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85- <br />004590 <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 />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 />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 />thePremisesorsuchpartfromorthroughsuch <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 this .improvements, or to guarantee <br />such construction or completion. Nothing in these covenants or <br />3 <br />U <br />-i <br />