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copy of such notice or demand. Each such holder shall (insofar as the rights granted by the <br />Agency are concerned) have the right, at its option, within thirty (30) days after the receipt of the <br />notice, to cure or remedy or commence to cure or remedy and thereafter to pursue with due <br />diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt <br />and the lien of its mortgage. Nothing contained in this Agreement shall be deemed to permit or <br />authorize such holder to undertake or continue the construction or completion of the Developer <br />Improvements (beyond the extent necessary to conserve or protect the improvements or <br />construction already made) without first having expressly assumed the Developer's obligations <br />to the Agency by written agreement reasonably satisfactory to the Agency. The holder, in that <br />event, must agree to complete, in the manner provided in this Agreement, the Developer <br />Improvements. Any such holder properly completing the Developer Improvement shall be <br />entitled, upon compliance with the requirements of Section 313 of this Agreement, to a Release <br />of Construction Covenants. It is understood that a holder shall be deemed to have satisfied the <br />thirty (30) day time limit set forth above for commencing to cure or remedy a Developer default <br />which requires title and/or possession of the Site if and to the extent any such holder has within <br />such thirty (30) day period commenced proceedings to obtain title and/or possession and <br />thereafter the holder diligently pursues such proceedings to completion and cures or remedies the <br />default. <br />316.7 Failure of Holder to Complete Developer Improvements. In any case <br />where, thirty (30) days after the holder of any mortgage or deed of trust creating a lien or <br />encumbrance upon the Site receives a notice from the Agency of a default by the Developer in <br />completion of construction of any Phase of the Developer Improvements under this Agreement, <br />and such holder has not exercised the option to construct as set forth in Section 316.6, or if it has <br />exercised the option but has defaulted hereunder and failed to timely cure such default, the <br />Agency may purchase the mortgage or deed of trust by payment to the holder of the amount of <br />the unpaid mortgage or deed of trust debt, including principal and interest and all other sums <br />secured by the mortgage or deed of trust. If the ownership of the applicable Phase has vested in <br />the holder, the Agency, if it so desires, shall be entitled to a conveyance from the holder to the <br />Agency upon payment to the holder of an amount equal to the sum of the following: <br />(a) The unpaid mortgage or deed of trust debt at the time title became <br />vested in the holder (less all appropriate credits, including those resulting from collection and <br />application of rentals and other income received during foreclosure proceedings); <br />(b) All expenses with respect to foreclosure including reasonable <br />attorneys' fees; <br />(c) The net expense, if any (exclusive of general overhead), incurred <br />by the holder as a direct result of the subsequent management of the Site; <br />(d) The costs of any improvements made by such holder; <br />(e) An amount equivalent to the interest that would have accrued on <br />the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust <br />debt and such debt had continued in existence to the date of payment by the Agency; and <br />48 <br />D OC S OG 1400673 v L 41200272.0001