3.0.-5.0. EDSR 04-26-1993 - Laserfiche WebLink

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ARTICLE VII • Mortgage Financing 7. 1) Mortgage Financing. Any Mortgage recorded against the property shall specifically provide that the mortgagee or any successor to its interest shall, in the event of a foreclosure of the Mortgage, be bound by the terms of this Agreement and specifically the terms of Article VI and Schedule B hereof. ARTICLE VIII Prohibitions Against Assignment and Transfers; Indemnification 8. 1) Representation as to Development. The Developer represents and agrees that its purchase of the Property, and its other undertakings pursuant to the Agreement are, and will be used, for the purpose of development of the Property and not for speculation in land holding. The Developer further recognizes that, in view of (a) the importance of the development of the Property to the general welfare of the community; (b) the substantial financing and other public aids that have been made available by the EDA for the purpose of making such development possible; and (c) the fact that any act or transaction involving or resulting in a significant change in the identity of the parties in control of the Property or the degree of their control • is for practical purposes a transfer or disposition of the property then owned by the Developer, the qualifications and identity of the Developer are of particular concern to the community and the EDA. The Developer further recognizes that it is because of such qualifications and identity that the EDA is entering into the Agreement with the Developer and, in so doing, is further willing to accept and rely on the obligations of the Developer for the faithful performance of all undertakings and covenants hereby by it to be performed. 8 .2) Prohibition Against Transfer of Property and Assignment of Agreement. For the foregoing reasons the Developer represents and agrees that prior to the Termination Date: (01) Except only by way of security for, and only for, the purpose of obtaining financing necessary to enable the Developer or any successor in interest to the Property, or any part thereof, to perform its obligations with respect to making the Minimum Improvements under the Agreement, and any other purpose authorized by the Agreement, the Developer (except as so authorized) has not made or created, and that it will not, make or create, or suffer to be made or created, any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to the Agreement or the Property or any part therefor any interest therein, or any contract or • 13 .