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22 <br />ARTICLE VII <br /> <br />Other Financing <br /> <br /> <br />Section 7.1. Generally. Before issuance of the TIF Note, the Developer shall submit to the <br />Authority or provide access thereto for review by Authority staff, consultants, and agents, evidence <br />reasonably satisfactory to the Authority that Developer has available funds, or commitments to <br />obtain funds, whether in the nature of mortgage financing, equity, grants, loans, or other sources <br />sufficient for paying the cost of developing the Minimum Improvements, provided that any lender <br />or grantor commitments shall be subject only to such conditions as are normal and customary in the <br />commercial lending industry. <br /> <br /> Section 7.2. Authority’s Option to Cure Default on Mortgage. In the event that any portion <br />of the Developer’s funds is provided through mortgage financing, and there occurs a default under <br />any Mortgage authorized pursuant to this Article VII, the Developer shall make commercially <br />reasonable efforts to cause the Authority to receive copies of any notice of default received by the <br />Developer from the Holder of such Mortgage. Thereafter, the Authority shall have the right, but not <br />the obligation, to cure any such default on behalf of the Developer within such cure periods as are <br />available to the Developer under the Mortgage documents. <br /> <br /> Section 7.3. Modification; Subordination. In order to facilitate the Developer obtaining <br />financing for the development of the Minimum Improvements, the Authority agrees to subordinate <br />its rights under this Agreement to the Holder of any Mortgage securing construction or permanent <br />financing, under terms and conditions reasonably acceptable to the Authority. Any agreement to <br />subordinate this Agreement must be approved by the Board of the Authority. <br /> <br /> Section 7.4. Termination. All the provisions of this Article VII shall terminate with respect <br />to the Minimum Improvements upon delivery of the Certificate of Completion for the Minimum <br />Improvements. The Developer or any successor in interest to the Minimum Improvements or <br />portion thereof, may sell, assign, transfer or engage in financing or any other transaction creating a <br />mortgage or encumbrance or lien on the Minimum Improvements or any portion thereof for which a <br />Certificate of Completion has been obtained, without obtaining prior written approval of the <br />Authority, provided that such sale, financing or other transaction creating a mortgage or <br />encumbrance shall not be deemed as resulting in any subordination of the Authority’s rights under <br />this Agreement unless the Authority expressly consents to such a subordination. <br /> <br /> <br /> <br />(The remainder of this page is intentionally left blank.)