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sufficient funds and committed capital/equity for commencement through completion of <br />construction action of such Phase, and that such funds have been committed to construction of the <br />Phase. <br />(b) A copy of the preliminary reservation letter from TCAC for such <br />Phase, notifying Developer that an allocation of Tax Credits has been reserved for the <br />construction of such Please of the Developer Improvements, and further documentation <br />demonstrating that there have not been any material changes to the information provided by <br />Developer in the application submitted to TCAC relative to such Phase or documentation <br />demonstrating that such Material changes have been approved by T AC , and that if there are <br />material charges then such information will be provided to TCAC (and the Agency). <br />316.4 No Encumbrances Except Mortgages, Deeds of Trust, t, oi• Sale and <br />Lease-Back oi- Development. Mortgages, deeds of trust and sale /leaseback financing are to be <br />permitted before completion of the construction of each Phase of the Developer Improvements <br />only with the Agency's prior written approval, which shall not be unreasonably withheld or <br />delayed, and only for the purpose of securing loans of funds to be used for financing the <br />acquisition of such Phase, construction of SLICh Phase of the Developer Improvements including <br />architecture, engineering, legal, and related direct costs as well as indirect costs) on or its <br />connection with such Please, permanent financing, and any other purposes necessary and <br />appropriate in connection with development of such Phase under this Agreement, and only to the <br />extent such financing is by a responsible financial lending institution, person or entity of <br />commercially reasonable terns. The words "mortgage" and "trust deed "' as used hereinafter <br />shall include sale and lease-back. The Developer may enter into a conveyance for f nalieing after <br />the completion of such Phase of the Developer Improvements without the approval of the <br />Agency. <br />316.5 Holder Not Obligated to Construct Developer linpx•ovements. The <br />bolder of any mortgage or deed of trust authorized by this Agreement shall not be obligated by <br />the provisions of this Agreement to construct or complete any Phase of the Developer <br />Improvements ents or any portion thereof, or to guarantee such construction or completion; nor shall <br />any covenant or any other provision in this Agreement be construed so to obligate such holder. <br />Nothing in this Agreement shall be deemed to construe, permit or authorize any such hoiden to <br />devote the Site or any Phase) to any uses or to construct any improvements ents thereon, other than <br />those arses or improvements provided for or authorized by this Agreement. <br />316.6 Notice of Default to Mortgagee or Deed of Ti%ust Folders; Right to <br />Cure. With respect to any mortgage or deed of trust granted by the Developer as provided <br />herein, whenever the Agency may deliver any notice or demand to the Developer with respect to <br />any breach or default by the Developer in completion of construction of the Developer <br />Improvements, s, or any other default tinder this Agreement, the Agency shall at the same time <br />deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement a <br />copy of such notice or demand. d. Each such holder shall (insofar~ as the rights granted by the <br />Agency are concerned ) have the right, at its option, within thirty o days after the receipt of the <br />notice, to cure or remedy or commence to cure or remedy and thereafter to pursue with due <br />diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt <br />and the lien of its mortgage. Nothing contained in this Agreement shall be teemed to permit or <br />4 <br />D SO! 14 00673N, 131200272-0001 <br />