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2.04 Failure of Holder to Complete Improvements. <br />In any case where, six (6) months after default by the Developer in completion of construction of the <br />Improvements under this Agreement, the holder of record of any mortgage, deed of trust or other security <br />interest creating a lien or encumbrance upon the Properties, having first exercised its option to construct, has <br />not proceeded diligently with construction, the Agency shall be afforded those rights against such holderwhich <br />it would otherwise have against Developer under this Agreement. <br />2.05 Right of Agency to Cure. <br />In the event of a default or breach by the Developer of a mortgage, deed of trust or other security <br />instrument prior to issuance of a Certificate of Completion for the Improvements, and if the holder has not, <br />within sixty (60) days after receiving notice of said default or breach, exercised its option to complete the <br />Improvements, the Agency may terminate the Agreement. <br />2.06 Holder to be Notified. <br />The Developer, for itself, its successors. and assigns hereby warrants and agrees that each term <br />contained herein dealing with security financing and rights of holders shall be either inserted into the relevant <br />deed of trust or mortgage or acknowledged by the holder prior to its coming into any security right or interest <br />in the Properties. <br />2.07 Modifications to Agreement. <br />The Agency shall not unreasonably withhold its consent to modifications of this Agreement requested <br />by Developer's lender or lenders provided such modifications do not alter the Agency's substantive rights and <br />obligations under this Agreement. <br />Article Three: GENERAL PROVISIONS <br />3.01 Notices, Demands and Communications. <br />Formal notices, demands, and communications between the Agency and the Developer shall be <br />sufficiently given if and shall not be deemed given unless dispatched by registered or certified mail, postage <br />prepaid, return receipt requested, or delivered personally, to the principal office of the Agency and the <br />Developer as follows: <br />Agency: San Leandro Redevelopment Agency <br />835 East 14th Street <br />San Leandro, California 94577 <br />Attn: John Jermanis, Executive Director <br />Disposition and Development Agreement (Automall) Page 23 of 29 <br />