Common use of Financing Creating Encumbrances Restricted Clause in Contracts

Financing Creating Encumbrances Restricted. A. Prior to issuance of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, nor any successors in interest with respect to the Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Property, except for the purposes of obtaining funds, and then only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvements. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Improvements; any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashion. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine (9) months from the date of acquisition of title by said party and to diligently pursue the same to completion or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within three

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Redeveloper Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property Project Site shall engage in any financing or any other transaction creating any Deed of Trust or Mortgage upon the Redeveloper PropertyProject Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Project Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvements. Prior to completion of Redeveloper Improvements, Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by a Deed of Trust or Mortgage that it proposes to enter into with respect to the Redeveloper PropertyProject Site, and shall promptly notify the City of any Deed of Trust or Mortgage that has been created on or attached to the Redeveloper Property Project Site whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property Project Site and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper=s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property Project Site shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Redeveloper Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Redeveloper Improvements to the Director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed Deed of trust Trust or Mortgage or other encumbrance should occur prior to the furnishing completion of the Certificate of Completion Redeveloper Improvements or at any time when any casualty damage to the Private Redeveloper Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Project Site from or through Redeveloper or the holder of any Deed of Trust or Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in lieu thereof, the holder date of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threesuch acquisition.

Financing Creating Encumbrances Restricted. A. Prior to issuance of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, nor any successors in interest with respect to the Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Private Improvements. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Improvements; any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashion. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine (9) months from the date of acquisition of title by said party and to diligently pursue the same to completion or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within three

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, nor any successors in interest with respect to the Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the such Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Private Improvements. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142City, Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Improvements; any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threethree (3) months from the date of acquisition of title.

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvementseach Phase One and Phase Two, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property Redevelopment Project Site shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper PropertyRedevelopment Project Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Redevelopment Project Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project ImprovementsRedevelopment Project. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper PropertyRedevelopment Project Site, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property Redevelopment Project Site whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property Redevelopment Project Site and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court District Court pursuant to Neb. Rev. Stat. §§ 52-142, 142 to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property Redevelopment Project Site shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashionRedevelopment Project. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Redeveloper’s Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Redevelopment Project Site from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in date of such acquisition. In lieu thereof, the holder of any Mortgage or any other purchaser at foreclose sale shall titleholder may pay to the City the amount necessary needed to fully retire the TIF Indebtedness within threeIndebtedness.

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Redeveloper Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property Project Site shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper PropertyProject Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Project Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvements. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper PropertyProject Site, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property Project Site whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property Project Site and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property Project Site shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Redeveloper Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Redeveloper Improvements to the Director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Redeveloper’s Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Project Site from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in lieu thereof, the holder date of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threesuch acquisition.

Financing Creating Encumbrances Restricted. A. Prior to issuance of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, nor any successors in interest with respect to the Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Private Improvements. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding Notwith- standing the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Improvements; any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements Public Enhancements to the Director of Urban Development in a timely fashion. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine (9) months from the date of acquisition of title by said party and to diligently pursue the same to completion or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within three

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, nor any successors in interest with respect to the Redeveloper Property Property, shall engage in any financing or any other transaction creating any Mortgage mortgage upon the Redeveloper Property, whether by express agreement contract or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the such Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Private Improvements, or to refinance said amounts. Redeveloper Redeveloper, or any successor in interest as Redeveloper shall notify the City Authority in advance of any financing secured by Mortgage mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City Authority of any Mortgage mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond Note or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142Authority, to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of the Private Improvements; any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashion. B. a. In the event that any foreclosure of any Mortgagemortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage mortgage or any other purchaser at foreclose sale shall pay to the City Authority the amount necessary to fully retire the TIF Indebtedness within threethree (3) months from the date of acquisition of title. b. Whenever the Authority shall deliver any notice or demand to Redeveloper with respect to any breach or default by Redeveloper of its obligations or covenants in this Contract, the Authority shall at the same time forward a copy of such notice or demand to each Holder of any mortgage at the last address of such Holder as shown in the records of the Register of Deeds of Hall County. c. If thirty (30) days after any notice or demand with respect to any breach or default, such breach or default remains uncured, each such Holder shall (and every mortgage or other instrument of encumbrance made prior to completion of the Private Improvements by Redeveloper or its successors in interest shall so provide) have the right, at its option, to cure or remedy such breach or default and to add the cost thereof to the mortgage debt and the lien of its mortgage; provided, that if the breach or default is with respect to construction of the Project Site, nothing contained in this section or any other section of this Contract shall be deemed to permit or authorize. d. The rights and obligations of this Contract relating to mortgages of any portion of Super Market Developers, Inc the Redeveloper Property shall apply to any other type of encumbrance on any of the Redeveloper Property, and any of the stated rights, obligations and remedies of any party relating to mortgage foreclosures shall be applicable to procedures under any deed of trust or similar method of encumbrance.

