Common use of Financing Creating Encumbrances Restricted Clause in Contracts

Financing Creating Encumbrances Restricted. a. Prior to completion of 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 such Redeveloper Property, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the 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 Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, Redeveloper’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of 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 such Redeveloper PropertyProject Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private Redeveloper 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 Redeveloper PropertyProject Site, and shall promptly notify the City of any Deed of Trust or Mortgage that has been created on or attached to 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 City, City and Redeveloper’s =s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion 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 such the Redeveloper Property, except for the purposes of obtaining funds funds, and then only to the extent necessary to design, construct, maintain, repair, replace and insure the Private 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 CityClerk of the district court pursuant to Neb. Rev. Stat. §52-142, 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 development 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion 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 such the Redeveloper Property, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the 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 CityClerk of the district court pursuant to Neb. Rev. Stat. §52-142, 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 development 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of Private Owner’s 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 such Redeveloper PropertyRedevelopment Project Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private 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 Redeveloper PropertyRedevelopment Project Site, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, RedeveloperCity and Owner’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of Private the 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 such Redeveloper Propertythe Project Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private ImprovementsRedeveloper Improvements 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 Redeveloper Propertythe Project Site, and shall promptly notify the City of any Mortgage that has been created on or attached to Redeveloper Property the 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 City, City and Redeveloper’s lender to permit 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 development 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of 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 such Redeveloper PropertyProject Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private Redeveloper 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 Redeveloper PropertyProject Site, and shall promptly notify the City of any Deed of Trust or Mortgage that has been created on or attached to 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 City, City and Redeveloper’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of 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 such Redeveloper PropertyProject Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private Redeveloper 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 Redeveloper PropertyProject Site, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, City and Redeveloper’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion of Private Redeveloper’s 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 such Redeveloper PropertyRedevelopment Project Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private 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 Redeveloper PropertyRedevelopment Project Site, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, City and Redeveloper’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion 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 such the Redeveloper Property, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private ImprovementsImprovements 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 CityClerk of the district court pursuant to Neb. Rev. Stat. §52-142, 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 development 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion of Private ImprovementsRedeveloper’s Improvements for each 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 such Redeveloper PropertyRedevelopment Project Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private 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 Redeveloper PropertyRedevelopment Project Site, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, Redeveloper’s lender Clerk of the District Court pursuant to Neb. Rev. Stat. § 52-142 to permit 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 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion 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 such the Redeveloper Property, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the 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 CityClerk of the district court pursuant to Neb. Rev. Stat. §52-142, 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 development 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of 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 such Redeveloper Property, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the 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 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 CityAuthority, Redeveloper’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of 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 such Redeveloper PropertyProject Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the 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 Redeveloper PropertyProject Site, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, Redeveloper’s lender and Airspace’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of Private the 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 such Redeveloper PropertyProject Site, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private Redeveloper 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 Redeveloper Propertythe Project Site, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, City and Redeveloper’s lender to permit 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 development 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion of Private the 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 such Redeveloper Property, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private Redeveloper 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 Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, City and Redeveloper’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion of 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 such Redeveloper Propertyproperties, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the 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 City, Redeveloper’s lender clerk of the district court pursuant to permit Redeveloper Neb. Rev. Stat. §15-142 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 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion of Private the 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 such Redeveloper Project Property, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private Redeveloper 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 Redeveloper Project Property, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, City and Redeveloper’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. Prior to completion of Phase 1 or Phase 2 , as applicable, of 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 only to the extent necessary to acquire such property, or design, construct, maintain, repair, replace and insure the 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 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 CityAuthority, Redeveloper’s lender to permit 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 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.

Financing Creating Encumbrances Restricted. a. A. Prior to completion of Private the 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 such Redeveloper Property, except for the purposes of obtaining funds only to the extent necessary to design, construct, maintain, repair, replace and insure the Private Redeveloper 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 Redeveloper Property, and shall promptly notify the City of any Mortgage that has been created on or attached to 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 City, City and Redeveloper’s lender to permit 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 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. Notwithstanding the above, the sale of individual condominium units may be secured by a Mortgage upon the individual unit.

Financing Creating Encumbrances Restricted. a. Prior to completion of 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 such the Redeveloper Property, except for the purposes of obtaining funds only to the extent necessary to acquire such property, or design, construct, maintain, repair, replace and insure the 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 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 CityAuthority, Redeveloper’s lender to permit 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 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.