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FHA Instruction 442.1 <br />Exhibit E <br />Page 4 O <br />SECTION C — OTHER PROVISIONS <br />1. That upon organization and incorporation the association shall by appropriate <br />resolution adopt and ratify this Agreement, that the association shall be <br />substituted for the individual Owners as a party to this Agreement, and that the <br />Owners as individuals shall thereupon b.eireUeved of all personal liability existing <br />or arising from this Agreement. <br />2. • That upon organization and incorporation should the association fail or refuse <br />to adopt and ratify this Agreement by appropriate resolution within 30 <br />days from the date of the commencement of its legal existence, this Agreement <br />shall terminate and Owners shall be liable to the Attorney for payment of <br />$ — 0 — , which sum represents payment in full for the organizes <br />tion and incorporation of the association and for all other legal services rendered ; m <br />to-Owners under the terms of this Agreement tot date of said termination. <br />Attorney. il::•: <br />Owners: <br />BOARD OF COUNTY COUMNIISSIONERS OF <br />IR.TJMTAN 0 <br />Alma Lee Loy, Chairm n <br />ATTEST • , <br />• 'SCHEDULE A <br />.5% on the 1st $10,000,000 of construction costs <br />.3% on the next $10,000,000 of construction costs <br />.1% on the amount above $20,000,000, of construction costs <br />