Laserfiche WebLink
<br />subsequent ownership or management of the <br />insurance premiums and real estate taxes. <br /> <br />Property, <br /> <br />such <br /> <br />as <br /> <br />4. <br /> <br />The <br /> <br />cost <br /> <br />of <br /> <br />any <br /> <br />improvements <br /> <br />made <br /> <br />by <br /> <br />such <br /> <br />holder. <br /> <br />5. An amount equivalent to the interest that would <br />have accrued on the aggregate on such amounts had all such amounts <br />become part of the mortgage or deed of trust debt and such debt had <br />continued in existence to the date of payment by the Agency. <br /> <br />6. After expiration of the aforesaid one hundred <br />eighty (180) calendar day period, the holder of any mortgage, deed <br />of trust or other security affected by the option created by this <br />Section, may demand, in writing, that the Agency act pursuant to <br />the option granted hereby. If the Agency fails to exercise the <br />right herein granted within ninety (90) calendar days from the date <br />of such written demand, the Agency shall be conclusively deemed to <br />have waived such right of purchase of the Property or the mortgage, <br />deed of trust or other security interest. <br /> <br />g. In the event of a default or breach by the Developer <br />of a mortgage, deed of trust or other security interest with <br />respect to the Property prior to the issuance of the final <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 have 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 /> <br />Section 3.06. <br /> <br />Riqht of the Aqencv to Satisfy Other <br />Liens on the Property after Conveyance of <br />Title. <br /> <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 /> <br />26 <br /> <br />REDW\0006\DOC\001-7 <br />3/29/05 3:15 ¡rove <br />