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default under any instrument or agreement under and subject to which any <br /> indebtedness for borrowed money has been issued. • <br /> (f) The Redeveloper would not undertake the Project but for the tax <br /> increment financing assistance being provided by the HRA hereunder. <br /> (g) No member of the governing body of the City or HRA or any other <br /> officer of the City and HRA has any direct or indirect financial interest in the <br /> Redeveloper, the Redevelopment Property or the Project. <br /> ARTICLE 3 <br /> Use of Redevelopment Property; Restrictions <br /> Section 3.1 Use. .Redeveloper's use of the Redevelopment Property <br /> shall be subject to and in compliance with all of the conditions, covenants, <br /> restrictions and limitations imposed by the Redevelopment Plan, this Agreement, <br /> the Restrictions and all applicable laws, ordinances and regulations. <br /> Section 3.2 Declaration of Restrictions. Redeveloper shall prepare, <br /> execute, and record on the title to the Redevelopment Property a Declaration of <br /> Covenants and Restrictions, in form approved by the HRA, which includes the <br /> Restrictions set forth on Exhibit B, and shall cause each existing Mortgagee to <br /> execute an appropriate instrument in form satisfactory to the HRA consenting to <br /> and agreeing to be bound by the Restrictions in the event it becomes a record owner <br /> of all or a part of the Redevelopment Property. If the Redeveloper is married, the <br /> Restrictions shall be joined in by the Redeveloper's spouse. . <br /> ARTICLE 4 <br /> Completion of Project <br /> Section 4.1 Construction Plans. Redeveloper shall submit <br /> Construction Plans to the HRA according to the Time Table. The Construction <br /> Plans shall provide for construction of the portion of the Project consisting of <br /> construction in conformity with the Redevelopment Plan, the Plans, this <br /> Agreement, and all applicable state and local laws and regulations. The HRA shall <br /> approve the Construction Plans in writing if no Event of Default has occurred and, <br /> in the reasonable discretion of the HRA, the Construction Plans: (a) substantially <br /> conform to the Plans and subsequent amendments approved by the HRA; (b) <br /> conform to the terms and conditions of this Agreement; (c) conform to the terms <br /> and conditions of the Redevelopment Plan; (d) conform to all applicable federal, <br /> state and local laws, ordinances, rules and regulations; (e) are adequate to provide <br /> -6- <br />