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autl?arize such holder to ??ndertake ar colrtir?€?e tale cal?structroli or completion of the Developer` <br />7mp1'oVements beyond the e?te??t necessary t0 Consel?e or protect the 1lp??ove?rlel?ts ar <br />ca??struetion already made itha??t first l?a?rin expressly as??lr?ed tl?e Developer's obligatio?rs <br />to tl?e Agelrcy ?y ??ritten agreetrlent reasonably satisfactory to the Agency The bolder, in that <br />evelrt, m??st agree to complete, 111 the ?r?anner provided in tlais Agreement, the De?elopel4 <br />?mprovelnents, Any s??ch holder properly completing the De??eloper ?n?pravement shall be <br />entitled, ??pol? eomplialrce ?vith the requirements of Section ? 13 of this Agreement, to a release <br />of Canstructiolr ovenat?ts, It is tllld?rstood that a holder shall be deemed to ha??e satisfied the <br />tlrir;ty ??0} day titrre iin?it set for?l? abase for cam?nencil?g to cure or remedy De?elae?? defarrlt <br />??lllch requires title andlor possessiol? of the Site if and to the extetlt arry such holder leas itlait? <br />s??c}? thirty ?3U} day pel4iad carrrn?enced pr;oceed?ngs to ab?al?r tltle ax?dlo?? possession and <br />thereaftexk the bolder diligently pursues s€rch proceedings to calnpletion and cures or re?rredies the <br />default, <br />1,fi ?'ai?ur?e of Ho?der• ?a Caznp?ete Developer Ympr?ovenxe???s. In alry case <br />??rl?e??e, thirty X30) days af?el• the bolder of any ??no?•t?ge or deed off' tr??t creating a lien ar <br />elrc??lnl?ralrce ??pot? the Site receives a t?atice from the Agel?cy of a default by the De?reioper its <br />calr?pletiolr of eot?structia?i of any Pirase of tl?e Developer ?rnpz?o?rei?cnts ??rlder this Agreement, <br />and sr?ch balder llas lrot eel•cised the aptiolr to const?#uct as set for;tl? i?r eetian 16.x, ar if It has <br />ea?ercised the option but ??as defaulted hereul?der and failed to tilnely cu?•o sr?ch default, the <br />Agel?cy may pr?rchase the mortgage or deed of trust by payn?et?t to tl?e holder of tl?e a??aur?t of <br />the unpaid n?o??tae or' deed of tr;??st debt, includirrg pr;i?rcipal at?d interest al?d all othe?• r?xr? <br />secured by the lnol•tgage a?• deed of trust, ?f the a???ership of the applicable Phase leas vested ilk <br />the balder, the Agency if it sa desires, shall be entitled to a corr?eyalrce from the l?olcler to the <br />Aelrc?? upa?? paytrrent to the lrolde?• of a?? at?aunt equal to t??e sum of tl?e following, <br />?a} The l?l?pa?d mortgage or deed of tz?r?st debt at the t?lne title became <br />vested in the bolder bless all appropriate credits, inoludil? those resulting fra?rl callectiolr and <br />application ofrentals al?d other income received d??ring fareclos??re proceedings; <br />attorneys' fees; <br />fib} All e?pe?ases ??ith respect to foreclosure includil?g reaso?aable <br />?c? Tl?e let expense, if ley ?exclr?srve of gel?elal o?rerl?ead?, il?curred <br />by tl?e bolder as a direct result of the subsequent rnanagemet?t of the Sate; <br />?d? The costs of any ilrlprovelrrel?ts ?r?ade by such bolder; <br />fie} An al?raunt equivalent to the il?terest tl7at ?vor?ld have accr??ed an <br />tl?e aggregate of such alnoulrts lead all such alrro??l?ts became part of the lnol•#gage or deed of trust <br />debt acrd ??cl? debt lead cantlnued In elstence to tl?e date afpaymex?t by the Agency; alyd <br />?f? Any custarnar•y prepaytr?el?t charges ilr?posed by the lelyder <br />p??rstlant to its loan daculrrents and agreed to by the Develope??? <br />1?,8 ???h? of f?le AeI1Cy to ?ur'e Mortgage or' Deed of Trust l)efau?t? r?l <br />tl?e e?et?t of a rrrortae ol• deed of trust default o?? breach by the Developer prior to the <br />ca?npietiat? of the constrt?ctlol? of any of al?y Please of tl?e ]developer improvements ar any part <br />?S <br />D?CSOC114?0?73??13120?272???? ?