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31 6.3 equired Submissions. In connection with each of Phase R -1 and Phase R-2, Developer shall submit the following documents as evidence of Tax re d it fmanein : (a) The Partnership Agreement or equivalent funding conetrnent letter for such Phase from the Investor Limited Partners ) which demonstrates that Developer has sufficient funds and committed capital/equity for commencement Rough completion of construction of such Phase, and that such funds have been c onu itted to construction of the Phase. (b) A copy of the preliminary reservation letter from TCAC for such Phase, notifying Developer that an allocation of Tax Credits has been reserved for the construction of such Phase of the Developer Improvements, and further documentation demonstrating that there have not been any material changes to the information provided by Developer in the application submitted to TCAC relative to such Phase or documentation demonstrating that such material changes have been approved by T A , and that if there are material changes then such information will be. provided to T ai and the Agency). 316.4 No Encumbrances Except Mortgages, Deeds f Trust, or Sale and Lease -Bach for Development. Mortgages, deeds of trust and sale/leaseback financing are to be permitted before completion of the construction of each Phase of the Developer Impr vemen is only with the Agency's prior written approval, which shall not be unreasonably withheld or delayed, and only for the purpose of securing bans of funds to be used for financing the acquisition of such Phase, construction of such Phase of the Developer Improvements (includin architecture, engineering, legal, and related direct costs as well as indirect costs) on or in connection with such Phase, permanent financing, and any other purposes necessary and appropriate in connection with development of such Phase under this Agreement, and only to the extent such financing is by responsible financial lending institution, person or entity on commercially reasonable terms. The words "mortgage' and "trust deed" as used hereinafter shall include sale and lease-back. The Developer may n ter into a conveyance for f -m ancin g after the completion of such Phase of the Developer Improvements without the approval of the Agency. 1. 5 Holde r Not Obligated to Construct Developer I mpr ements. The Molder of any mortgage or deed of trust authorized by this Agreement shall not be obligated by the provisions of this Agreement to construct or complete any Phase of the Developer Improvements or any portion thereof, or to u arantee such construction or completion; nor shall any covenant or any other provision in this A reement he construed so to obligate such holder. Nothing in this Agreement shall be deemed to construe, permit or authorize any such holder to devote t die Site r any Phase) to any uses or to construct any improvements thereon, other than those uses or improvements provided for or authorized by this Agreement. 316.6 Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. With respect to any mortgage or deed of trust granted by the Developer as provided herein, whenever the Agency may deliver any notice or demand to the Developer with respect to any breach or default b the Developer in completion of construction of the Developer Rnpr vements, or any other default under t lei g re ement, the Agency shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement a 47 DO CS OCI 140067 3 v 14!200 272-0001