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85-OOM7 <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 />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 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 />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 tQ permit or authorize: any <br />such holder to devote the property or any part thereof to any <br />uses, or construct any improvements provided or permitted in the <br />Urban Renewal Plan or Community Development Plan of the City of <br />Grand Island. <br />S. Grantees shall not protest the creation of any <br />improvement districts, including but not limited to paving, <br />sanitary sewer, water main, storm water drainage, or sidewalks, <br />which may be created in or adjacent to the Premises for which the <br />Premises may be 3ub.ject to they levy of spacial assessments. The <br />foregoing prohibition shall not prohibit the Grantees from <br />objecting to the amount of any such spe:,ciii aisossme:nt which may <br />be levied against the Premises. <br />This deed shall convey to Grantees an estate in foci simple <br />doter-minable, and in the ovent of breach, the possLbility of <br />reverter shall invest in the Grantor the t':a.ty of ( Irand <br />Island, Nebraska. <br />