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8.05 Progress Reports. <br />From construction commencement until construction of the Improvements has been completed, <br />Developer shall provide a report to the Agency on the second Monday of every month with the following <br />information: (a) the percent of the project that is complete; (b) whether the project is adhering to the budget <br />set forth in the Construction Plans, and if not, accurately describe the discrepancy between the current <br />budget and the budget in the Construction Plans; and (c) whether the project is adhering to the schedule <br />set forth in the Construction Plans, and if not, accurately describe the discrepancy between the current <br />schedule and the schedule set forth in the Construction Plans. Developer authorizes the Agency to have <br />full access to all building inspection reports and other information at the City of San Leandro to assist the <br />Agency in reviewing the actual progress of construction. Developer shall allow the Agency to review <br />construction documents and records maintained by Developer in the ordinary course of the construction as <br />may be reasonably requested by the Agency. <br />8.06 Cost Savings. <br />If the fiscal condition of the project as revealed in the reports required pursuant to Section 8.04(f) <br />indicates that the income of the project exceeds the operational costs and debt service obligations, <br />Developer shall make monthly payments on the Agency loan pursuant to the terms and conditions set forth <br />in the promissory note as set forth in Section 3.02. <br />Article Nine: SECURITY FINANCING AND RIGHTS OF HOLDERS <br />9.01 No Encumbrances Except for Development Purposes. <br />Notwithstanding any other provision of this Agreement, mortgages and deeds of trust, or any other <br />reasonable method of security (including assignment of leases or ground leases to a lender as security for <br />a loan), are permitted to be placed upon the Property before the Certificate of Completion has been issued <br />by the Agency, but only for the purpose of securing loans of funds to be used for financing the acquisition <br />of the Property and/or the design, and construction of Improvements and any other expenditures <br />reasonably necessary and appropriate to develop the Property under this Agreement The Developer shall <br />promptly notify the Agency of any mortgage, deed of trust, sale and lease-back or other financing, <br />conveyance, encumbrance or lien that has been or will be created or attached to the Property. The words <br />"mortgage" and "deed of trust" as used herein include all other appropriate modes of financing acquisition, <br />construction, and development of the Property or any portion thereof. <br />9.02 Holder Not Obligated to Construct <br />The holder of any mortgage, deed of trust or other security interest authorized by this Agreement is <br />not obligated to construct or complete any improvement or to guarantee such construction or completion; <br />nor shall any covenant or any other provision in conveyances from the Agency to Developer evidencing the <br />realty comprising the Property or any part thereof be construed so to obligate such holder. Nothing in this <br />Agreement shall be deemed to permit or authorize any such holder to devote the Property or any portion <br />thereof to any uses, or to construct any improvements thereon, other than those uses or improvements <br />provided for or authorized by this Agreement <br />is <br />