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81005739
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Last modified
1/14/2010 10:49:36 PM
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1/14/2010 10:48:31 PM
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DEEDS
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81005739
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81-~~30573~ <br />HUD.69098 <br />.;, (9d9) <br />(5) Tire Redeveloper and its transferee shall comply with such <br />other c.-editions as the Agency may find desirable in order <br />to achieve and safeguard the purposes of the Urban Renewal <br />Act and the Urban Renewal Plan. <br />Provided, That in the absence of specific written agreement by the Agency <br />to the contrary, no such transfer or approval by the Agency thereof shall <br />be deemed to relieve the Redeveloper, ar say other gamy bound in any way <br />by the Agreement or otherwise with respect to the construction of the <br />Imprdvements, frow arv of its obligations with respect thereto. <br />SEC. 5Q4. .Information As to Stockholders. In order to assist in the <br />effectuation of the purposes of this Article V and the statutory objectives <br />generally, the Redeveloper agrees that during the period between execution <br />oP the Agreement and completion of the Improvements as certified by the <br />Agency, (a) the Redeveloper will promptly notify the Agency of any and all <br />changes whatsoever in the ownership of stock, legal or beneficial, or of <br />any other act or transaction involving or resulting in any change in the <br />ownership of such stock or in the relative distribution thereof, or with <br />respect to the identity oi' the parties in control of the Redeveloper or <br />the dagree thereof, of which it or any of its officers have been notified <br />or otherwise have knowledge or information; and (b) the Redeveloper shall, <br />at such time or times as the Agency may request, furnish the Agency with s <br />complete. statement, subscribed and sworn to by the President or other <br />executive officer of the Redeveloper, setting forth all of the stockholders <br />of the Redeveloper and the extent of their respective holdings, and in the <br />event any other parties have a beneficial interest in such stock their <br />names and the extent of such interest, all as determined or indicated by <br />the records of the Pedeveloper, by specific inquiry made by any such <br />officer, of all parties who on the basis of such records own 10 percent or <br />more of the stock in the Redeveloper, and by such other knowledge or <br />information as such officer shall have. Such lists, data, and information <br />shall in any event be furnished the Agency immediately prior to the <br />delivery of the Deed to the Redeveloper and as a condition precedent thereto, <br />and annually thereaftz:r an the anniversary of the date of the Deed until the <br />issuance of a certificate of completion for all the Property. <br />ARTI VI, ~R'i'vAs'E FI."tA'~,CI1'~; RIG9TS OF I~"RTGAGS <br />SEC, b01. Limitation Upon Encumbrance of Property. Prior to the <br />completion of the Improvements, as certified by the Agency, neither the <br />r`tadeveloper nor any successor in interest to the Property ar nay part thereat <br />shall engage in any financing or any other transaction creating any mortgage <br />or other encumbrance or lf<<n upon the Property, whether by express agreement <br />or operation of law, or su2'f.~r any encumbra:ree or lien to ~ made oa or <br />attach to the Property, exrspt far the purposes of obtaining (a} funds only <br />to the extent necessary for making the Improvements ruzd (b} such additional <br />funds, if any, in an amount not to exceed the :'urchase Price paid by the <br />Redeveloper to the Agency. The Redeveloper (or successor in interest) shall <br />notify the Agency in advance of any financing, secured by mortgage or other <br />11 <br />
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