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9 <br /> ARTICLE 5 <br /> Reimbursement of Project Costs to Redeveloper <br /> Section 5.1 Reimbursement to Redeveloper. Subject to Section 5.2 of this Agreement, <br /> the HRA agrees to reimburse Redeveloper for$200,000 with respect to costs paid by Redeveloper for <br /> the acquisition.and development of the Redevelopment Property. Such reimbursement shall be paid to <br /> Redeveloper upon the issuance of the certificate of occupancy for the Project to be constructed on the <br /> Redevelopment Property in accordance with the Construction Plans. <br /> Section 5.2 Reduction Based On Site Development.Expenses. If the amount of Site <br /> Development Expenses actually incurred by Redeveloper in preparing the Redevelopment Property for <br /> completion of the Project is less than $380,000, Redeveloper agrees that the HRA will reduce its <br /> reimbursement to Redeveloper under Section 5.1 by the amount of Site Development Expenses less <br /> than $380,000. <br /> ARTICLE 6 <br /> Declaration of Restrictive Covenants - <br /> Section 6.1 Declaration of Restrictive Covenants. Redeveloper shall execute and <br /> record on the title to the Redevelopment Property the Declaration, as set forth in Exhibit B, and shall <br /> • cause the mortgagee of each mortgage which covers any portion of the Redevelopment Property in <br /> existence at the time of recording of the Declaration to execute an appropriate instrument in form and <br /> substance satisfactory to the HRA consenting to and agreeing to be bound by the Declaration in the <br /> event such mortgagee becomes a record owner of all or part of the Redevelopment Property. <br /> ARTICLE 7 <br /> Prohibition on Transfer or Assignment <br /> Section 7.1 Transfer or Assignment of Agreement. This Agreement may not be <br /> transferred or assigned by Redeveloper without the prior written consent of the HRA. <br /> Section 7.2 Transfer of Propertv. Redeveloper agrees not to make, or suffer to be <br /> made, any total or partial sale, conveyance, lease, or other transfer with respect to the Redevelopment <br /> Property or any part thereof or any interest therein within one year of the issuance of the Certificate of <br /> Completion by the HRA. Upon such sale, conveyance, lease, or other transfer by Redeveloper, any <br /> reimbursement amount paid to Redeveloper by the HRA under Section 5.1 shall become immediately <br /> due and payable to the HRA by Redeveloper. <br /> -7- <br />