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<br />
<br />HUD..2l>>a
<br />(9-<19)
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<br />similar lien instrument, it ~ropOBea to enter into with respect to the
<br />Property, or any part thereof, and in any event h ahall promptly notify
<br />the Agency of any enctL~b"e:nce or lien that h.."ll been c-reated on or attached
<br />to the Property, whether by voluntary act of the Redeveloper or otherwise.
<br />For the purposes of Buch ~rtg~e financing as IDay be made pursuant to the
<br />~eemant, the l?roper"ty ex:!, O.t th~ option of t.he Rcd,eveloper (or 6UCC,",,,fu'or
<br />in intere$t), be divided into several parta or parcels, provided that Buell,
<br />su~~ivisiQn, in 14~e of the Agency, ill not inconsistent with the
<br />pur;-:O:lell of llrbM Plan and the Agre!Omant and ia approved in
<br />uriting by the Agency.
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<br />SEC. 602. P#.orti\/bgee Not Oblip;/bte Construct, Notwithstanding!lr:Y
<br />of the pruvieion~ of the but !lot limited to those
<br />which ~ or are intended to running with the lMd, the holder
<br />of any:w:.:rtliJ;ilge ll.uthorized by the Ag~'eement (including IJII:! such holder vho
<br />obtains ti Us to the Property or MY pa.rt thereof IJ!:I a. result of
<br />foreclollure proceedings, or &ction in lieu thereof, but not including (a)
<br />any other P"'~Y vil0 theree,fter obt~n!:l title to the Property or such ~t
<br />from or th1'O\Ia;h such holder or (b) MY other purchue1' at foreclosure sale
<br />other thM the holder of the mortgage itllelf) shall in no vise be obligated
<br />by the provisions of the Agreement to conatruct or complete the Illlprovements
<br />or to ee such construction or completion; nor shall any covenant or
<br />provision in the Deed be construed to eo obligate such holder:
<br />Tha.t nothing in this Section or tmy oth'!!r Sect,ion or prOVision ot
<br />the Ag:reement shull be deemed or construed to perm! t or a.utl1orize any such
<br />holder to de....ote the Property or MY ps.rt thereof to MY Ufile!l, or to
<br />construct ~~y i~Jrovement& thereon, other than thoae uses or improvements
<br />provided or perillitted in the Urban Renewal PlaX! and in the Agreemant.
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<br />SEC. 603. Cop of Notice 0 ee, Whenever the Agen"'y
<br />ahall deliver any notice or uith respect to any
<br />breach 01' default by the Redeveloper in its obligations or covenants under
<br />tbe ~eet~nt, Agency s~",ll at the same ti~ forward a copy of su~h
<br />notice or de~~d to e~ch holder of any ~1'tgege authorized by the Agreement
<br />at the last addre&5 of 8uch holder shown in the recorda of the Agency.
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<br />SEe, 604. Mortgagee' II Option To Cure Ilefaul tll. After MY brea.ch or
<br />default referred to in S~ct1on 603 hereof, eech such bolder shall (insofsx
<br />as the rigbtll of the Agency are concerned) have the right, at its option,
<br />to cure or remedy such breach or default (or such breach or default to the
<br />extent thet it relates to the part of the Property covered by its mortgage)
<br />and to add the cost thereof to the mortgage debt and the lien of its
<br />mortgage: Provided, That if the breech or default ill vith respect to
<br />construction of the L~rovements, nothing cmltained in this Section or any
<br />othor Section of the Ac~~ement shall be deemed to permit or authorize such
<br />eith>:;~r before or after fo:t>ecl.oGu:t'e or acttQll in lieu thereof) :tc
<br />unde:i"'te:.u:e OX' CtJiAtiHue -thz;- COH-f1'CX'uc0ioo, QJ: ,;,.L..".i.f vi 1,1.<2 .-::~;,:,~:L(~-,.'
<br />(beyond the extent neceasary to conserve or protect llnprovemem;s or
<br />('^"1'lt'l'11ctlo-:1 alre5l1y made) without first having expressly assumed the
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<br />to t~J.C
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<br />'w"1."::..tt,en
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<br />G$tj.G:((v:~t,(Jry to 1,he
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<br />,
<br />, in the m1)nner provided in the Aj;1,re(:!~ent, the !Jlrprovelllen1.5 on
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