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Redeveloper Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property Project Site shall engage in any financing or any other transaction creating any Deed of Trust or Mortgage upon the Redeveloper PropertyProject Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Project Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvements. Prior to completion of Redeveloper Improvements, Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by a Deed of Trust or Mortgage that it proposes to enter into with respect to the Redeveloper PropertyProject Site, and shall promptly notify the City of any Deed of Trust or Mortgage that has been created on or attached to the Redeveloper Property Project Site whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property Project Site and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property Project Site shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Redeveloper Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Redeveloper Improvements to the Director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed Deed of trust Trust or Mortgage or other encumbrance should occur prior to the furnishing completion of the Certificate of Completion Redeveloper Improvements or at any time when any casualty damage to the Private Redeveloper Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Project Site from or through Redeveloper or the holder of any Deed of Trust or Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in lieu thereof, the holder date of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threesuch acquisition.

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Redeveloper Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Project Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Project Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper such Project Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvements. Redeveloper Redeveloper, or any successor in interest as Redeveloper of Redeveloper, shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper Project Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Project Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Project Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private the Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Project Property shall be used solely for the payment of costs and expenses related to the design and construction of development the Private Redeveloper Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Redeveloper Improvements to the Director of Urban Development in a timely fashion. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance Mortgage should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Redeveloper Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Project Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose a foreclosure sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threethree (3) months from the date of acquisition of title.

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, nor any successors in interest with respect to the Redeveloper Property Property, shall engage in any financing or any other transaction creating any Mortgage mortgage upon the the Redeveloper Property, whether by express agreement contract or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to acquire such property, or design, construct, maintain, repair, replace and insure the Redeveloper Project Private Improvements, or to refinance said amounts. Redeveloper Redeveloper, or any successor in interest as Redeveloper shall notify the City Authority in advance of any financing secured by Mortgage mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City Authority of any Mortgage mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond Note or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142Authority, to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of the Private Improvements; any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashion. B. a. In the event that any foreclosure of any Mortgagemortgage, deed of trust or other encumbrance should occur prior to the furnishing of the a Certificate of Completion or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage mortgage or any other purchaser at foreclose sale shall pay to the City Authority the amount necessary to fully retire the TIF Indebtedness Note within threethree (3) months from the date of acquisition of title. Hatchery Holdings, LLC b. Whenever the Authority shall deliver any notice or demand to Redeveloper with respect to any breach or default by Redeveloper of its obligations or covenants in this Contract, the Authority shall at the same time forward a copy of such notice or demand to each holder of any mortgage at the last address of such holder as shown in the records of the Register of Deeds of Hall County. c. If thirty (30) days after any notice or demand with respect to any breach or default, such breach or default remains uncured, each such holder shall have the right, at its option, to cure or remedy such breach or default and to add the cost thereof to the mortgage debt and the lien of its mortgage. d. The rights and obligations of this Contract relating to mortgages of any portion of the Redeveloper Property shall apply to any other type of encumbrance on any of the Redeveloper Property, and any of the stated rights, obligations and remedies of any party relating to mortgage foreclosures shall be applicable to procedures under any deed of trust or similar method of encumbrance.

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property Redevelopment Project Site shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper PropertyRedevelopment Project Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Redevelopment Project Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project ImprovementsRedevelopment Project. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper PropertyRedevelopment Project Site, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property Redevelopment Project Site whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property Redevelopment Project Site and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property Redevelopment Project Site shall be used solely for the payment of costs and expenses related to the design and construction development of the Private ImprovementsRedevelopment Project. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements Redevelopment Project to the Director of Urban Development in a timely fashion. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Redeveloper’s Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Redevelopment Project Site from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in lieu thereof, the holder date of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threesuch acquisition.

