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~~ <br />J ~itlh~•'~i~ <br />Agency, neither the Grantees nor any successor in interest to the <br />Premises s?tall engage in and financing or any other transaction <br />creating any mortgage ~~r other znci:mbrance orlicn upon the <br />Premises, whether by empress agr~~:nent ar opez~Cior. of law, or <br />suffer anc- ^_ncumbrance cr Lien tc be trade ~n or attached to the Pre- <br />-. miser, except for the aurpose only of obtaining.: <br />A. rands onl~~ t~ the extenfi necessary fcr ma4ci.ng <br />the improvements; or <br />B. such additional funds, if any,'in an-amount not to <br />" exceed the purchase price paid'by the Grantees. <br />Until issuance of ~he certificate of completion, Grantees or their <br />successors i.n interest; shall notify the,Director of the Community <br />Development Agency, in advance, of`any,frrancing secured by a ~~IOrt- <br />gage or other similar lien instrument which Grantees propose to <br />enter into with respect to the Premises,. ~_nd of ariv encumbrance or <br />lien that has been crated or attached to the Premises by'involunt- <br />arv act of the Grantees, or otherwise. <br />7. The holder of ary mortgage authorized by the Director'ef <br />the Cemmunity Development Agenc}, Sncluding any holder ca~ho ~btairs <br />title to the Premises or any cart thereof as a result ~~ foreclosure <br />proceedings or action in lieu therecf ;but not including: <br />(al any other party who Chereaf.Cer obtains ti_t1e to the <br />Premises or such part from or through such holder; <br />or <br />(bi any other purchaser at foreclsoure sale other than <br />the holder of t?~e mortgage itself, <br />shall be obligated by the provisi~sns vi this deed to constn:ct o;~ <br />complete the construction of the improvements, or toguurantee such <br />- 3 - <br />I~ <br /> ~». <br />