Agmt05 First Community Housing - Laserfiche WebLink

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a. Prior to the recordation of a final Certificate of Completion, as provided in Section 3.07 of this Agreement, the Developer shall not, without prior written approval of the Agency, or except as specifically permitted by this Agreement, make any total or partial sale, transfer, conveyance, lease, leaseback, or assignment of the whole or any part of the Property or the improvements thereon. This prohibition shall not apply to any of the following: (i) the reasonable grant of limited easements or permi ts to facilitate the development of the Property; (ii) leases, other than ground leases, to prospective tenants of retail portions of the Project, if applicable, whose use of the Property is in conformity with the Community Redevelopment Law and all applicable zoning laws or ordinances; (iii) leases of living units to qualified tenants, provided that the City has issued a Certificate of Occupancy; (iv) transfer of the limited partnership interest to an investor limited partner; or (v) substitution of First Community Housing with a limited liability company that has First Community Housing or a nonprofit affiliate as its sole member. Further, until the final Certificate of Completion has been issued as to the Project, the Developer shall not assign or attempt to assign this Agreement or any right herein, except as otherwise permitted by this Agreement. b. In the absence of specific written agreement or approval by the Agency, no unauthorized sale, transfer, conveyance, lease, leaseback or assignment of any portion of the Property shall be deemed to relieve the Developer or any other party from any obligations under this Agreement. Section 3.05. Security Financina; Right of Holders. a. Notwithstanding any provision set forth in Section 3.04 hereof to the contrary, a mortgage, deed of trust, or any other form of lien on the Property required for the disbursement of the Public Assistance is permitted before the recordation of the Certificate of Completion, subj ect to the approval of the form thereof by the Agency. b. In any event, the Developer shall promptly notify the Agency of any mortgage, deed of trust or other encumbrance or lien that has been created or attached to the any portion of the Property prior to issuance of the final Certificate of Completion on the Property whether by voluntary act of the Developer or otherwise; provided, however, that no notice of filing of preliminary notices or mechanic's liens need be given by the Developer to the Agency prior to suit being filed to foreclose such mechanic's lien. 23 REDW\0006\DOC\001-5 1/27/05 7:00 /mve