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TABLE OF CONTENTS <br />(continued) <br />Page <br />ARTICLE SIX: DEFAULT.....................................................................................................20 <br />6.01 Scope of Remedies..........................................................................................................20 <br />6.02 No Fault of Parties.........................................................................................................20 <br />6.03 Fault of Agency..............................................................................................................21 <br />6.04 Fault of Developer..........................................................................................................21 <br />ARTICLE SEVEN: SPECIFIC REQUIREMENTS REGARDING REMEDIES....................23 <br />7.01 Right of Reverter...........................................................................................................23 <br />7.02 Construction Plans.........................................................................................................24 <br />7.03 Rights of Mortgagees.....................................................................................................24 <br />ARTICLE EIGHT: GENERAL REQUIREMENTS AFTER CONSTRUCTION ................... 24 <br />8.01 Applicability...................................................................................................................24 <br />8.02 Mandatory Language in All Subsequent Deeds, Leases and Contracts ................... 24 <br />8.03 Contents of Deed............................................................................................................25 <br />ARTICLE NINE: SECURITY FINANCING AND RIGHTS OF HOLDERS ......................25 <br />9.01 No Encumbrances Except for Development Purposes...............................................25 <br />9.02 Holder Not Obligated to Construct..............................................................................25 <br />9.03 Notice of Default and Right to Cure.............................................................................26 <br />9.04 Failure of Holder to Complete Developer Improvements..........................................26 <br />9.05 Holder to be Notified.....................................................................................................26 <br />ARTICLE TEN: GENERAL PROVISIONS...........................................................................27 <br />10.01 <br />Notices, Demands and Communications......................................................................27 <br />10.02 <br />Conflict of Interests.......................................................................................................27 <br />10.03 <br />Non -Liability of Agency Officials, Employees and Agents........................................27 <br />10.04 <br />Force Majeure................................................................................................................27 <br />10.05 <br />Inspection of Books and Records..................................................................................28 <br />10.06 <br />Provision Not Merged With Deeds...............................................................................28 <br />10.07 <br />Indemnity by Developer................................................................................................28 <br />10.08 <br />Liability Insurance.........................................................................................................29 <br />10.09 <br />Rights and Remedies Cumulative.................................................................................30 <br />10.10 <br />Real Estate Commissions..............................................................................................30 <br />10.11 <br />Executive Director to Act on Behalf of Agency...........................................................30 <br />10.12 <br />Applicable Law..............................................................................................................30 <br />10.13 <br />Severability .....................................................................................................................30 <br />10.14 <br />Legal Actions..................................................................................................................30 <br />10.15 <br />Binding Effect.................................................................................................................30 <br />10.16 <br />Parties Not Co-Venturers..............................................................................................31 <br />10.17 <br />City as Third Party Beneficiary ....................................................................................31 <br />10.18 <br />Time is of the Essence....................................................................................................31 <br />10.19 <br />Complete Understanding of the Parties.......................................................................31 <br />DOCSO6\24258.0001 <br />E�!__ <br />