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Approval and all other conditions, and restrictions set forth in this Agreement and the Regulatory <br />Agreement. <br />(iv) The Transfer shall be effectuated pursuant to a written instrument <br />satisfactory to the Agency in form recordable in the Official Records. <br />Consent to any proposed Transfer may be given by the Agency's Executive <br />Director unless the Executive Director, in his or her discretion, refers the matter of approval to <br />the Agency's governing board. if a proposed 'Transfer has not been approved by Agency in <br />writing within thirty (30) days following Agency's receipt of written request by Developer, it <br />shall be deemed rejected. <br />6.5 Effect of Transfer without Agency Consent. <br />6.5, l In the absence of specific written agreement by the Agency, no Transfer <br />by Developer shall be deemed to relieve the Developer or any other party from any obligation <br />under this Agreement. <br />6.5.2 Without limiting any other remedy Agency may have under this <br />Agreement, or under law or equity, it shall be an Event of Developer Default hereunder entitling <br />Agency to terminate this Agreement if without the prior ~~ritten approval of the Agency, <br />Developer assigns or Transfers this Agreement, the Improvements, or the Property prior to the <br />Agency's issuance of a Certificate of Completion. This Section 6.5.2 shall not apply to Transfers <br />described in clauses (i) through (viii) of Section 6.3. <br />6.6 Recovery of Agency Costs. Developer shall reimburse Agency for all Agency <br />costs, including but not limited to reasonable attorneys' fees, incurred in reviewing instruments <br />and other legal documents proposed to affect a Transfer under this Agreement and in reviewing <br />the qualifications and financial resources of a proposed successor, assignee, or transferee within <br />ten (]0) days following Agency's delivery to Developer of an invoice detailing such costs. <br />6J Intentionally omitted_ <br />ARTICLE VII <br />SECURITY FINANCING AND RIGHTS OF MORTGAGEES <br />7. l Mort~ges and Deeds of Trust for Development. Mortgages and deeds of trust, or <br />any other reasonable security instrument are permitted to be placed upon the Property or the <br />Improvements only for the purpose of securing loans for the purpose of financing the acquisition <br />ofthe Property, the design and construction of the Improvements, and other expenditures <br />reasonably necessary for development of the Property pursuant to this Agreement. Developer <br />shall not enter into any conveyance for such financing that is not contemplated in the Financing <br />Plan as it may be updated with Agency approval, without the prior written approval of Agency's <br />Executive Director or his or her designee. As used herein, the terms "mortgage" and "deed of <br />trust" shall mean any security instrument used in financing real estate acquisition, construction <br />and land development. <br />> > ~sys~-s 25 <br />