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88- 104'(30 5. Grantee shall not, prior to the completion of the improvements on the premises, as certified by the Director of the Community Development Agency, sell, assign, contract to sell, or in any manner convey the premises or any interest therein without the prior written approval of the Director of the Community Development Agency. Any successor in interest of Grantee shall be bound by the provisions of this deed. G. Prior to the completion of the improvements on the Premises as certified by the Director of the Community Develop- ment Agency, neither the Grantee nor any successor in interest to the Premises shall engage in any financing or any other trans- action creating any mortgage or other encumbranca or lien upon the Premises, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attached to the Premises, except for the purpose only of obtaining: A. Funds only to the extent necessary for making the improvements; or B. Such additional funds, if any, in an amount not to exceed the purchase price paid by the Grantee. Until issuance of the certificate of completion, Grantee, or his successors in interest shall notify the Director of the Community Development Agency, in advance, of any financing secured by a mortgage or other similar lien instrument which Grantee proposes to enter into with respect to the Premises, and of any encumbrance or lien that has been created or attached to the Premises by involuntary act of the Grantee, or otherwise. 7. The holder of any mortgage authorized by the Director of tne Community Development Agency, inClUding any holder who obtains title to the Premises or any part thereof as a result of foreclosure proceedings or action in lieu thereof (but not incLUding: (a) any other party who thereafter obtains title to the Premises or such part from or through such holder; or (b) any other purchaser at foreclosure sale other than the holder of the mortgage itself,) shall be obligated by the prOVisions of this deed to construct or complete the construction of the improvements, or to guarantee such construction or completion. Nothing in these covenants or this deed shall be deemed or construed to permit or authorize any such holder to devote the property or any part thereof to any uses, or construct any improvements provided or permitted in the Urban Renewal Plan or Community Development Plan of the City of Grand Island. 8. Grantee shall not protest the creation of any improve- ment districts, incLUding but not limited to paving, sanitary 2