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<br />hereunder. In the event possession of the Property (or portion thereof) is required to effectuate <br />such cure or remedy, the holder shall be deemed to have timely cured or remedied if it <br />commences the proceedings necessary to obtain possession thereof within sixty (60) days after <br />receipt of the copy of the notice, diligently pursues such proceedings to completion, and, after <br />obtaining possession, diligently completes such cure or remedy. Nothing contained in this <br />Agreement shall be deemed to permit or authorize such holder to undertake or continue the <br />rehabilitation of the Improvements (beyond the extent necessary to conserve or protect such <br />improvements or work already done) without first having expressly assumed in writing <br />Developer's obligations to the Agency under this Agreement. The holder, in that event, must <br />agree to complete, in the manner provided in this Agreement, the Improvements to which the <br />lien or tile of such holder relates. Any such holder properly completing the Improvements shall <br />be entitled to a Certificate of Completion upon compliance with the requirements of this <br />Agreement. <br /> <br />8.4 Failure of Holder to Complete Improvements. In any case where six (6) months after <br />occurrence of an Event of Default by the Developer in completion of rehabilitation of the <br />Improvements, the holder of record of any mortgage or deed of trust, has not exercised its <br />option to complete rehabilitation of the Improvements, or having first exercised its option to <br />undertake such rehabilitation, has not proceeded diligently with such work, the Agency shall be <br />afforded those rights against such holder it would otherwise have against the Developer under <br />this Agreement. In addition, the Agency shall have the right prior to foreclosure or transfer of <br />deed in lieu of foreclosure to purchase the mortgage or deed of trust by paYment to the holder of <br />the amount of the unpaid debt, plus any accrued and unpaid interest and other charges properly <br />payable under the mortgage or deed of trust. If the ownership of the Property has vested in the <br />holder, the Agency, shall have the right for sixty (60) days after such vesting to acquire the <br />Property from the holder upon paYment of an amount equal to the sum ofthe following: <br /> <br />a. The unpaid mortgage or deed of trust debt at the time title became vested in the <br />holder (less all appropriate credits, including those resulting from collection and application of <br />rentals and other income received during foreclosure proceedings); <br /> <br />b. All expenses with respect to foreclosure; <br /> <br />c. The net expense, if any (exclusive of general overhead), incurred by the holder <br />as a direct result of the subsequent ownership or management of the Property (or portion <br />thereof); <br /> <br />d. The costs of any improvements made by such holder; <br /> <br />e. An amount equivalent to the interest that would have accrued on the aggregate <br />of such amounts had all such amounts become part of the mortgage or deed of trust debt and <br />such debt had continued in existence to the date of paYment by the Agency. <br /> <br />8.5 Right of Agency to Cure Defaults. In the event of a breach or default by Developer <br />under a mortgage or deed of trust secured by Developer's leasehold interest in the Property, and <br />the holder of any mortgage or deed of trust has not exercised its option to cure the default, <br />Agency may cure the default, without acceleration of the subject loan, following prior notice <br /> <br />803698-6 <br /> <br />28 <br />