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satisfactory to Agency that it has the qualifications and financial responsibility necessary to perform such obligations. Any such holder properly completing such improvements shall be entitled, upon written request made to Agency, to a Certificate of Completion from Agency. {}514 Failure of Holder to Complete Improvements In any case where, six (6) months after notice of defanlt by Shea 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 Shea Project Site or any part thereof has not exemised the option to construct, or if it has exercised the option and has not proceeded diligently with construction, 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 Shea Project.Site or any part thereof has vested in the holder, Agency, if it so desires, shall be entitled to a conveyance of the Shea Project Site from the holder to 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 Shea 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 Agency. §515 Right of Agency to Cure Mortgage or Deed of Trust Default In the event of a mortgage or deed of trust default by Shea 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 construct, Agency, after giving writ-ten notice and an opportunity to cure to Shea, may cure the default prior to completion of any foreclosure. In such event, Agency shall be entitled to reimbursement from Shea of all reasonable costs and expenses incurred by Agency in curing such default. Agency also shall be entitled to a lien upon the Shea 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 Shea Project Site as authorized in Article 9. §516 Right of 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 Shea has had a reasonable time to challenge, cure or satisfy any liens or encumbrances on the Acquisition Parcels, Agency, after giving written notice to Shea, 29 wc-21875