and incorporated herein. <br />"Site Map" means the map depicting the Sites which is attached hereto as Exhibit B. <br />"Term of Affordability" shall be forty five (45) years. <br />"Title Company" is defined in Section 204 hereof. <br />"Title Policy" is defined in Section 204 hereof. <br />200. CONVEYANCE OF THE SITES <br />201. Purchase and Sale of Sites. The Agency currently holds fee title to the Sites. <br />Subject to all of the terms and conditions of this Agreement, Agency shall transfer the Sites to <br />Developer, and Developer shall develop the Sites from Agency, in three (3) Phases in exchange <br />for the Developer's assumption of the obligations set forth herein with respect to such Phase. <br />Upon conveyance of each Site, the Developer shall execute a Promissory Note ("Developer <br />Promissory Note") for the amount of the Agency assistance ("Agency Loan Amount") along <br />with a corresponding Deed of Trust ("Developer Deed of Trust") which shall be recorded against <br />the Site. The Developer Deed of Trust shall be reconveyed upon sale of the House to a qualified <br />purchaser and execution of the Homebuyer documents as set forth in section 403.4. <br />201.1 Conveyance of Sites in Phases. The Sites shall be separately conveyed in <br />three separate Phases. The Sites are more specifically identified in the Legal Description of the <br />Sites and depicted on the Site Map. The addresses contained in each Phase may be altered or <br />changed with written approval of both parties. <br />A. The street addresses and Agency Loan Amounts for the Sites in <br />Phase 1 are: <br />1121 S. Cypress Street ($,124,937.09) <br />812 Concord ($174,936.99) <br />1314 Eastwood ($240,932.99). <br />7 EXHIBIT 4 <br />8OA-22