Limitation Upon Encumbrance of Cricket Lot Sample Clauses

Limitation Upon Encumbrance of Cricket Lot. Prior to the completion of the Project, as certified by the Authority pursuant to the Certificate of Completion, neither One Ardmore nor any successor in interest to the Cricket Lot or any part thereof shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Cricket Lot, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to the Cricket Lot, except for the purposes of obtaining funds only for acquiring the Cricket Lot and designing, developing and constructing the Project and all other hard and soft costs relating thereto, including, without limitation, operations, carrying costs, taxes, and repayment of loans used to acquire, develop or construct the Project. One Ardmore (or its successor in interest) shall notify the Authority in advance of any financing, secured by mortgage or other similar lien instrument, it proposes to enter into with respect to the Cricket Lot, or any part thereof, and in any event it shall promptly notify the Authority of any encumbrance or lien that has been created on or attached to the Cricket Lot, whether by voluntary act of One Ardmore or otherwise. From and after the recording of the Certificate of Completion the restrictions set forth in this Paragraph 3.1 shall no longer apply.
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Related to Limitation Upon Encumbrance of Cricket Lot

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