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sLrffiClent fLirlds and camiitted capitaUe?uit? far carr?mer?cement thraugl? corr?pletian of <br />const?tuctioi? of such Phase, and that such funds have been camirrltted to caristr??ction of the <br />Phase. <br />??? A copy of the prelirninar•? reserRvation letter fram TEA for such <br />Phase, r?otif?in Dee}apex' that are allocation of Tai credits has been i•?served fatF the <br />const?•??ctior? of such Phase of the Developer ?r?provements, and f ?rr'?het• dac?ztnet?tat?o?? <br />d??rrarl?t?;?tlt?g ???t ?l?er'e hie not ??ei?. ?Z?? n?a?er'1?1 ch?r]g?? ?a ???? infa?{i?latlo?l ??'oVlC?ed ?? <br />Developer in the application sr?bmitted to TA relative to such Phase ?ar• dac?zrrrei?tatioil <br />demai?strating that s?rc}? material chaises lave beery approved b? T??l}, and that if there are <br />r?aterial changes t}?e?? such il?for"rnatrarl wrll be p?•avided to T? ?ar?d tl?e Agei?c??i <br />1G,? NO ?1?cUI?1br?IlC?s ?xcp# aI'tgages, Deems a T??irs?, o?? ale tad <br />lease#??c?? fo?? ?]eve?opiY?e??#. Mortgages, deeds of trust and salelleasebac}? financing are to be <br />perr?rtted before cainpletioit of the car7str?zctian of each Phase of tl?e Developer ?mpra?Ten?ents <br />oi??? with tl?e ?get?c?'s pri?i{ written appra?Tal, which shall not be unreasanabl?? ?vith?eld or <br />delayed, at?d arils far tl?e p?r??pase of securing loans of f??i?ds to be ??sed far ?nar?cir?g the <br />acqursrtrat? of such Phase, canstr??ctior? of s?zch 'lase of the Developer ????proveinei?ts ?iricluding <br />architecture, et?gii?eering, legal, ar?d related di?•ect costs as well as ir?direct casts on or in <br />coni?ectior? with such Phase, p?rii?arient ?r?ancing, at?d a??? other plxrpases r?ecessary aid <br />appropriate to cannectror? wlt}? develapi?er?t of suc}7 Phase ??t?der this ?.reer?ent, ar?d ot?l? to tl?e <br />extent sl?cl? financing is by a responsible financial }er]dir?g irrstit«tiot?, person or ei?tit? ors <br />can?nrerciall? reasonable terns, The words "i?atTtgage'? ar?d "tr4ust deed" as used }?ereinaer• <br />shall include sale and lease?back? The Developer rya er?ter* into a cor?ve??ance for ?na?icing a?erk <br />the co?npletian of s??c}i Phase of the Develaper' ?t?.prave?r?ents without the approval of the <br />?et?c??, <br />?G?S ?a?t?el• ?a# ?blra#cd to Cor?sfrircf Developc?? ??n??z•ove??en#?, Tl?c <br />}older of and rnottgage ari deed of trr?st au?hori?ed b? this reen?el?t shall ??at be obligated b? <br />the provisions of phis Air;e?r?ent to construct or• corr?plete an?? Phase of the I?evelope?? <br />Irnpro??etnents ar ai??? portion thereof, ar to guarantee such cat?structior? ari cair?pletion; nor shall <br />anal covcr?at?t o?+ and others provrsror? ire this ?gi?eemer?t be construed sa to obligate such holder, <br />?Ofhing 1t? t}lrs Agreerrrent shall he deemed to cor?str?ze, permit of authorize ar?? suc}? raider to <br />devote the 1te ?OI` at?? Phase} to ail?? uses ar to construct at?y in?pro?eirrents thereon, Other tbarr <br />those uses ar4 i?r?proverr?ents pravtded for or ar?ti?aiiized by this Agreerne??t. <br />1?,? o#rce o? Default #a Mar#gage o?• Decd off` Trrisf Holders; R?ghf #o <br />ilt•, with respect to a?l? rnoi•tage or deed of trust grar7ted by tl?e Developer as provided <br />herein, wl?ei?e?er tl?e Agenc?? tna? deliver and notice ar der?and to the Develaper with respect to <br />aril breach ar default b? the Developex? in completion of car?structian of tl?e Develaper <br />?i1]prOVeinents, ar• ar?? other default ??n?er this ?greernent, the Agency shall at the same tiil?e <br />dlivei• to each holder of record of and mortgage ar deed of trust a?rthorized b? this Agreerent a <br />copy of such natice aI• deinar?d. each such holde?? shall ?ii?safar as the rights granted by the <br />?.et?c? are car?cerr?ed} Dave the nigh#, at its optran, wrth?n tii'ty X30} dais after the receipt of the <br />notice, to c?xre or? rerr?ed?? or cor??n?et?ce to cure ar rerned? and tl?ereaer to p?rrsue with due <br />diligence the c??re or remedy of ar?? s??cl? default and to add the cast tllereofta tl?e mortgage debt <br />and the lien of its trlor•tgage, Nothing car?tarrled rn tlrrs Agreeir?ent shall be deemed to permit or <br />47 <br />D?CDCJI ???73ti? 131????72-??? 1