Mortgages or Deeds of Trust. Developer shall not enter into any mortgage or deed of trust with respect to the Property prior to Completion of Construction of the Project other than for the purpose of securing loans of funds to be used for acquisition of the Property or the construction of Project and any other expenditures necessary and appropriate to develop the Project in accordance with this Agreement.
Mortgages or Deeds of Trust. Developer shall not enter into any mortgage or deed of trust (“Mortgage”) for any non-Property or non-Project purpose with respect to any Phase prior to Infrastructure Completion for such Phase. For clarity but without limitation, Developer and all successor owners and ground lessees may at any time enter into a Mortgage for the purpose of (a) securing one or more loans of funds to be used for the acquisition of the Property or portions thereof, (b) the construction of any Initial Infrastructure or other Improvements, (c) any other expenditures necessary or appropriate to develop the Project in accordance with this Agreement, (d) any other bona fide use necessary or appropriate for the development of the Property or the financing or refinancing of the Improvements, or (e) the placing of takeout or permanent financing for any of the foregoing.
Mortgages or Deeds of Trust duly executed and delivered by the Potential Borrower covering Real Estate owned by the Potential Borrower, and evidence satisfactory to Agent that such Mortgages or Deeds of Trust have been properly recorded in the appropriate jurisdictions;
Mortgages or Deeds of Trust. Borrower and Lender request the holder of any mortgage, deed of trust or other encumbrance with a lien, which has priority over this Deed of Trust to give Notice to Lender, at Lender’s address set forth on page one of this Deed of Trust of any default under the superior encumbrance and of any sale or other foreclosure action.
