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EXHIBIT D <br />PERMITTED ENCUMBRANCES <br />1. Any law, ordinance or governmental regulation (including but not limited to <br />building and zoning ordinances) restricting or regulating or prohibiting the occupancy, use or <br />enjoyment of the Development Property, or use or enjoyment of the Development Property, or <br />regulating the character, dimensions or location of any improvement now or hereafter erected on <br />the Development Property, or prohibiting a separation in ownership or a reduction in the <br />dimensions or area of the Development Property, or the effect of any violation of any such law, <br />ordinance or governmental regulation. <br />2. Rights of eminent domain or govemmental rights of police power. <br />3. Defects, liens, encumbrances, adverse claims or other matters resulting in no loss <br />or damage to the Developer. <br />4. Any Mortgage approved or permitted under Section 8.2 and any liens and <br />encumbrances or other interests permitted under the terms of said Mortgage. <br />1549292v2 <br />r42- <br />