Agmt99 Peninsula Habitat... (2) - Laserfiche WebLink

Browse Search

holder, the Agency, if it so desires, shall be entitled to a conveyance f rom the holder to the Agency upon payment to the holder of an amount equal to the sum of the following: 1 . The unpaid mortgage, deed of trust or other security interest debt, including principal, accrued and unpaid interest, late charges, costs, expenses and other amounts payable to the holder by the Developer under the loan documents between the holder and the Developer, 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 during foreclosure proceedings . ) 2 . Al1 expenses, if any, incurred by the holder with respect to foreclosure . 3 . The net expenses, if any (exclusive of general overhead) , incurred by the holder as a direct result of the subsequent ownership or management of the Property, such as insurance premiums and real estate taxes . 4 . The cost of any improvements made by such holder. 5 . An amount equivalent to the interest that would have accrued on the aggregate on such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by the Agency. 6 . After expiration of the aforesaid one hundred eighty (180) calendar day period, the holder of any mortgage, deed of trust or other security affected by the option created by this Section, may demand, in writing, that the Agency act pursuant to the option granted hereby. If the Agency fails to exercise the right herein granted within ninety (90) calendar days from the date of such written demand, the Agency shall be conclusively deemed to have waived such right of purchase of the Property or the mortgage, deed of trust or other security interest . g. In the event of a default or breach by the Developer of a mortgage, deed of trust or other security interest with respect to the Property prior to the issuance of the final Certif icate of Completion for the Property, and t;he holder has not exercised its option to complete the development, the Agency may cure the default prior to completion of any foreclosure. In such event, the Agency shall be entitled to reimbursement from the Developer of all costs and expenses incurred by the Agency in curing the default . The Agency shall also be deemed to have a lien REDW\0006\DOC\013-7 24 1\11\08 940 law