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<br />entitled, upon written request made to the Agency, to be issued a <br />Certificate of Completion by the Agency. <br /> <br />f. In any case where, one hundred eighty (180) days <br />after default by Participant in the completion of construction of <br />improvements under this Agreement, the holder of any mortgage, deed <br />of trust or other security interest creating a lien or encumbrance <br />upon the Property or any portion thereof has not exercised the <br />option to construct the applicable portions of the Project, or has <br />exercised the option but has not proceeded diligently and <br />continuously with construction, the Agency and/or the City may, <br />subject to applicable law, purchase the mortgage, deed of trust or <br />other security interest by payment to the holder of the amount of <br />the unpaid debt, including principal, accrued and unpaid interest, <br />late charges, costs, expenses and other amounts payable to the <br />holder by Participant under the loan documents between holder and <br />Participant. If the ownership of the Property has vested in the <br />holder, the Agency and/or the City, if either so desires, shall be <br />entitled to a conveyance from the holder to the Agency and/or the <br />City upon payment to the holder of an amount equal to the sum of <br />the following: <br /> <br />1. The unpaid mortgage, deed of trust or other <br />security interest debt, including principal, accrued and unpaid <br />interest, late charges, costs, expenses and other amounts payable <br />to the holder by Participant under the loan documents between the <br />holder and Participant, at the time title became vested in the <br />holder (less all appropriate credits, including those resulting <br />from collection and application of rentals and other income <br />received during foreclosure proceedings.) <br /> <br />2. All expenses, if any, incurred by the holder <br />with respect to foreclosure. <br /> <br />3. The net expenses, if any (exclusive of general <br />overhead), incurred by the holder as a direct resul t of the <br />subsequent ownership or management of the Property, such as <br />insurance premiums and real estate taxes. <br /> <br />4. The cost of any improvements made by 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 and/or <br />the City, as applicable. <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 /> <br />17 <br />