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316.3 Required Submissions. In connection with each of Phase R-1 and Phase <br />R-2, Developer shall submit the following documents as evidence of Tax Credit financing: <br />(a) The Partnership Agreement or equivalent funding commitment <br />letter for such Phase from the Investor Limited Partner(s) which demonstrates that Developer has <br />sufficient funds and committed capital/equity for commencement through completion of <br />construction 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 Phase 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 TCAC), and that if there are <br />material changes then such information will be provided to TCAC (and the Agency). <br />316.4 No Encumbrances Except Mortgages, Deeds of Trust, or Sale and <br />Lease-Back for 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 such Phase of the Developer Improvements (including <br />architecture, engineering, legal, and related direct costs as well as indirect costs) on or in <br />connection with such Phase, 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 on <br />commercially reasonable terms. The words "mortgage" and "trust deed" as used hereinafter <br />shall include sale and lease-back. The Developer may enter into a conveyance for financing 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 Improvements. The <br />holder 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 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 holder to <br />devote the Site (or any Phase) to any uses or to construct any improvements thereon, other than <br />those uses or improvements provided for or authorized by this Agreement. <br />316.6 Notice of Default to Mortgagee or Deed of Trust Holders; 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, or any other default under 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 />47 <br />DOCSOC/1400673v 14/200272-0041