Request to Refinance. Owner shall not cause or permit any Refinance of the Property or any interest therein, to or by any person or entity without first delivering written notice to City (a “Request to Refinance”) and obtaining City’s written consent. The Request to Refinance shall provide the name and address of the lender and the proposed terms of the encumbrance, refinancing, or hypothecation. Under no circumstances may Owner encumber, refinance, or otherwise hypothecate the Property for an amount in excess of ninety-five percent (95%) of the Purchase Price as determined pursuant to Section 8.b below.
