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ARTICLE VIII Financi Secti-)n 8.1. Financing of Minimum Improvements. Prior to and as a condition to the City's purchase of the Redevelopment Property, the Redeveloper shall submit to the City evidence of a commitment for financing sufficient for construction of the Minimum Improvements (taking into account equity monies that will be provided by the Redeveloper). If the City finds that the financing is sufficiently committed, adequate in amount to provide for the construction of the Minimum Improvements, and contains other terms and conditions which are not inconsistent with objectives and needs of the City, then the City shall notify the Redeveloper in writing of its approval. Such approval shall not be unreasonably withheld and either approval or rejection shall be given within thirty (30) days from the date when the City is provided the evidence of such financing. If the City rejects the evidence of financing as inadequate, it shall do 30 in writing specifying the basis for the rejection. In any event the Redeveloper shall submit adequate evidence of financing with thirty (30) days after such rejection. Section 8.2. Subordination and Modification for the Benefit of Mortgages. In order to facilitate the obtaining of financing for the construction of the Minimum Improvements by the Redeveloper, ")e City agrees to subordinate its rights under the Redevelopment Property Deed and this Agreement to the Holder of a mortgage for the purposes described in Section 8.1 of this Agreement, out only provided that the mortgage provides that if the holder of such mortgage shall foreclose on the Redevelopment Property, the improvements thereon, or any portion thereof, or accept id �� to the Redevelopment Assessor's Minimum Market Vela Property in lieu of set forth in foreclosure, it shall consent to the Assessment Agreement. The City further agrees to execute such instruments as the holder of such mortgage may require to effectuate the purposes of this section. Section 8.3. Financir]t of City's .Activities. (a) In order to finance the City's costs to be incurred under this Agreement, the City will issue tax increment bonds, improvement bonds or use fother consultant sums in an amount not reasonably determines can exceed be the amount which the City's i amortized by tax increments to be generated from the Minimum improvements. (b) At the Redeveloper's request the City agrees to consider issuing tax Increment bonds or other bonds to finance the City's activities hereunder and to make all or a portion of such has fulfilled its obligationsfor use by the specified in Section priorer 1(b) of the da, a that Redeveloper this Agreement. 19