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8l.-ut~573~
<br />~.~~a
<br />(9.d4)
<br />~• 503. Prohibition Against Transfer of Property and Assignment of
<br />Agreement, Also, for the foregoing reasons the Redeveloper represents and
<br />agrees for itself, sad its successors and assigns, that:
<br />(a} Except only
<br />(1} by way of security for, and only for, {i) the purpose of
<br />obtaininb financing necessary to enable the Redeveloper or
<br />• any successor in interest to the Property, or any part
<br />thereof, to perform its obligations with respect to making
<br />the Itpp:cvemerts under the Agreement, and (ii') any other
<br />purpose authorized by the Agreement, and
<br />(2) as to any individual parts or parcels of the Property on
<br />which the Improvements to be constr:acted thereon have been
<br />completed, and which, by the terms of the Agreement, the
<br />' Redeveloper is authorized to convey or lease as such
<br />Improvements are completed,
<br />the Redeveloger (except as so authorized) has not made or created, and that
<br />it wii2 not, prior to the pro,:..r cosegletion of the Improvements Bus
<br />certified by the Agency, make or create, or suffer to be made or created,
<br />any total or partial sale, assignment, conveyance, or lease, or any trust
<br />or power, or transfer in any other mode or form of or with respect to the
<br />Agreement or the Property, or any part thereof or any interest therein, or
<br />any coatract~or agreement to do any of the same, without the prior written
<br />approval of the Agency: Provided, That, prior to the issuance by the
<br />Agency of the certificate provided for in Section 307 hereof as to
<br />completion of construction of the Improvements, the Redeveloper may enter
<br />into any agreement to sell, lease, or otherwise transfer, after the
<br />issuance oP such certificate, the Property or any part thereof or interest
<br />therein, which agreement shall not provide for payment of or on account of
<br />the purchase price cr rent for the Property, or the part thereof or the
<br />interest therein to be so transferred, grior to the issuance of such
<br />certificate.
<br />{b) The Agency shall be entitled to require, except e.s otherwise
<br />provided izt the Agre•eweat, as conditions to any such approval that:
<br />(1} Any propased transferee shalt have the qualifications af.d
<br />financial responsibility, as deterruined by the Agency,
<br />necessary and adequate to fulftll the obligations undertaken
<br />Sn the Agreement by the Redeveloper {or, is the event the
<br />transfer is of or relates to part of the Property, such
<br />obligations to the extent that they relate to such part).
<br />(2) Any proposed transferee, by instrument in writing
<br />satisfactory to the At,ency and in form recordable among
<br />the land records, shall, for itself and its successors and
<br />assigns, end expressly for the benefit of the Agency, have
<br />expressly assumed all oP the obligations of the Redeveloper
<br />., g
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