Subordination of Fee Title. It is expressly understood and agreed that the Entity has the right, subordinate to the lien of the Annual Service Charge and to the rights of the Borough hereunder, to encumber and/or lease and/or assign the fee title to the Project Area and/or Project, and that any such encumbrance, lease or assignment shall not be deemed to be a violation of this Agreement.
Subordination of Fee Title. It is expressly understood and agreed that the Urban Renewal Entity has the right to encumber and/or assign the fee title to the Land and/or Improvements for the purpose of financing the design, development and construction of the Project and that any such encumbrance or assignment shall not be deemed to be a violation of this Agreement. Notwithstanding the foregoing, a transfer pursuant to this Section 7.03 is also subject to the transfer prohibitions and exemptions specified in Article 11 of the Redevelopment Agreement.
Subordination of Fee Title. It is expressly understood and agreed that the Entity has the right to encumber and/or assign the fee title to the Land and/or Improvements for the purpose solely of financing the design, development and construction of the Project and for no other purpose, and that any such encumbrance or assignment shall not be deemed to be a violation of this Agreement.
Subordination of Fee Title. (a) It is expressly understood and agreed that the Urban Renewal Entity has the right to encumber and/or assign the fee title to the Land and/or Improvements and this Agreement for the purpose of financing the design, development and construction of the Project and otherwise to secure loans to, or obligations of, the Urban Renewal Entity and that any such encumbrance or assignment shall not be deemed to be a violation of this Agreement (“Security Arrangements”). Notwithstanding the foregoing, prior to the issuance of a Certificate of Completion, a transfer pursuant to this Section 7.03 is also subject to the transfer prohibitions and exemptions specified in Article 11 of the
Subordination of Fee Title. The Parties hereby expressly, irrevocably and unconditionally acknowledge, agree, warrant and covenant that the Entity has the right, subordinate to the municipal lien hereunder, as a matter of law, to encumber the fee title to its property, including any improvements related thereto, and that any such subordinate encumbrance shall not be deemed to be a violation of this Agreement.
Subordination of Fee Title. It is expressly understood and agreed that SJS has the right to encumber the fee title to the Property and/or Project Improvements (or portion thereof), and that any such encumbrance or assignment shall not be deemed to be a violation of this Agreement.
Subordination of Fee Title. It is expressly understood and agreed that the Entity has the right, subordinate to the lien of the Annual Service Charges and to the rights of the Township hereunder, to encumber and/or assign the fee title to the Land and/or Improvements for the sole purpose of obtaining financing for use in the construction or operation of the Project, and that any such encumbrance or assignment shall not be deemed to be a violation of this Agreement. This section shall not prohibit the encumbrance of a mortgage lien on the Property, it being expressly understood that a mortgage lien takes subject to the municipal lien created by the Annual Service Charge under the Exemption Law.
Subordination of Fee Title. It is expressly understood and agreed that the Redeveloper has the right to encumber and/or assign the fee title to the Land and/or Improvements for the purpose of financing and/or refinancing the design, development and construction of the Project and that any such encumbrance or assignment shall not be deemed to be a violation of this Agreement.
