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1 ] <br />SECTION IX. MORTGAGE FINANCING; RIGHTS OF MORTGAGEES. <br />A. Limitation Upon Encumbrance of Property. Prior to the Commission's issuing a <br />Certificate of Completion, the Developer shall not: <br />1. engage in any transaction creating any encumbrance upon the Property, <br />whether by express agreement or operation of law; or <br />2. allow any encumbrance to be made on the Property, except for obtaining <br />funds needed to make the improvements constituting the Project. <br />Before securing any financing by mortgage or similar lien instrument with regard to any part of the <br />Property, the Developer shall notify the Commission. The Developer shall promptly notify the <br />Commission of any encumbrance that has been attached to the Property, whether by the Developer's <br />voluntary act or otherwise. For any mortgage financing made under this Agreement, the Property <br />may, at the Developer's option, be divided into several parts if such subdivision: <br />in the Commission's opinion is not inconsistent with the purpose of the Plan, <br />the Project and this Agreement; and <br />2. is approved in advance in writing by the Commission. <br />Any subdivision under this section must also be approved by any other local government agencies <br />whose action is required for such subdivision under local or state law. <br />B. Mortgagee Not Obligated to Construct. Notwithstanding any of the provisions of this <br />Agreement any mortgage holder authorized by the Agreement shall not be obligated by this <br />Agreement to construct or complete the Project or to guarantee such construction or completion. No <br />covenants or provisions in the Deed shall be construed so to obligate such holder unless the holder <br />assumes ownership of the Project. Nothing in this Agreement shall be construed to permit or <br />authorize any such holder to use the Property in any manner not provided for or permitted in the Plan <br />or this Agreement or to construct any improvements other than those provided for or permitted in the <br />Plan or this Agreement. <br />C. Copy of Notice of Default to Mortgagee. _ Whenever the Commission delivers a notice <br />or demand to the Developer with respect to any breach or default under this Agreement the <br />Commission shall at the same time forward a copy of such notice or demand to each holder of any <br />mortgage authorized by the Agreement at the last address of such holder as shown in the records of <br />the Commission. <br />• <br />