1976-01 CRA - Laserfiche WebLink

Home Browse Search

. . . HUD.6209B (9.69) the Property or the part thereof to which the lien or title of Buch holder relates. Any Buch holder whb almll properly complete the Improvements relating to the Property or applicable part thereof shall be entitled, upon written request lll!$de to the Agency, to a certification or certificetions by the Agency to !luch in the mMner provid"d in S,"CtiOXl 30'T of the A,greemert, Md any Buch certification shall, if BO requested by such holder, meM !lJld that if';/::JY 01.' rights wi.th renpect to r?captu:re of or reverdon or :revellting of title to the Property that the P>!Q:ncy Ilhall have or be entitled to because of failure of the Redeveloper or MY successor in intel~st to tl~3 or any p$~t to curs or c~y default ot to the construction of the Iroprove~ents on other psrts or t the Property, or beceuse of MY other default in or breacb of the Agreement by the Rtodeveloper or such BUccessor, shall not apply to the part or parcel of the Property to which such certificatial relates, SEe, 605. enc 's e Debt or ~chase Pro crt , In any esse, where, to or by the l1edcvelopcr or llucCe!lllOr in interellt) under the Agreement, the hol.der of any mortgage on. the Property or pe.rt thereof (a) bu, but does not extl'rcise, the option to construct or complete the Improvements relating to the Property or p!lJ:'t tbereof covered by its mortgage or to '.hieh it has obteJ.lled title} Md such failure continue~ fOr a 00. of ~ixty (60) days after the holder has been notified informed of 'the default or breach; or (b) undertakes construction or completion of the Improvelllent~ but does not complete such construction within the period as agreed upon by the Agency lill'ld such holder (which period shall in any event be at least as long as the period prescribed for such conlltructlon or completion in the AgI'eC~)Cnt), and such dei'nult eh~l .!lot have been cured within sixty (60) d~ys after written demMa by the "Jfl,el1cy so to do, the Agency shall (and every mortgage inetrum<l'.llt w~e prior to completion of the Improvements with respect to the Property by the Redeveloper or successor in interest sh~ll so prOVide) h~Ye the option of paying to the holder the amount of the lllOrtgage debt Md securing an I1IH;ignroont of the mortgage and the debt secured thereby, or, in the event ownership of the Property (or part thereof) has vested in such holder by way of foreclosure or action in lieu thereof, the Agency shall be entitled, at its option, to It conveyance to it of the Property or p!lJ:'t thereof (as the cnGe may be) upon paYll1!ent to liluch holder of an fJ..'l1ount equal to the SUll! of: (i) the ,mortgage debt at the time of foreclosure or action in lieu thereof (less all Including tl.iOS8 fro'" c-:,nee-tion p,nd up-plicct.iun 0", " >>-:';""Hi'", l.__,;c:J (;(.L;:;::.:;c, l..\H>..v/,-.~ 2";~>;:>__ ~.. ,.", -~.. ,-"i-.- proceedings); (ii) all expenliles with respect to the foreclosure; (iii) the net expense, if MY (exclusive of general overhead), incurred by such holder in {',11d u;.; 8., d1:t:''E:c's I suIt of the <.- ,u. '.':C:,i;;:trt of the Pn'N~rty; (iv) the co.sts of MY lNprovem'i'nUI m5de by such holder; and (v) M amount equivi.lJ.;"nt to the iXlterest th0t 'douid haw, aUTued on the - 14 -