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate Phase 1 or Phase 2 , as applicable, of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, nor any successors in interest with respect to the applicable portion of the Redeveloper Property Property, shall engage in any financing or any other transaction creating any Mortgage mortgage upon the uncompleted phase of the Redeveloper Property, whether by express agreement contract or operation of law, or suffer any encumbrance or lien to be made on or attached to any of such uncompleted phase of the Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to acquire such property, or design, construct, maintain, repair, replace and insure the Redeveloper Project Private Improvements, or to refinance said amounts. Redeveloper Redeveloper, or any successor in interest as Redeveloper shall notify the City Authority in advance of any financing secured by Mortgage mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City Authority of any Mortgage mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond Note or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142Authority, to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Xxxxxxxxx Real Estate, LLC Redeveloper agrees that prior to completion of a phase of the Private Improvements; any loan proceeds secured by any interest in the applicable Redeveloper Property for such uncompleted phase shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashionfor that phase. B. a. In the event that any foreclosure of any Mortgagemortgage, deed of trust or other encumbrance should occur prior to the furnishing of the a Certificate of Completion for a particular phase or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage mortgage or any other purchaser at foreclose sale shall pay to the City Authority the amount necessary to fully retire the TIF Indebtedness Note within threethree (3) months from the date of acquisition of title. b. Whenever the Authority shall deliver any notice or demand to Redeveloper with respect to any breach or default by Redeveloper of its obligations or covenants in this Contract, the Authority shall at the same time forward a copy of such notice or demand to each holder of any mortgage at the last address of such holder as shown in the records of the Register of Deeds of Hall County. c. If thirty (30) days after any notice or demand with respect to any breach or default, such breach or default remains uncured, each such holder shall have the right, at its option, to cure or remedy such breach or default and to add the cost thereof to the mortgage debt and the lien of its mortgage. d. The rights and obligations of this Contract relating to mortgages of any portion of the Redeveloper Property shall apply to any other type of encumbrance on any of the Redeveloper Property, and any of the stated rights, obligations and remedies of any party relating to mortgage foreclosures shall be applicable to procedures under any deed of trust or similar method of encumbrance.

Financing Creating Encumbrances Restricted. A. Prior to issuance of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, nor any successors in interest with respect to the Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project ImprovementsPrivate Improvements and finance the TIF Bonds and LB 562 Bonds. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Improvements; , any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction of the Private Improvements. Upon request of the City, Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashion. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine (9) months from the date of acquisition of title by said party and to diligently pursue the same to completion or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within three

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the their respective Private Improvements, neither Redeveloper, Airspace nor any successors in interest with respect to the Redeveloper Property and Airspace Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper PropertyProject Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Project Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Private Improvements. Redeveloper Redeveloper, Airspace or any successor in interest as Redeveloper or Airspace shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper PropertyProject Site, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property and Airspace Property whether by voluntary act of Redeveloper Redeveloper, Airspace or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and Airspace Property and which is contested by RedeveloperRedeveloper or Airspace, then Redeveloper or Airspace may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142City, Redeveloper’s lender and Airspace’s lender to permit the Redeveloper or Airspace to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees and Airspace agree that prior to completion of their respective Private Improvements; any loan proceeds secured by any interest in the Redeveloper Property and Airspace Property shall be used solely for the payment of costs and expenses related to the design and construction development of the their respective Private Improvements. Redeveloper and Airspace shall provide a copy of all draw requests and bank approvals related to the their respective Private Improvements to the Director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the their respective Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property and Airspace Property from or through Redeveloper Redeveloper, Airspace or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threethree (3) months from the date of acquisition of title.

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Redeveloper Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the such Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvements. Redeveloper Redeveloper, or any successor in interest as Redeveloper of Redeveloper, shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private the Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction of development the Private Redeveloper Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Redeveloper Improvements to the Director of Urban Development in a timely fashion. Notwithstanding the above, the sale of individual condominium units may be secured by a Mortgage upon the individual unit. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance Mortgage should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Redeveloper Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose a foreclosure sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threethree (3) months from the date of acquisition of title.

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Redeveloper Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the such Redeveloper Property, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvements. Redeveloper Redeveloper, or any successor in interest as Redeveloper of Redeveloper, shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private the Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction of development the Private Redeveloper Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Redeveloper Improvements to the Director of Urban Development in a timely fashion. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance Mortgage should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Redeveloper Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose a foreclosure sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threethree (3) months from the date of acquisition of title.

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements Liberty Village, as certified by the City for the Private ImprovementsMayor, neither Redeveloper, Brighton nor any successors in interest with respect to the Redeveloper Property Liberty Village as redeveloper shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Real Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Liberty Village, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvementsredevelopment Project. Redeveloper Brighton or any successor in interest as Redeveloper redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper PropertyLiberty Village, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property Liberty Village whether by voluntary act of Redeveloper Brighton or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property Liberty Village and which is contested by RedeveloperBrighton, then Redeveloper Brighton may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Brighton lender to permit the Redeveloper Brighton to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper Brighton agrees that prior to completion of Private Improvements; Liberty Village, as certified by the Mayor, any loan proceeds secured by any interest in the Redeveloper Property Liberty Village shall be used solely for the payment of costs and expenses related to the design and construction development of the Private ImprovementsProject based on the Architect certification as to percentage of completion. Redeveloper Brighton shall provide a copy of all draw requests and bank approvals related to the Private Improvements Project to the Director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Improvements Property has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Liberty Village from or through Redeveloper Brighton or the holder of any Mortgage or any other purchaser purchase at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in lieu thereof, the holder date of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threesuch acquisition.

