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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 Financin�ght 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, subject 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 f iled to foreclose such mechanic ' s lien. c. The words "mortgage" and "deed of trust" as used herein shall be deemed to include all other customary and appropriate modes of financing real estate acquisition, construction and land development . d. The holder of any mortgage, deed of trust or other security interest authorized by this Agreement shall in no manner be obligated by the provisions of this Agreement to construct or complete the improvements or to guarantee such construction or completion; nor shall any covenant or any other provision in any grant deed for any portion of the Property be construed so to obligate such holder. Nothing in this Agreement shall be deemed to permit or authorize any such holder to devote the Property or any portion thereof to any uses, or to construct any improvements thereon, other than those uses or improvements provided for or authorized by this Agreement . e. Whenever the Agency shall deliver any notice or demand to the Developer with respect to any breach or default by the Developer in the completion of construction of the improvements, or any breach or default of any other obligations which might entitle the Agency to terminate this Agreement or exercise its right to re-enter under Section 5 . 07 hereof, the REDW\0006\DOC\013-7 2 2 1\11\08 940 law