AgdaPkt 2002-12-09 - Laserfiche WebLink

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� q��-i2�- - §510 Tazes. Assessments. Encambrances and Liens Developer shail pay when due all real estate taxes and assessments assessed and levied on the Project Site for any period subsequent to wnveyance of title W or delivery of possession of , the Acquisirion Parcels. Prior w the issuance of a Certificate of Completion , Developer shall not, except as expressly permitted by Section 511 of this Agreement, place or allow to be placed on the Project or any part thereof any mortgage, dxd of hust, gant deed, encumbiance or lien unauthorized by this Agreement Developer shall remove or have removed any such levy or attachment made on the Project or any part thereof, or assure the satisfaction thereo� within a reasonable time but in any event prior to a sale thereunder. Nothing herein contained shall be deemed to prohibit Developer from contesting the validity or amounts of any ta�c, assessment, . encumbrance or lien, nor to limit the remedies available to Developer in respect thereto. Developer understands that under certain condidons its control of the Project Site or portion thereof under this Agreement may give rise to the imposirion of a possessory interest tax on said property, and ia such event, Developer agrees to pay when due any such possessory interesttax. §511 No Encumbrances Eaceot MortQa¢es. Deeds of Trast or Sales and Leases- Back for Develooment Notwithstanding Article 9 of this Agreement, mortgages, deeds of trust and sales and leases-back aze permitted before issuance of the Certificate of Completion, but only for the purpose of securing loans of funds to be used for financing the consh�ucrion of itnprovements on the Project Site and any other pwposes (such as, but not limited to, taxes, insurance, professional services, administration, accounting, and the like) in connection with the development contemplated under this Agreement. 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 Snancial or lending insritution or other acceptable person or entity. Developer shall notify the Agency in advance of any mortgage, deed of trust or sale and lease-back financing, when Developer proposes to enter into the same before completion of the construction of the Project unprovements. §512 Holder Not Obli¢ated to Construct Imurovements The holder of any mortgage or deed of trust authorized by this Agreement shall.not 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 the deed for the Project Site be construed so to obligate such holder. Nothing in this Agreement shall be deemed to construe, permit or authorize any such holder to devote the Project Site to any uses or to construct any improvements thereon, other than those uses or improvements provided for or authorized by this Agreement. §513 Notice of Default to Mort¢a¢e or Deed of Trust Holders: Ri�ht to Cure With respect to any mortgages or other security holder having an interest in the Project Site as contemplated in this Agreement, whenever the Agency shall deliver any notice or demand to Developer with respect to any Default by Developer in completion of construction of the 25 DOCSSFl:648942.4 9975-5 C 14 izosoz