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Redeveloper Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property Project Site shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper PropertyProject Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any portion of the Redeveloper PropertyProject Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project ImprovementsImprovements and other future commercial improvements in accordance with the Redevelopment Plan. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper PropertyProject Site, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property Project Site whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any portion of the Redeveloper Property Project Site and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private the Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property Project Site shall be used solely for the payment of costs and expenses related to the design and construction of the Private Redeveloper Improvements and advancement of funds for the Public Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Redeveloper Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Project Site from or through Redeveloper or the holder of any Mortgage or any other purchaser purchase at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in lieu thereof, the holder date of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threesuch acquisition.

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the Private Redeveloper Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Project Site as Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper PropertyProject Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Project Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Improvements. Redeveloper or any successor in interest as Redeveloper shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper PropertyProject Site, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property Project Site whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any portion of the Redeveloper Property Project Site and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Redeveloper’s lender to permit the Redeveloper to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of Private Redeveloper Improvements; , any loan proceeds secured by any interest in the Redeveloper Property Project Site shall be used solely for the payment of costs and expenses related to the design and construction of the Private ImprovementsImprovements based on the Architect’s certification as to percentage of completion. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Redeveloper Improvements to the Director director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Redeveloper Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Project Site from or through Redeveloper or the holder of any Mortgage or any other purchaser purchase at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in lieu thereof, the holder date of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threesuch acquisition.

Financing Creating Encumbrances Restricted. A. Prior to issuance completion of the Redeveloper’s Certificate of Completion of Improvements by the City for the its Private Improvements, neither Redeveloper, Redeveloper nor any successors in interest with respect to the Redeveloper Property shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch properties, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project Private Improvements. Redeveloper or any successor in interest as of Redeveloper shall notify the City in advance of any financing secured by a Mortgage that it proposes to enter into with respect to the Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk clerk of the district court pursuant to Neb. Rev. Stat. §5215-142, to permit the Redeveloper 142 to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper agrees that prior to completion of the Private Improvements; , any loan proceeds secured by any interest in the Redeveloper Property shall be used solely for the payment of costs and expenses related to the design and construction development of the Private Improvements. Redeveloper shall provide a copy of all draw requests and bank approvals related to the Private Improvements to the Director of Urban Development in a timely fashion. B. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property from or through Redeveloper or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within eighteen (18) months from the same to completion date of such acquisition or, in lieu thereof, the holder of any Mortgage or any other purchaser at foreclose foreclosure sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threethree (3) months from the date of acquisition of title.

Financing Creating Encumbrances Restricted. A. a. Prior to issuance completion of the RedeveloperOwner’s Certificate of Completion of Improvements by the City for the Private Improvements, neither Redeveloper, Owner nor any successors in interest with respect to the Redeveloper Property Redevelopment Project Site shall engage in any financing or any other transaction creating any Mortgage upon the Redeveloper PropertyRedevelopment Project Site, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to any of the Redeveloper Propertysuch Redevelopment Project Site, except for the purposes of obtaining funds, and then funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Redeveloper Project ImprovementsRedevelopment Project. Redeveloper Owner or any successor in interest as Redeveloper Owner shall notify the City in advance of any financing secured by Mortgage that it proposes to enter into with respect to the Redeveloper PropertyRedevelopment Project Site, and shall promptly notify the City of any Mortgage that has been created on or attached to the Redeveloper Property Redevelopment Project Site whether by voluntary act of Redeveloper Owner or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to any of the Redeveloper Property Redevelopment Project Site and which is contested by RedeveloperOwner, then Redeveloper Owner may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. §52-142, City and Owner’s lender to permit the Redeveloper Owner to avoid or prevent foreclosure of such encumbrance or lien. In addition, Redeveloper Owner agrees that prior to completion of Private Owner Improvements; , any loan proceeds secured by any interest in the Redeveloper Property Redevelopment Project Site shall be used solely for the payment of costs and expenses related to the design and construction development of the Private ImprovementsRedevelopment Project. Redeveloper Owner shall provide a copy of all draw requests and bank approvals related to the Private Improvements Redevelopment Project to the Director of Urban Development in a timely fashion. B. b. In the event that any foreclosure of any Mortgage, deed of trust or other encumbrance should occur prior to the furnishing of the Certificate of Completion or at any time when any casualty damage to the Private Owner’s Improvements has occurred and has not been fully restored, any party who obtains title to any portion of the Redeveloper Property Redevelopment Project Site from or through Redeveloper Owner or the holder of any Mortgage or any other purchaser at foreclosure sale shall be obligated to use good faith efforts to commence construction or reconstruction within nine three (93) months from the date of acquisition of title by said party and to diligently pursue complete construction or restoration within twenty-four (24) months from the same to completion or, in lieu thereof, the holder date of any Mortgage or any other purchaser at foreclose sale shall pay to the City the amount necessary to fully retire the TIF Indebtedness within threesuch acquisition.