Mortgage Financing. Neither the Redeveloper nor any successor in interest to the Project Area, Project Improvements, or any part thereof, shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Project Area, Project Improvements, or any part thereof, (other than mortgages or liens for governmental impositions, the loan agreement, any security agreement, the Third Party Financing, and for the purpose of obtaining funds in connection with the acquisition and/or restoration of the Project Area and the construction of the Project Improvements, and such encumbrances required for the development and construction of the Project Improvements), whether by express agreement or operation of law, or suffer any encumbrance or lien to be made or attach to the Project Area, Project Improvements, or any part thereof, except such encumbrances required for the development and construction of the Project Improvements, provided, however, that upon the issuance of a Certificate of Completion, such prohibition shall no longer apply with respect to the corresponding parcel of land and improvements. Redeveloper shall promptly notify the Borough of any encumbrance or lien (other than mortgage liens and liens for governmental impositions) that has been created on or attached to any portion of the Project Area, Project Improvements, or any part thereof, whether by voluntary act of the Redeveloper or otherwise, upon obtaining knowledge or notice of same. The provisions of this Agreement shall not be deemed to grant to Borough the right to approve or review the terms of any such proposed financing.
Appears in 3 contracts
Sources: Redevelopment Agreement, Redevelopment Agreement, Redevelopment Agreement