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s <br /> <br />/. The holder of any mortgage authorized by the IIirector of <br />the Community Development Agency, including any holder who obtains <br />title to the Premises or any part thereof as a result of foreclosxnce <br />proeeedinga 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 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 such <br />construction or completion. Nothing in these covenants ar this <br />deed shall be deemed ar construed to permit or authorize any such <br />holder to devote the property or any part thereof to any uses, or <br />construct any improvements thereon other than those uses and <br />improvements provided or permitted in the Urban Renewal Plan or Community <br />Development Plan of the City of Grand Island. <br />$. Grantees shall not protest the creation of any improvement <br />districts, including but not limited to, paving, sanitary sewer, <br />water main, storm water drainage ar sidewalks which may be created <br />in or adjacent to the Premises for which the Premises may be subject <br />t~ the levy of special assessments. 'Ptte foregoing prohibition shall <br />not prohibit the Grantees from objecting to the amount of any such <br />special assessu~nt 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 reverter <br />shall vest in the Grantor herein, the City of Grand Island, Nebraska. <br />Grantor hereby covenants with Grantees and with Grantees' :Zeirs <br />and assigns that Grantor is lawfully seized of said Premises; that <br />they are free from encumbrance, except easements of record and <br />vi;si~le easements; thaC Grantor has good right and lawful authority <br />to convey the same, subject to the foregoing conditions; and that <br />Gr~aator grants and will defend the title to said Premises against <br />the lawful claims of ail s~ersons whomsoever- <br />- 3 <br />