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UUD.6209B
<br /> (9.69)
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<br />'~imilar lien instrument., it propose~ to enter into vlth respect to the
<br />?~operty; or e~y part thereof, and in any event t! shall promptly notify
<br />the A&ency o£ any en¢'nmbrance or lien that hal; been rr~ated on or attached
<br />to the ~ropert~ ~hether by volunLar~ net o~ the ~edevelo~:r Or oLhervise.
<br />~or the purposes o£ suth mortgage ~lnanclng as may he made p.rau~n: to the
<br />A&reement~ the Prop~frt.¥ may~ at the option of the Redeveloper (or Oucc'essor
<br />in interest)~ be divided Into several parts or parcels, provided that such
<br />subdivision, in the opinion of l.he A~en,,y, is not inconsistent vit.h the
<br />purposes of the Urban Reneval Plan'and the ,%;reement and iB approved in
<br />vTltin8 by the A&ency.
<br />
<br /> SEC. 602. Mortsa&ee Not Oblls.~ted To Constru~.t. Notwithstanding any
<br /> of the provisions of' the A~reemenL, lncludin[{ but not limited to those
<br /> vhich are or are intended to be. covenant, s runnini3 vith the land, %he holder
<br />'"of ~y mort~a&e authorized by the ~reem,mt (lncl. udl~ ~y ~uch holder who
<br /> obtains title to the ProperZy or ~y part. thereof as a result of
<br /> foreclosure proceedings, or action In lieu Lhnreof, but sot
<br /> ~y other party who thereafter obtains title to, the Prop~rty Or such part
<br /> fro~ or %hrouEh such holder or (b) sly other purchaser at foreclosure sale
<br /> other th~ the holder of the mortsa{{e lt.s,']l') shaJl in no'vise,.be
<br /> by the provisions of the ~reement to construct or complete the Improvements
<br /> or %o 6uarm{tee 8ach construction or completlen; nor shall
<br /> ~y otheY provision In the Deed be construed to ~o obllLRal.e such holder:
<br /> · Provided, That nothin& .In this Section or any other Section
<br /> the ~reemenL shall be det.med or eonslrued to pemlt or authorize any such
<br />.""holder Lo devote the FroperLy ()r ~y part. thereof to any u~es, or
<br /> conair}ct ~y improw~me~%,8 thermion, mi,her than those usci{~or impr0ve~Ls'
<br /> provided or pe~itted In the Urban Reneval Plan ~d In the ARree~nt.
<br />
<br /> SEC. 60.]. Copy of Notire of Defa,]l~lo M?r!r..a~,ee. Whenever the A&ency
<br />shall deliver any no,ire or demand t.o th,'. Hedeveb,l,er .~lth respect to any
<br />breach or default by I.he Redeveluper i{~ i~.n.oblicalions or ,:oven~ts under
<br />the ~reement., the. ~;ency ~hatl at t.h~ u~,e time forward · ,.:opy of su,.h
<br />notl,:e or demand to each hold~.r or any mortgage a. thorized by the ~ree~n%
<br />at the las~ address of su,'h holder sho~ In the records of th,} ~ency.
<br />
<br /> SEC. b(~*. Mortdagee's Option Tn Cure Def,u,lLs. Aft,er any breach or
<br />default referred to in S.:ction 603 hereof, each such holder shalI (insofar
<br />as the rl[lhts of Lhe ~ency are con .,,~ed) hav,: the ri&~ht, at ils option,
<br />Lo sure or remedy su,'ll brea(.h o~ default. (or s,i,.h brea:..h or de~alllt: %o the
<br />extent ~haL iL rela,.es 1.0 the part or the {'ropert.y ,.ov,,red by lt.s mort&a6e)
<br />and to add ',h(; cost thereof ~o thc morl~a{?~ del.1 ~d the ]len of lt.8
<br />mortGa&e: Provided. Th~L il' {he },rea,.h or default 18 ~lt.h respect
<br />construction o{' thc lmpr~v,.m,~nts, n,,thin{ r.~,~.ained In thin f;,','Llnn or ~y
<br />other ~ectton of the AIzreem.'nt ~hal { b,~ l,,~me,I to permit, or auLhnrlze ~uch
<br />holder, either be{'ore or al'l,'r {'ol'(~{'[t)i{{lru or action In lieu Ihereof,
<br />
<br />consLru,'Lion alr,..ady mud,.)' .~ithi;ul. f l~.;i h'lvini[ expressly assumed the
<br />ob{ldaLion to the f~len,:y, by wrtiten a6r,?r:,,3nt. :{utlsfa~tory Lo thc ~ency,
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