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87- 103654 <br />5. Grantee shall not, prior to the completion of the <br />improvements on the premises, as certified by the Director of <br />the Community Development Agency, sell, assign, contract to sell, <br />or in any manner convey the premises or any interest therein <br />without the prior written approval of the Director of the <br />Community Development Agency. Any successor in interest of <br />Grantee shall be bound by the provisions of this deed. <br />6. Prior to the completion of the improvements on the <br />Premises as certified by the Director of the Community <br />Development Agency, neither the Grantee nor any successor in <br />interest to the Premises shall engage in any financing or any <br />other transaction creating any mortgage or other encumbrance or <br />lien upon the Premises, whether by express agreement or operation <br />of law, or suffer any encumbrance or lien to be made on or <br />attached to the Premises, except for the purpose only of <br />obtaining: <br />A. Funds only to the extent necessary for making <br />the improvements; or <br />H. Such additional funds, if any, in an amount not <br />to exceed the purchase price paid by the Grantee. <br />Until issuance of the certificate of completion, Grantee, or her <br />successors in interest shall notify the Director of the Community <br />Development Agency, in advance, of any financing secured by a <br />mortgage or other similar lien instrument which Grantee proposes <br />to enter into with respect to the Premises, and of any <br />encumbrance or lien that has been created or attached to the <br />Premises by involuntary act of the Grantee, or otherwise. <br />7. The holder of any mortgage authorized by the Director <br />of the Community Development Agency, including any holder who <br />obtains title to the Premises or any part thereof as a result of <br />foreclosure proceedings or action in lieu thereof (but not <br />including: <br />(a) any other party who thereafter obtains title to <br />the Promises or such part from or through such <br />holder; or <br />(b) any other purchaser at foreclosure sale other <br />than the holder of the mortgage itself,) <br />shall be obligated by the provisions of this deed to construct or <br />complete the construction of the improvements, or to guarantee <br />such construction or completion. Nothing in these covenants or <br />this deed shall be deemed or construed to permit or authorize any <br />such holder to devote the property or any part thereof to any <br />uses, or construct any improvements thereon, other than those <br />uses and improvements provided or permitted in the Urban Renewal <br />Plan or Community Development Plan of the City of Grand Island. <br />2 <br />u <br />