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CCP 08-18-1997
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CCP 08-18-1997
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<br /> . <br /> ARTICLE vn <br /> Mortfage Financing <br /> Section 7.l. Fln::lncin~. No later than , 1997, the Redeveloper shall <br /> provide to the Authority a preliminary commitment from a lending institution to provide <br /> financing sufficient for construction of Phase IL and no later than , 1997, the <br /> Redeveloper shall close on such financing_ <br /> Section 7.2. Limitation Upon EnC\lmbrance of Property_ Prior to tlle Te_inlffioo <br /> Datecomp1ction of construction of a Phase on a Parcel, neither the Redeveloper nor any <br /> successor in interest to the Redevelopment Property, or any part thereof, shaH engage in any <br /> financing or any other transaction creating any mortgage or other encumbrance or lien upon the <br /> Recleyelepmeat PrefleftyParcel or Phase, whether by exprcss agreement or operation of law, or <br /> sL!ffer any encumbrance or lien to bc made on or attach to the R-Ilaeyelej3ment PIel'ert,/Parcel, <br /> except: (a) for the purposes of obtaining funds only to the extent necessary for constructing the <br /> Minim\lfll !mprovemenlsPhase on the Parcel (including, but not limited to, land and building <br /> acquisition, including the purchase price paid, labor and materials, professional fees, fees and <br /> costs associated with obtaining construction and pennanent financing, real estate taxes, <br /> construction interest, organizational and other indirect costs of development, costs of <br /> . constructing the Minlli'lffil ImjlreveffieRlSPhasc, and an allowance for contingencies); and (b) <br /> only upon the prior v;ritten approval of the Authority, which approval shall not be unreasonably <br /> withheld and shall be deemed to have been given if tbe Authority fails to respond, in writing <br /> specifying the reasons for disapproval, within ten (J 0) days of a request for approval from <br /> Redevcloper_ For the purposes of such mortgage financing as may be made pur:mant to the <br /> Agreement, the Redevelopment Property may, at the option oIthe Redeveloper (or successor in <br /> interest), be divided into several parts or parcels, provided that such subdivision, in the opinion <br /> - of the Authority, is not inconsistent with the purposes of the Rcdevelopment Plan and the <br /> - Agreement and is approved in writing by the Authority. <br /> - <br /> - <br /> - <br /> I <br /> I <br /> I <br /> .. <br /> 25 <br /> I <br /> 60/~0'd 61'0l. l.G6 ;:;19 'e'd '3~13a ~ A3lGe~a 0S:91 l.661-n-8fle <br /> ---- <br />
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