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<br />'l <br /> <br />(Hi) <br /> <br />struction cost and other costs reasonably necessary <br />for improvements on the Property. Said loan agree- <br />ment shall be approved or disapproved within five <br />(5) days after receipt by the Agency. The Agency <br />shall not unreasonably withhold its approval. <br /> <br />Evidence satisfactory to the Agency that the in- <br />terim mortgage loan to assist in financing the <br />construction of the Improvements has been initial- <br />ly closed; <br /> <br />(iv) A copy of the contract between the Redeveloper and <br />the general contractor for the construction of Im- <br />provements, certified by the Redeveloper to be a <br />true and correct copy thereof; and <br /> <br />. <br /> <br />. <br /> <br />(v) A copy of the contract bonds provided by the <br />general contractor in connection with the afore- <br />said construction contract which bonds shall be in <br />a penal sum equal to not less than one hundred per- <br />cent (100%) of the contract price under said con- <br />struction contract, certified by the Redeveloper <br />to be a true and correct copy thereof. <br /> <br />SEC. 6. PERIOD OF DURATION OF COVENANT ON USE <br /> <br />The covenants pertaining to the uses of the Property, <br />set forth in this Agreement and the Deed shall remain in effect <br />until thirty-five (35) years from the date of the Deed or until <br />the maturity date of the mortgage, whichever is longer, . except <br />.that the covenants against racial discrimination shall remain <br />/ in perpetuity. ' <br /> <br />Except as otherwise expressly provided in Section 704 here- <br />of, breach of 'any of the covenants or provisions contained in <br />this Agreement shall not give rise to any right of reverter, to <br />any estate of reverter, nor to any right of reentry or forfeiture <br />of the Property or any part thereof or any interest therein to <br />the Agency, the City, the united states, to the owner of any land <br />in the Project area, or to any successor, assignee in interest in <br />the Property or any part thereof or any interest herein. <br /> <br />. <br /> <br />SEC. 7. NOTICES AND DEMANDS <br /> <br />A notice, demand, or other communication under the Agreement <br />by either party to the other shall be sufficiently given or de- <br />livered if it is dispatched by registered or certified mail, <br />postage prepaid, return receipt requested, or delivered per- <br />sonally, and <br /> <br />- 11 - <br />