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Mj IuXqu° <br />(� 5. Prior to the completion of the improvements on the <br />l Premises as certifie9 by the Director of the Community Develop- <br />ment Agency, neither the Grantees nor any successor in interest <br />to the Premises shall engage in any financing or any other <br />transaction creating any mortgage or other encumbrance or lien <br />upon the Premises, whether by express agreement or operation of <br />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 -Waking <br />the improvements; or <br />B. Such additional funds, if any, in an amount not <br />to exceed the purchase price paid by the Grantees. <br />Until issuance of the certificate of completion, Grantees, or <br />their successors in interest shall notify the Director of the <br />Community Development Agency, in advance, of any financing <br />secured by a mortgage or other similar lien instrument which <br />Grantees propose to enter into with respect to the Premises, and <br />of any encumbrance or lien that has been created or attached to <br />the Premises by involuntary act of the Grantees, or otherwise. �! <br />6. 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 oarty who thereafter obtains title to <br />the Premises 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 />3 <br />U <br />