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responsibility necessary to perform such obligations. Any such holder properly completing such <br />improvements shall be entitled, upon written request made to the Agency, to a Certificate of <br />Completion from the Agency. <br /> <br /> Agency and Developer shall cooperate in including in this Agreement by suitable <br />amendment from time to time any provision which may be requested by any proposed holder of <br />any mortgage, deed of trust or other security interest permitted to be granted by Developer <br />hereunder, or which may otherwise be reasonably necessary, to provide customary "mortgagee <br />protection" provisions to any such holder; provided, however, that any such amendment shall not <br />in any way adversely affect in any material respect any fights of Agency under this Agreement. <br /> <br /> §514 Failure of Holder to Complete Improvements <br /> <br /> In any case where, six (6) months after notice of default by Developer in completion of <br />construction of improvements under this Agreement, the holder of any mortgage or deed of trust <br />creating a lien or encumbrance upon the Project Site or any part thereof has not exercised the <br />option to construct, or if it has exercised the option and has not proceeded diligently with <br />construction, the Agency may purchase the mortgage or deed of trust by payment to the holder of <br />the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all <br />other sums secured by the mortgage or deed of trust. If the ownership of the Project Site or any <br />part thereof has vested in the holder, the Agency, if it so desires, shall be entitled to a <br />conveyance of the Project Site from the holder to the Agency upon payment to the holder of an <br />amount equal to the sum of the following: <br /> <br /> A. The unpaid mortgage or deed of trust debt at the time title became vested in the <br />holder, including, without limitation, any advances made by the holder to protect the property <br />covered by its lien or to protect its security interest (less all appropriate credits, including those <br />resulting from collection and application of rentals and other income received during foreclosure <br />proceedings); <br /> <br /> B. All expenses with respect to foreclosures and enfomement of the holder's rights <br />and remedies under the mortgage or deed of trust. <br /> <br /> C. The net expense, if any (exclusive of general overhead), incurred by the holder as <br />a direct result of the subsequent management of the Project Site or part thereof; <br /> <br /> D. The costs of any improvements made by such holder; and <br /> <br /> E. An amount equivalent to the interest that would have accrued on the aggregate of <br />such amounts had all such amounts become part of the mortgage or deed of trust debt and such <br />debt had continued in existence to the date of payment by the Agency. <br /> <br /> §515 Right of the Agency to Cure Mortgage or Deed of Trust Default <br /> <br /> In the event of a mortgage or deed of trust default by Developer prior to the issuance of a <br />Certificate of Completion and the holder of any mortgage or deed of trust has not exercised its <br />option to construct, the Agency, after giving written notice and an opportunity to cure to <br />Developer, may cure the default prior to completion of any foreclosure. In such event, the <br /> <br /> 27 <br />DOCSSF1:648942.4 <br />9975-5 C14 <br />120502 <br /> <br /> <br />