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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 conveyance <br /> of the Project Site from the holder to the Agency upon payment to the holder of an amount equal <br /> 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 fi:om collection and application of rentals and other income received during foreclosure <br /> proceedings); <br /> <br /> B. All expenses with respect to foreclosures and enforcement of the holder's fights <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 l)¢faull~ <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 />Agency shall be entitled to reimbursement from Developer of all reasonable costs and expenses <br />incurred by the Agency in curing such default. The Agency also shall be entitled to a lien upon <br />the Project Site to the extent of such costs and disbursements. Any such lien shall be subject to <br />mortgages or deeds of trust executed for the purpose of obtaining funds for development of the <br />Project Site as authorized in Article 9. <br /> <br /> {}516 Right of the Agency to Satisf_v Other Liens on the Agency. City-Transfer and <br />Acquisition Parcels After Title Passes <br /> <br /> After conveyance of title and prior to the issuance of a Certificate of Completion and after <br />Developer has had a reasonable time to challenge, cure or satisfy any liens or encumbrances on <br />the Agency, City-Transfer or Acquisition Parcels, the Agency, after giving written notice to <br />Developer, shall have the right to satisfy any such liens or encumbrances; provided, however, <br />that nothing in this Agreement shall require Developer to pay or make provision for the payment <br />of any tax, assessment, lien or charge, so long as Developer in good faith shall contest the <br />validity or amount thereof, and so long as such delay in payment shall not subject the Agency, <br />City-Transfer or Acquisition Parcels or any of them to forfeiture or sale. <br /> <br /> {}517 Certificate of Completi0n <br /> <br /> Promptly after completion of all construction to be completed by Developer for the <br />Project, Developer may notify the Agency that construction is complete and request issuance of <br />the Certificate of Completion. The Agency shall issue the Certificate of Completion after City <br />staffhave indicated to the Executive Director that the Project has been completed in <br /> <br /> 29 <br />DOCSSFl:495065.9 <br />997~-$ ~ <br /> <br /> <br />