Agmt01 Western Innisfree Ventures LLC

Browse Search

I on the Project or any part thereof any mortgage, deed of trust, grant deed, encumbrance 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 thereof, 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 tax, assessment, encumbrance or lien, nor to limit the remedies available to Developer in respect thereto. Developer understands that under certain conditions its control of the Project Site or portion thereof under this Agreement may give rise to the imposition ora possessory interest tax on said property, and in such event, Developer agrees to pay when due any such possessory interest tax. {}511 No Encumbrances Except Mortgages. Deeds of Trust or Sales and Leases- Back for Development Notwithstanding Article 9 of this Agreement, mortgages, deeds of trust and sales and leases-back are pem-litted before issuance of the Certificate of Completion, 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. 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. 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 improvements. {}512 Holder Not Obligated to Construct Improvements 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, peru,it 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 Mortgage or Deed of Trust Holders; 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 improvements, the Agency shall at the same time deliver a copy of such notice or demand to each holder of record of any mortgage, deed of trust or other security authorized by this Agreement who has previously made a written request to the Agency therefor. Each such holder (insofar as the rights of the Agency are concerned) has the right, at its option, within ninety (90) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such Default, provided, however, if such Default is such that it cannot reasonably be cured or remedied within such 90-day period or if possession of the Project Site may be reasonably necessary to remedy the Default, each such holder shall have a reasonable time after the expiration of such 90-day period within which to remedy such Default, provided that such holder shall have initiated within such 90-day period the curing of any Default that can be remedied without taking possession of the Project and is diligently prosecuting such cure, or, in the case of 27 DOCSSFl:495065.9 9975-5 ~