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<br />does hereby covenant and agree with the other as follows: <br /> <br />. 1. INTERPRETATION OF TERMS: Subject to all the terms, <br />covenânts, and conditions of the Grant Deed and subject to all <br />the terms, covenants, and conditions of the Contract, and the <br /> <br />amendments executed thereto, the parties hereto agree tô the <br /> <br />following interpretation of certain terms and conditions set <br /> <br />out in the following Contract sections: <br /> <br />(a) <br /> <br />Section 601, entitled Limitation Upon Encum- <br /> <br />brance of Property, found in Part II (Form HUD-6209B, 9-69) of <br /> <br /> <br />the Contract, page 12, starting with line 1 and ending on line <br /> <br />. <br /> <br />10, contains the provision that "Prior to the completion of the <br /> <br /> <br />4IÞ Improvements, as certified by the Agency, neither the Redeveloper <br /> <br />nor any successor in interest to the Property or any part there- <br />of shall engage in any financing or any other transaction <br /> <br />creating any mortgage or other encumbrance or lien upon the <br /> <br />. <br />Property, whether by express agreement or operation of law, <br /> <br />or suffer any encumbrance or lien to be made on or attach to <br /> <br />. the Property except for the purpose of obtaining (a) funds only <br />to the extent necessary for making the Improvements and (b) such <br /> <br />additional funds, if any, in an amount not to exceed the Purchase <br /> <br />Price paid by the Redeveloper to the Agency. II <br /> <br />The parties here- <br /> <br />4IÞ to agree that such additional funds referred to in subparagraph <br />(b), found in Section 601, as stated above, include all loan fees, <br />charges and costs, including but not limited to, lenders' charges, <br /> <br />loan origination fees and points, title insurance fees, court <br /> <br />costs, and loan brokerage costs. <br /> <br />(b) <br /> <br />Section 60~ ~ntitled Agency's Option to Pay <br /> <br />Mortgage Debt or Purchase Property, found in Part II (Form HUD <br />6209B 9-69) of the Contract, page 14, provides in part that sub- <br />. ' , <br />sequent to default or breach by the Redeveloper prior to the con- <br /> <br />struction of Improvements relating to the Property, where such de- <br /> <br />fault or breach continues for a period of sixty (60i days, <br />4IÞ after the holder of any mortgage on the property has been <br /> <br />notified <br /> <br />or <br /> <br />informed <br /> <br />of <br /> <br />the <br /> <br />default <br /> <br />or <br /> <br />breach, <br /> <br />" \ '1,. í.~. <br />I' Ir 7' ~ <br />