CCP 09-22-1997 - Laserfiche WebLink

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. ARTICLE vn Mnrtl'age Financiol' Section 7.1. Financins:, No later lban October 14, 1997, the Redeveloper shall provide to the Authority a commitment from a lending institution (or other reasonable evidence of the availability of financing) to provide financing sufficient for construction of al least 100,000 square feet of the Minimum hnprovements, and no later tban April I, 1998, the Redeveloper shall close on such financing. -- Section 7.2. I.imilation Upon Encumbrance (If Property. Subject to Section 8.2 of this Agreement, prior to completion of construction of a phase on a Parcel, neither the Redeveloper nor any successor in intercsllo the Redevelopment Property, or any part thereof, shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Parcel or Phase, whether by express agreement or operation of law, or 6Uffer any encumbrance or lien to be made on or attach to the Parcel, except: (a) for the purposes of obtaining funds only to the extent necessary for constructing the Phase on the Parcel (including, but not limited to, land and building acquisition, including the purchase price paid, labor and materials, professional fees, fees and COSIs associated with obtaining construction and permanent financing, real estate taxes, construction interest, organizational and other indirect costs of development, costs of constructing the Phase, and an allowance for contingeneies); and (b) only . upon the prior written approval of the Authority, which approval shall not be unreasonably 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 Redeveloper, For the purposes of such mortgage financing as may be made pursuant to the Agreement, the Redevelopmenl Property may, at the option of the Redeveloper (or successor:!n interest), be divided into several parts or parcels, provided that such subdivision, in the reasonable opinion of the Authority, is not inconsistent with the pmposes of the Redevelopment Plan and the Agreement and is approved in writing by the Authonly. At such time as the option agreement referenced in Section 4.3(b) has been recorded against the Redevelopment Property as an encumbrance prior to and superior to all other mortgages, liens or other encumbrances other than those to which the Authority may agree in writing, the Authority agrees that the provisions of this Section shall no longer be effective and, requested by the Redeveloper, the Authority will execute an amendment to this Agreement deleting this Section 7,2. e 25 OC'd 6l'Ol. 1.<:6 <:,9 .~'d '~13a ~ ^3lO~~a "oS, 1.66,-6,-d3S