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, <br /> Certificate of Completion for the Property, and the holder has not <br /> exercised its option to complete the development, the Agency may <br /> cure the default prior to completion of any foreclosure . In such <br /> event, the Agency shall be entitled to reimbursement from the <br /> Developer of all costs and expenses incurred by the Agency in <br /> curing the default . The Agency shall also be deemed to hav.e a lien <br /> upon the Property to the extent of such costs and disbursements . <br /> Any such lien shall be subordinate and subject to mortgages, deeds <br /> of trust or other security instruments executed for the sole <br /> purpose of obtaining funds to purchase and develop the Property as <br /> authorized herein. <br /> Section 3 . 06 . Riaht of the �Actencv to Satisfv Other <br /> Liens on the Propertv after Convevance of <br /> Title. <br /> After the conveyance of title to the Property by the <br /> Agency to the Developer and prior to the recordation of the final <br /> Certificate of Completion, and after the Developer has had a <br /> reasonable time to challenge, cure or satisfy any unauthorized <br /> liens or encumbrances on the applicable Property, the Agency shall <br /> after sixty (60) calendar days prior written notice to the <br /> Developer have the right, but not the duty, to satisfy any such <br /> liens or encumbrances; provided, however, that nothing in this <br /> Agreement shall require the Developer to pay or make provisions for <br /> the payment of any tax, assessment, lien or charge so long as the <br /> Developer in good faith shall contest the validity or amount <br /> thereof, and so long as such delay in payment shall not subject the <br /> Property, or ar�y portion thereof, to forfeiture or sale . <br /> S <br /> � <br /> � <br /> i ' <br /> � <br /> 1 <br /> i ' <br /> � <br /> REDW\0006\DOC\013-6 <br /> 2 4 3/08/OS mvc <br />