RecDoc 2009-095365 - Laserfiche WebLink

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Section, may demand, in writing, that the Agency act pursuant to the option granted hereby. If the Agency fails to exercise the right herein granted within ninety (90) days from the date of such written demand, the Agency shall be conclusively deemed to have waived such right of purchase of the Property or the mortgage, deed of trust or other security interest. g. In the event of a default or breach by Participant of a mortgage, deed of trust or other security interest with respect to the Property prior to the issuance of the final Certificate of Completion for the Property, and the holder has not exercised its option to complete the development, the Agency and/or the City may cure the default prior to completion of any foreclosure. In such event, the Agency and/or the City, as applicable, shall be entitled to reimbursement from Participant of all costs and expenses incurred by the Agency and/or the City, as applicable, in curing the default. The Agency and/or the City shall also be deemed to have a lien upon the Property to the extent of such costs and disbursements. Any such lien shall be subordinate and subj ect to mortgages, deeds of trust or other security instruments executed for the sole purpose of obtaining funds to purchase and develop the Property as authorized herein. Section 3.06. Right of the Agency to Satisfy Other Liens on the Property after Conveyance of Title. Prior to the recordation of the final Certificate of Completion, and after Participant has had a reasonable time to challenge, cure or satisfy any unauthorized liens or encumbrances on the applicable Property, the Agency and/or the City shall after sixty (60) days prior written notice to Participant have the right, but not the duty, to satisfy any such liens or encumbrances; provided, however, that nothing in this Agreement shall require Participant to payor make provisions for the payment of any tax, assessment, lien or charge so long as Participant in good faith shall contest the validity or amount thereof, and so long as such delay in payment shall not subject the Property, or any portion thereof, to forfeiture or sale. Section 3.07. Certificate of Completion. a. Following the written request therefor by Participant and the completion of construction and development of the Project, excluding any normal and customary tenant improvements and minor building upunch-list" items, the Agency shall furnish Participant with a Certificate of Completion for the Project, substantially in the form of Exhibi t UF" attached hereto and incorporated herein by this reference. Notwithstanding any provision set forth herein to the contrary, the completion of construction and development of the Project on the Property shall 18