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HUD.62OgS ' (9'.69) the Property or the part the~eo£ to which the lien or title of such holder relates, Any such holder who shall properly complete the Improvements relating to the Property or applicable part thereof shall be entitled~ upon written request made to the 'A~ency, to a certification or certifications by the ~gency to such effect In the manner provided in Section 307 of the Agreement, and any such certification shall, if so requested by such holder, mean.and provide that any remedies or rights with respect to recapture of or reversion or revesting of title to the Property that the Agency shall have or be entitled to because of failure of the Redeveloper or any successo~ in interest to the Property, or any part thereof, Lo cure or remedy any default with respect to the construction of the Improvements on other parts or parcels of the Property, or because of any other default in or breach of the Agreement by the Redeveloper or such successor, shall not apply to the part or parcel of the Property to which such certification relates. SEC. 60~. A~ency's Option To Pay Mortgage Debt o~ Purchase Property. In any case, where, subsequent to default or breach'by the Redeveloper (or successor in interest) under the Agreement, the holder of any mortgage on the Property or part thereof (a) has, but does not exerulse, the option to construct or complet~ the Improvements'relating to the Property or part thereof covered by its mortgage or to whleh it has obtained title, and such failure continues for a period of sixty (60) days after the holder has been notified or informed of the default or breach; or ih) undertakes construction or ,:ompLetion of the Improvements but does not complete such construction within the period as agreed, upon by the Agency and such holder (which period shall in any event be at least as long as the period prescribed for such construction or completion in the Agreement), and such default sha~l not have been cured within sixty (60) days after written demand by the Agency so Lo do, the Agency shall (and every mortgage instrument made prior to completion of the Improvements with respect Lo the Property by the Redeveloper or' successor in interest shall so provide) have the option of paying to the holder the amount of the mortgage debt and securing an assignment of the mortgage and the debt secured thereby, or, in the event o~nership of the Property (or part thereof) has vested in such holder by ~ay of foreclosure or action in lieu thereof, the Agency shall be entitled, at its option, to a conveyance to it of the Property or part thereof (as the case may be) upon payment to such holder of an amount equal to the sum of: (l) the mortgage debt at the time of foreclosure or action in lieu thereof (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (ii) all expenses with respect to the foreclosure; (iii) the net expense, if any (exclusive of general overhead), incurred by-such holder in a~d as a direct result of the subsequent management of the Property; (iv) the costs of any Improvements made by such bolder; and (v) an amount equivalent to the interest that would .have accrued on the - Ih - MAR 18 197'7