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8.03 Contents of Grant Deed. <br />Any Grant Deed from the Agency shall contain the covenants set forth in <br />Section 8.02 of this Agreement and such conditions of approval imposed by the City <br />as are required to be contained in the Grant Deed. <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 <br />of trust, or any other reasonable method of security (including assignment of leases or <br />ground leases to a lender as security for a loan), are permitted to be placed upon the <br />Property before the Certificate of Completion has been issued by the Agency, but <br />only for the purpose of securing loans of funds to be used for financing the <br />acquisition of the Property and/or the design, and construction of Improvements and <br />any other expenditures reasonably necessary and appropriate to develop the Property <br />under this Agreement. The Developer shall promptly notify the Agency of any <br />mortgage, deed of trust, sale and lease -back or other financing, conveyance, <br />encumbrance or lien that has been or will be created or attached to the Property. The <br />words "mortgage" and "deed of trust" as used herein include all other appropriate <br />modes of financing acquisition, construction, and development of the Property or any <br />portion thereof. <br />9.02 Holder Not Obligated to Construct. <br />The holder of any mortgage, deed of trust or other security interest authorized <br />by this Agreement is not obligated to construct or complete any improvement or to <br />guarantee such construction or completion; nor shall any covenant or any other <br />provision in conveyances from the Agency to Developer evidencing the realty <br />comprising the Property or any part thereof be construed so to obligate such holder. <br />Nothing in this Agreement shall be deemed to permit or authorize any such holder to <br />devote the Property or any portion thereof to any uses, or to construct any <br />improvements thereon, other than those uses or improvements provided for or <br />authorized by this Agreement. <br />Disposition and Development Page 33 <br />Agreement (Creekside Center) <br />7/23/97, 8/5/97, 8/11/97, 8/12/97 <br />