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5.03 Prohibition Against Transfer of the Property and Assignment of Agreement ......... 16 <br />5.04 Transferee Subject to All Conditions of Agreement ............................ 17 <br />5.05 Exception to Prohibition Against Transfer .................................... 17 <br />Article Six: DEFAULT ............................................ .................. 18 <br />6.01 Scope of Remedies ....................... 18 <br />6.02 No Fault of Parties ..................................................... 18 <br />6.03 Fault of Agency ........................................................ 19 <br />6.04 Fault of Developer..................................................... 20 <br />Article Seven: SPECIFIC REQUIREMENTS REGARDING REMEDIES ......................... 21 <br />7.01 Power of Termination ................................................... 21 <br />7.02 Construction Plans ..................................................... 22 <br />7.03 Rights of Mortgagees ................................................... 22 <br />PART THREE: GENERAL PROVISIONS ................................................ 22 <br />Article One: GENERAL REQUIREMENTS AFTER CONSTRUCTION .......................... 22 <br />1.01 Applicability........................................................... 22 <br />1.02 Mandatory Language in All Subsequent Deeds, Leases and Contracts ............ 23 <br />1.03 Contents of Grant Deed ................................................. 24 <br />Article Two: SECURITY FINANCING AND RIGHTS OF HOLDERS ........................... . <br />2.01 No Encumbrances Except for Development Purposes .......................... <br />2.02 Holder Not Obligated to Construct ......................................... <br />2.03 Notice of Default and Right to Cure ........ ................ . <br />2.04 Failure of Holder to Complete Improvements ................................. <br />2.05 Right of Agency to Cure ................................................. <br />2.06 Holder to be Notified ................................................... <br />2.07 Modifications to Agreement .............................................. <br />Article Three: GENERAL PROVISIONS ................................. ............. . <br />3.01 Notices. Demands and Communications .................................... <br />3.02 Conflict of Interests ....................................... ........... . <br />3.03 Non -Liability of Agency Officials, Employees and Agents ...................... . <br />3.04 Enforced Delay ....................................................... <br />3.05 Inspection of Books and Records ......... ............................. . <br />3.06 Provision Not Merged With Deeds ......................................... <br />3.07 Indemnity by Developer ................................................. <br />3.08 Liability Insurance..................................................... <br />3.09 Rights and Remedies Cumulative ........................................ . <br />3.10 Real Estate Commissions ................................................ <br />3.11 Reasonable Approvals .................................................. <br />3.12 Applicable Law ........................................................ <br />3.13 Severability.......................................................... <br />3.14 Legal Actions......................................................... <br />24 <br />24 <br />24 <br />24 <br />25 <br />25 <br />25 <br />25 <br />26 <br />26 <br />27 <br />27 <br />27 <br />27 <br />28 <br />28 <br />29 <br />29 <br />30 <br />30 <br />30 <br />30 <br />30 <br />