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ARTICLE VI Taxes Section 6.1. Real Property Taxes. Real estate taxes due and payable in the year 2001 shall be apportioned between the Developer and the City as of the date of conveyance of the Property, with the result that the City shall pay that portion of such taxes attributable to the period of the year prior to the conveyance and the Developer shall pay that portion of the taxes attributable to the period of time commencing with the date of conveyance. Real estate taxes and assessments due and payable in the year 2000 and all prior years, deferred real estate taxes (i.e. Green Acres), and all pending or levied special assessments, if any, shall be paid by the City. After its acquisition of the Property, the Developer shall pay all real property taxes and special assessments in a timely manner and prior to the imposition of penalties. ARTICLE VII. Financing Section 7.1. Financing. Prior to the City's conveyance of the Property to the Developer, the Developer shall submit to the City evidence, satisfactory to the City, that the Developer has obtained mortgage or other construction and permanent financing in an amount sufficient for acquisition of the Property and construction of the Improvements. Section 7.2. Limitation Upon Encumbrance of Property. Prior to the date that the Developer pays to the City any amount of the Assessments that is due under Section 3.8 or that it is determined that no amount is due or the date that the Developer has fulfilled all of its obligations under the Business Subsidy Agreement, whichever, is later, neither the Developer nor any successor in interest to the Property, or any part thereof, shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attach to the Property, except for the purposes of obtaining funds only to the extent necessary for acquiring and constructing the Improvements without the prior written approval of the City. All financing and other transactions shall contain an agreement in a form acceptable to the City by which a proposed Holder agrees to be bound by and subject to the Assessments. ARTICLE VIII Prohibitions Against Assignment and Transfer,Indemnification Section 8.1. Prohibition Against Transfer of Property and Assignment of Agreement. (a) The Developer represents and agrees that prior to the date that the Developer pays to the City any amount of the Assessments that is due under Section 3.8 or that it is determined that no amount is due or the date that the Developer has fulfilled all of its obligations under the Business Subsidy Agreement, whichever, is later, except only by way of security for, and only for, the 14