Laserfiche WebLink
a Default that cannot be cured without taking possession of the Project Site, such holder shall <br />have acquired Developers' fee interest in the Project Site or commenced foreclosure or other <br />appropriate proceedings in the nature thereof within such period, or prior thereto, and is <br />diligently prosecuting any such proceedings. <br /> <br /> All fights of Agency to terminate this Agreement as the result of the occurrence of any <br />Default by Developer in completion of construction of the improvements shall be subject to, and <br />conditioned upon, Agency having first given each such holder written notice of such Default as <br />hereinabove provided and such holder or holders having failed to remedy or commence the <br />remedying of such Default or to acquire Developer's fee interest in the Project Site or commence <br />foreclosure or other appropriate proceedings in the nature thereof as set forth in and within the <br />time periods specified by this Section 513. If any such holder is prohibited by any process or <br />injunction issued by any court, or by reason of any action by any court, having jurisdiction of any <br />bankruptcy or insolvency proceeding involving Developer, from commencing or prosecuting <br />foreclosure or other appropriate proceedings in the nature thereof, the times specified in this <br />Section 513 above for commencing or prosecuting such foreclosure or other proceedings shall be <br />extended for the period of such prohibition; provided that any such holder shall have initiated <br />within such period the curing of any Default that can be remedied without taking possession of <br />the Project Site and is diligently prosecuting such cure. <br /> <br /> Foreclosure of any mortgage or deed of trust or other security interest, whether by <br />judicial proceeding of by virtue of any power contained in such mortgage deed of trust or other <br />security interest, or any conveyance of Developer's interest in the Project Site to any such holder <br />through, or in lieu of, foreclosure or other appropriate proceedings in the nature thereof ~hall not <br />require the consent of Agency or constitute a breach of any provision or a Default under this <br />Agreement, and upon such foreclosure, sale or conveyance Agency shall recognize such holder, <br />or any other foreclosure sale purchaser, as Developer hereunder, subject, however, to Section 512 <br />and to the following paragraph of this Section 513. <br /> <br /> Nothing contained in this Agreement shall be deemed to permit or authorize such holder <br />to undertake or continue the construction or completion of the improvements (beyond the extent <br />necessary to conserve or protect the improvements or construction already made) without first <br />having expressly assumed Developer's obligations to the Agency by written agreement <br />satisfactory to the Agency. The holder, in that event, must agree to complete, in the manner <br />provided in this Agreement, the improvements to which the lien or title of such holder relates, <br />and submit evidence satisfactory to the Agency that it has the qualifications and financial <br />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 pemdtted 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 rights 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 /> <br /> 28 <br />DOCSSF 1:495065.9 <br />9975-5 NWN <br /> <br /> <br />