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§510 Taxes, Assessments, Encumbrances and Liens <br /> <br /> Developer shall pay when due all real estate taxes and assessments assessed and levied on <br />the Project Site for any period subsequent to conveyance of title to or delivery of possession of <br />the Acquisition Parcels. Prior to the issuance ora Certificate of Completion, Developer shall <br />not, except as expressly permitted by Section 511 of this Agreement, place or allow to be placed <br />on the Project or any part thereof any mortgage, deed of trust, grant deed, encumbrance or lien <br />unauthorized by this Agreement. Developer shall remove or have removed any such levy or <br />attachment made on the Project or any part thereof, or assure the satisfaction thereof, within a <br />reasonable time but in any event prior to a sale thereunder. Nothing herein contained shall be <br />deemed to prohibit Developer from contesting the validity or amounts of any tax, assessment, <br />encumbrance or lien, nor to limit the remedies available to Developer in respect thereto. <br /> <br /> Developer understands that under certain conditions its control of the Project Site or <br />portion thereof under this Agreement may give rise to the imposition of a possessory interest tax <br />on said property, and in such event, Developer agrees to pay when due any such possessory <br />interest tax. <br /> <br /> §511 No Encumbrances Except Mortgages, Deeds of Trust or Sales and Leases- <br />Back for Development <br /> <br /> Notwithstanding Article 9 of this Agreement, mortgages, deeds of trust and sales and <br />leases-back are permitted before issuance of the Certificate of Completion, but only for the <br />purpose of securing loans of funds to be used for financing the construction of improvements on <br />the Project Site and any other purposes (such as, but not limited to, taxes, insurance, professional <br />services, administration, accounting, and the like) in connection with the development <br />contemplated under this Agreement. Developer shall not enter into any such conveyance for <br />financing without the prior written approval of the Agency, which approval the Agency agrees to <br />give if any such conveyance is given to a responsible financial or lending institution or other <br />acceptable person or entity. Developer shall notify the Agency in advance of any mortgage, <br />deed of trust or sale and lease-back financing, when Developer proposes to enter into the same <br />before completion of the construction of the Project improvements. <br /> <br /> §512 Holder Not Obligated to Construct Improvements <br /> <br /> The holder of any mortgage or deed of trust authorized by this Agreement shall not be <br />obligated by the provisions of this Agreement to construct or complete the improvements or to <br />guarantee such construction or completion, nor shall any covenant or any other provision in the <br />deed for the Project Site be construed so to obligate such holder. Nothing in this Agreement <br />shall be deemed to construe, permit or authorize any such holder to devote the Project Site to any <br />uses or to construct any improvements thereon, other than those uses or improvements provided <br />for or authorized by this Agreement. <br /> <br /> §513 Notice of Default to Mortgage or Deed of Trust Holders; Right to Cure <br /> <br /> With respect to any mortgages or other security holder having an interest in the Project <br />Site as contemplated in this Agreement, whenever the Agency shall deliver any notice or demand <br />to Developer with respect to any Default by Developer in completion of construction of the <br /> <br /> 25 <br />DOCSSF1:648942.4 <br />9975-5 C14 <br /> 120502 <br /> <br /> <br />