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• ARTICLE 7 <br /> Mortgage Financing <br /> Section 7 . 1 Mortgage Financing . Mortgage financing <br /> for construction of the Minimum Improvements shall be in <br /> accordance with this Article. The HRA agrees to cooperate with ' <br /> Redeveloper in Redeveloper ' s efforts to obtain such mortgage <br /> financing . <br /> Section 7 . 2 Limitation Upon Encumbrance of Property. <br /> Prior to the completion of the Minimum Improvements , as <br /> certified by the HRA, neither Redeveloper nor any successor in <br /> interest to the Redevelopment Property or any part thereof <br /> shall engage in any financing or any other transaction creating <br /> any Mortgage or other encumbrance or lien upon the <br /> Redevelopment Property, whether by express agreement or <br /> operation of law, -or suffer any encumbrance or lien to be made <br /> on or attach to the Redevelopment Property, except with the <br /> prior written approval of the HRA, which approval will not be <br /> unreasonably withheld if the encumbrance is to secure a loan <br /> for the purposes of obtaining funds only to the extent <br /> necessary for acquiring the Redevelopment Property and <br /> development of the Minimum Improvements . The HRA shall not <br /> approve any Mortgage which does not conform to the requirements <br /> of this Agreement . <br /> Section 7 . 3 Approval of Mortgage. The HRA shall <br /> approve a Mortgage if the HRA first (a) receives a copy of all <br /> mortgage documents ; (b) determines , in its reasonable <br /> discretion, that the Mortgagee is a responsible lender capable <br /> of making the mortgage loan; (c) determines, in its reasonable <br /> 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 /> -12- <br />