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SEC"LION ~'lll. ~IORTGAGG FINANCING; RIGH"TS OF 110RTGACGES. <br />~a. Limitation upon Gncumbrancc of Property. Prior to the Commissions issuing a <br />Ccirtificatc of Completion. the Dc~ eloper shall not: <br />engage in any transaction creating any cncumbrancc upon the Property. <br />~~hether by cypress agreement or operation of law: or <br />?. allo~~ any encumbrance to be made on the Property. except fr~r obtaining <br />funds needed to make the improvements constituting the Project. <br />[3etwe securing any tinancing by mortgage err similar lien instrument ~~-ith regard to any part <br />ofthc Propcrt~~. the Developer shall notif~~ the Commission. ~hhc Developer shall promptly notify°thc <br />Commission of amv cncumbrancc that has been attached to the Properrt~~. ~~~hetherbv the Developer=s <br />~oluntar~ act or othern~ise. Por any mortgage tinancin<: made under this Conhact. the Property may. <br />at the Developer=s option. be di~~idcd into several pans il~such subdivision: <br />in the Connnission~s opinion is not inconsistent ~~ith the purpose ofthe Plan. <br />the Project and this Contract: and <br />?. is appro~cd in advance in ~~ ruing by the Commission. <br />~1ny subdivision under this section must also be approved by unv other local government <br />agencies r~~hosc action is required iur such subdivision under local or state la~~. <br />B. Mort~~a~~ee Not Obli~zated to Construct. Not~rithstanding any of the prop isions ofthis <br />Contract any mortgage balder authorized by the Contract shall not be obligated by this Cont~<act to <br />construct or complete the Project or to guarantee such construction or completion. No covalants or <br />provisions in the Decd shall he construed so to obli~~ate such holder. 1\athin~.t in this Conh~act shall be <br />construed to permit or authorize any such holder to use the Property in any manner not provider{ for <br />or permitted in the Plan or this Contract or to construct any improvements other than those provided <br />t~~r or permitted in the Plan or this C<mtract. <br />C. Copy of Notice of Defa_~lt to Mort~~atec. ~'hcnevcr the Commission delivers a notice <br />or demand to the Developer Frith inspect to any breach or default under this Contract the <br />Commission shall at the same time t~~rw~ard a copy of such notice or demand to each holder of any <br />mortgage authorized by the Contract at the last address of~such holder as shorn in the records ofthe <br />Commission. <br />7 <br />