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copy of such notice or demand. Each such holder shall insofar as the rights granted by the Agency are concerned) have the right, at its option, within thirty o days after the receipt of the notice, to cure or remedy or commence to cure or remedy and thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage. Nothing g contained in this Agreement shall be deemed to permit or authorize uc h holder to undertake or continue the construction or completion of the Developer Improvements (beyond the extent necessary to conserve or protect the irnpro Bremen t s or construction alread made) first having expressly as su rued the Developer's obligation to the Agency by ri t tern agreement reasonably satisfactory to the Agency. The holder, in that gent, must agree to complete, i n the manner provided in this Agreement, the Developer Improvements. Any such holder properly completing the Developer Improvement shall he entitled, upon compliance with the requirements of Section 313 of this Agreement, to a Release of Construction Covenants. It is understood that a Molder shall be deemed to have .satisfied the thirty day time limit et forth above for commencing to c u rc or remedy a Developer default which requires title andlor possession of the Site if and to the extent any such holder has within such thirty o day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and cures or remedies the default. 316.7 Failure of Holder to Complete Developer Improvements. In any case where, thirty o days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Site receives a notice from the Agency of a default by the Developer in completion of construction of any Phase of the Developer Imp ro v erne nt under this Agreement, and such holder has net exercised the option to construct as set forth in Section 316.6, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, the Agency may purchase the mortgage or decd of trust by payment to the holder of the amount of the unpaid mortg age or deed of trust debt, including principal and interest and all other sums secured by the mortgage or deed of trust. If the ownership of the applicable Phase has vested in the holder, the Agency, i f it so desires, shall be entitled to a conveyance from the holder to the Agency upon payment to the holder of an amount equal to the sum of the following: (a) The unpaid mortgage or decd of trust debt at the time title became vested in the holder less all appropriate credits, including those resulting from collection and application of rentals and other income received d u rin foreclosure proceedings); g (b) All expenses with respect to foreclosure including reasonable attorneys' fees (c) The net expense, i f any (exclusive of general overhead), incurred by the holder as a direct result of the subsequent management f the Site; (d) The costs of any improvements made by such holder; (e) An amount equivalent to the interest that would have accrued on the a g regate of such amou n t s h ad al l such arnou nt s become p art of the rnortga ge o r decd of tru s t debt and such debt had continued in existence to the date of payment by the Agency; and 48 DOs14o73v i4 /200272.0001