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~~--~~J 0 5258 <br />7. The holder of any mortgage authorized by the Director of <br />the- Community Development Agency, including any holder who obtains <br />title to the Premises or any part thereof as a result of foreclosure <br />proceedings or action in lieu thereof (but not 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 fareclosure sale otk:er <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 i.n these covenants or <br />this deed shall be deemed or construed to permit ar authorize a~iy <br />such holder to devote the property or any part thereof to any <br />uses, or construct any improvements thereon other than those uses <br />and improvements provided or permitted in the Urban Renewal Plan <br />or Community Development Plan of the City of Grand island. <br />8. Grantees shall not pro*_est the creation of any improvement <br />district, including but not limited to, paving, sanitary sewer, <br />water main, storm water drainage or sidewalks which may be created <br />~_n or adjacent to the Premises for which the Premises may be <br />subject to the levy of special assessments. The foregoing prohibition <br />shall not prohibit the Grantees from objecting to the amount of <br />any such special assessment which may be levied against the Premises. <br />This deed shall convey to Grantees an estate in fee simple <br />determinable, and in the event of breach, the possibility of <br />reverter shall vest in the Grantor herein, the City of Grand <br />Ts land, Nebraska. <br />Grantor hereby covenants with Grantees and with Grantees` <br />heirs and assigns that Grantor is lawfully seized of said Premises; <br />that they-are free from encumbrance, except easements of record <br />and uisible easements; that Grantor has good right and lawful <br />authority to convey the same, subject to the foregoing conditions; <br />and that Grantor warrants and will defend the title to said Premises <br />aga~,nst the lawful claims of all persons whomsoever. <br />'D~m Final comTsl,ance with the Urban Renewal Pian and the <br />Gtr aunty D~evel~rpmsnF. Plat, of the City of Grand Island, :Nebraska, <br />- 3 - <br />