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<br />appropriate modes of financing <br />construction and land development. <br /> <br />real <br /> <br />estate <br /> <br />acquisition, <br /> <br />d. The holder of any mortgage, deed of trust or other <br />security interest authorized by this Agreement shall in no manner <br />be obligated by the provisions of this Agreement to construct or <br />complete the improvements or to guarantee such construction or <br />completion; nor shall any covenant or any other provision in any <br />grant deed for any portion of the Property be construed so to <br />obligate such holder. Nothing in this Agreement shall be deemed to <br />permit or authorize any such holder to devote the Property or any <br />portion thereof to any uses, or to construct any improvements <br />thereon, other than those uses or improvements provided for or <br />authorized by this Agreement. <br /> <br />e. Whenever the Agency and/or the City shall deliver <br />any notice or demand to Participant with respect to any breach or <br />default by Participant in the completion of construction of the <br />improvements, or any breach or default of any other obligations <br />which might entitle the Agency and/or the City to terminate this <br />Agreement, the Agency and/or the City shall at the same time <br />deliver to each holder of record of any mortgage, deed of trust or <br />other security interest on the Property authorized by this <br />Agreement. Each such holder shall (insofar as the rights of the <br />Agency are concerned) have the right, at its option, to commence <br />the cure or remedy of any such default and to diligently and <br />continuously proceed with such cure or remedy, within ninety (90) <br />days after the receipt of the notice; and to add the cost thereof <br />to the securi ty interest debt and the lien of its securi ty <br />interest. If such default shall be a default which can only be <br />remedied or cured by such holder upon obtaining possession, such <br />holder shall seek to obtain possession with diligence and <br />continuity through a receiver or otherwise, and shall remedy or <br />cure such default within sixty (60) days after obtaining <br />possession; provided that in the case of a default which cannot <br />with diligence be remedied or cured, or the remedy or cure of which <br />cannot be commenced, within such sixty (60)-day period, such holder <br />shall have such addi tional time as is reasonably necessary to <br />remedy or cure such default of Participant. Nothing contained in <br />this Agreement shall be deemed to permit or authorize such holder <br />to undertake or continue the construction or completion of the <br />improvements on the Property (beyond the extent necessary to <br />conserve or protect the improvements or construction already made) <br />without first having expressly assumed Participant's obligations by <br />written agreement satisfactory to the Agency and the City. The <br />holder in that event must agree to complete, in the manner provided <br />in this Agreement, the improvements to which the lien or title of <br />such holder relates and must submit evidence satisfactory to the <br />Agency and the City that it has the qualifications and financial <br />responsibility necessary to perform such obligations. Any such <br />holder completing such improvements in accordance herewith shall be <br /> <br />16 <br />