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discretion, that the mortgage loan, together with other funds <br /> available to Redeveloper, will be sufficient to construct the <br /> Minimum Improvements; (d) determines that no Event of Default <br /> has occurred; and (e) determines , in its reasonable discretion, <br /> that the terms of the Mortgage conform to the terms of this <br /> Agreement . <br /> Section 7 . 4 Copy of Notice of Default to Mortgagee. <br /> Whenever the HRA shall. deliver any notice or demand to <br /> Redeveloper with respect to any breach or default by <br /> Redeveloper in its obligations or covenants under this <br /> Agreement, the HRA shall at the same time forward a copy of <br /> such notice or demand to the Mortgagee at the last address of <br /> such Mortgagee shown in the records of the HRA. <br /> Section 7 . 5 Termination of Financing Restrictions . <br /> All restrictions on financing contained in this Article 7 shall <br /> terminate with respect to the Minimum Improvements or any <br /> individual townhouse unit included therein, at such time as a <br /> Certificate of Completion has been issued by the HRA under <br /> Section 4 . 4 of this Agreement with respect to all of the <br /> Minimum Improvements or the particular unit in question. <br /> ARTICLE 8 <br /> • Prohibitions Against Assignment and Transfer <br /> Section 8 . 1 Representation as to Redevelopment . The <br /> Redeveloper represents and agrees that its purchase of the <br /> Redevelopment Property, and its other pursuant to <br /> the Agreement are, and will be used, for the purpose of <br /> redevelopment of the Redevelopment Property. The Redeveloper <br /> further recognizes that a transfer of a controlling interest in <br /> the Redeveloper or any other act or transaction resulting in a <br /> significant change in the ownership are of particular concern <br /> to the City and the HRA. <br /> Section 8 . 2 Transfer of. Ownership. Prior to <br /> completion of the Minimum Improvements as certified by the HRA, <br /> except in the case of the death or incompetency of the <br /> Guarantor or the shareholders of Redeveloper , (a) there shall <br /> be no transfer of any interest of a shareholder in Redeveloper, <br /> (b) nor shall any officer or shareholder suffer any such <br /> transfer to be made, (c) nor shall there be or be suffered to <br /> be by Redeveloper, any other similarly significant change in <br /> the ownership of Redeveloper or in the relative distribution <br /> thereof, or with respect to the identity of the parties in <br /> control of Redeveloper or the degree thereof, by any other <br /> method or means , (d) nor shall Guarantor cease to be a <br /> controlling shareholder of Redeveloper . <br /> • <br /> -12- <br />