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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R any part thereof, or assure the satisfaction thereof, within a reasonable time but in any event prior to a sale thereunder. Nothing herein contained shall be deemed to prohibit the Developer from contesting the validity or amounts of any tax, assessment, encumbrance or lien, nor to limit the remedies available to the Developer in respect thereto. The Developer understands that under certain conditions control of the Project Site or portion thereof under this Agreement may give rise to the imposition of a possessory interest tax on said property, and in such event, the Developer agrees to pay when due any such possessory interest tax. §513 Prohibition Against Transfer of the Project Site, the Buildin s or Structures thereon and Assignment of Agreemen Prior to the issuance by the Agency of a Certificate of Completion, the Developer shall not, (except as expressly permitted by Section 514 of this Agreement) without the prior written approval of the Agency, make any total or partial sale,transfer, conveyance, assignment or lease of the whole or any part of the Project Site or of the buildings or structures on the Project Site or of this Agreement. This prohibition shall not be deemed to prevent the granting of temporary or permanent easements or permits to facilitate the development of the Project Site or to prohibit or restrict the leasing of any part or parts of a building or structure when said improvements are completed. In the absence of specific written agreement by the Agency, no such transfer, assignment or approval by the Agency shall be deemed to relieve the Developer or any other party from any obligations under this Agreement until completion of development as evidenced by the issuance of a Certificate of Completion therefor. §514 No Encumbrances Except Mortgages, Deeds of Trust or Sales and Leases -Back for evelopment Notwithstanding Section 513 of this Agreement, mortgages, deeds of trust and sales and leases -back are permitted before completion of the construction of the improvements, but only for the purpose of securing loans of funds to be used for financing the construction of improvements on the Project Site and any other purposes (such as, but not limited to, taxes, insurance, professional services, administration, accounting, and the like) in connection with the development contemplated under this Agreement. The Developer shall not enter into any such conveyance for financing without the prior written approval of the Agency, which approval the Agency agrees to give if any such conveyance is given to a responsible financial or lending institution or other acceptable person or entity. The Developer shall notify the Agency in advance of any mortgage, deed of trust or sale and lease -back financing, when the Developer proposes to enter into the same before completion of the construction of the improvements on the Project Site. 23