CCP 08-18-1997 - Laserfiche WebLink

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. ARTICLE vn Mortfage Financing Section 7.l. Fln::lncin~. No later than , 1997, the Redeveloper shall provide to the Authority a preliminary commitment from a lending institution to provide financing sufficient for construction of Phase IL and no later than , 1997, the Redeveloper shall close on such financing_ Section 7.2. Limitation Upon EnC\lmbrance of Property_ Prior to tlle Te_inlffioo Datecomp1ction of construction of a Phase on a Parcel, neither the Redeveloper nor any successor in interest to the Redevelopment Property, or any part thereof, shaH engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Recleyelepmeat PrefleftyParcel or Phase, whether by exprcss agreement or operation of law, or sL!ffer any encumbrance or lien to bc made on or attach to the R-Ilaeyelej3ment PIel'ert,/Parcel, except: (a) for the purposes of obtaining funds only to the extent necessary for constructing the Minim\lfll !mprovemenlsPhase on the Parcel (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 pennanent financing, real estate taxes, construction interest, organizational and other indirect costs of development, costs of . constructing the Minlli'lffil ImjlreveffieRlSPhasc, and an allowance for contingencies); and (b) only upon the prior v;ritten approval of the Authority, which approval shall not be unreasonably withheld and shall be deemed to have been given if tbe Authority fails to respond, in writing specifying the reasons for disapproval, within ten (J 0) days of a request for approval from Redevcloper_ For the purposes of such mortgage financing as may be made pur:mant to the Agreement, the Redevelopment Property may, at the option oIthe Redeveloper (or successor in interest), be divided into several parts or parcels, provided that such subdivision, in the opinion - of the Authority, is not inconsistent with the purposes of the Rcdevelopment Plan and the - Agreement and is approved in writing by the Authority. - - - I I I .. 25 I 60/~0'd 61'0l. l.G6 ;:;19 'e'd '3~13a ~ A3lGe~a 0S:91 l.661-n-8fle ----