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§514 Failure of Holder to Complete Improvements In any case where, six (6) months after notice of default by IAC in completion of construction of improvements under this Agreement, the holder of any mortgage or deed of trust creating a lien or encumbrance upon the IAC Project Site or any part thereof has not exercised the option to construct, or if it has exercised the option and has not proceeded diligently with construction, the Agency may purchase the mortgage or deed of trust by payment to the holder of the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all other sums secured by the mortgage or deed of trust. If the ownership of the IAC Project Site or any part thereof has vested in the holder, the Agency, if it so desires, shall be entitled to a conveyance of the IAC Project Site from the holder to the Agency upon payment to the holder of an amount equal to the sum of the following: A. The unpaid mortgage or deed of trust debt 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); B. All expenses with respect to foreclosures; C. The net expense, if any (exclusive of general overhead), incurred by the holder as a direct result of the subsequent management of the IAC Project Site or part thereof; D. The costs of any improvements made by such holder; and E. An amount equivalent to the interest that would have accrued on the aggregate of 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. §515 Right of the Agency to Cure Mortgage or Deed of Trust Default In the event of a mortgage or deed of trust default by IAC prior to the issuance of a Certificate of Completion and the holder of any mortgage or deed of trust has not exercised its option to constnzct, the Agency, after giving written notice and an opportunity to cure to IAC, may cure the default prior to completion of any foreclosure. In such event, the Agency shall be entitled to reimbursement from IAC of all reasonable costs and expenses incurred by the Agency in curing such default. The Agency also shall be entitled to a lien upon the IAC Project Site to the extent of such costs and disbursements. Any such lien shall be subject to mortgages or deeds of trust executed for the purpose of obtaining funds for development of the IAC Project Site as authorized in Article 9. §516 Right of the Agency to Satisfy Other Liens on the Acquisition Parcels After Title Passes After conveyance of title and prior to the issuance of a Certificate of Completion and after IAC has had a reasonable time to challenge, cure or satisfy any liens or encumbrances on the Acquisition Parcels, the Agency, after giving written notice to IAC, shall have the right to satisfy any such liens or encumbrances; provided, however, that nothing in this Agreement shall require IAC to pay or make provision for the payment of any tax, assessment, lien or charge, so long as IAC in good faith shall contest the validity or amount thereof, and so long as such delay in payment shall not subject the Acquisition Parcels or any of them to forfeiture or sale. 27 = 9627:83976.25