CCP 07-21-1997 - Laserfiche WebLink

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I I tt ARTICLE VII Mortgage Financing I Section 7.1. Financing. No later than , 1997, the Redeveloper shall provide to the Authority a preliminary commitment from a lending institution to provide I financing sufficient for construction of Phase and no later than , 1997, the Redeveloper shall close on such financing. I Section 7.2. Limitation Upon Encumbrance of Property. Prior to the Termination Date, neither the Redeveloper nor any successor in interest to the Redevelopment Property, or any part thereof, shall engage in any financing or any other transaction creating any mortgage or other I encumbrance or lien upon the Redevelopment Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attach to the Redevelopment Property, except: (a) for the purposes of obtaining funds only to the extent I necessary for constructing the Minimum Improvements (including, but not limited to, land and building acquisition, including the purchase price paid, labor and materials, professional fees, fees and costs associated with obtaining construction and permanent financing, real estate taxes, I construction interest, organizational and other indirect costs of development, costs of constructing the Minimum Improvements, and an allowance for contingencies); and (b) only upon the prior written approval of the Authority, which approval shall not be umeasonably Ie withheld and shall be deemed to have been given if the Authority fails to respond, in writing specifying the reasons for disapproval, within ten (10) days of a request for approval from I Redeveloper. For the purposes of such mortgage financing as may be made pursuant to the Agreement, the Redevelopment Property may, at the option of the Redeveloper (or successor in interest), be divided into several parts or parcels, provided that such subdivision, in the opinion I of the Authority, is not inconsistent with the purposes of the Redevelopment Plan and the Agreement and is approved in writing by the Authority. I I I I I .. I 20