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® • <br /> promptly notify the Agency of any mortgage, deed of trust, sale and lease -back or other financing, <br /> conveyance, encumbrance or lien that has been or will be created or attached to the Property. The words <br /> 'mortgage" and 'deed of trust' as used herein include all other appropriate modes of financing real estate <br /> acquisition, construction, and land development <br /> 2.02 Holder Not Obligated to Construct. <br /> The holder of any mortgage, deed of trust or other security interest authorized by this Agreement is <br /> not obligated to construct or complete any improvement or to guarantee such construction or completion; <br /> nor shall any covenant or any other provision in conveyances from the Agency to Developer evidencing the <br /> realty comprising the Property or any part thereof be construed so to obligate such holder. Nothing in this <br /> Agreement shall be deemed to permit or authorize any such holder to devote the Property or any portion <br /> thereof to any uses, or to construct any improvements thereon, other than those uses or improvements <br /> provided for or authorized by this Agreement <br /> 2.03 Notice of Default and Right to Cure. <br /> Whenever the Agency pursuant to its rights set forth in this Agreement delivers any notice or <br /> demand to the Developer with respect to the commencement, completion, or cessation in the construction <br /> of the Improvements the Agency shall at the same time deliver to each holder of record of any mortgage, <br /> deed of trust or other security interest authorized by this Agreement a copy of such notice or demand. <br /> Each such holder shall (insofar as the rights of the Agency are concerned) have the right, but not the <br /> obligation, at its option, within ninety (90) days after the receipt of the notice, to cure or remedy or <br /> commence to cure or remedy any such default or breach and to add the cost thereof to the security interest <br /> debt and the lien on its security interest Nothing contained in this Agreement shall be deemed to permit or <br /> authorize such holder to undertake or continue the construction or completion of the Improvements <br /> (beyond the extent necessary to conserve or protect such improvements or construction already made) <br /> without first having expressly assumed in writing the Developer's obligations to the Agency relating to such <br /> Improvements under this Agreement The holder in that event must agree to complete, in the manner <br /> provided in this Agreement, the Improvements and submit evidence reasonably satisfactory to the Agency <br /> that it has the developmental capability on staff or retainer and financial responsibility necessary to perform <br /> such obligations. Any such holder properly completing such Improvements pursuant to this paragraph <br /> shall assume all rights and obligations of Developer under this Agreement and shall be entitled, upon <br /> written request made to the Agency, to a Certificate of Completion from the Agency. <br /> 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 <br /> the Improvements under this Agreement, the holder of record of any mortgage, deed of trust or other <br /> security interest creating a lien or encumbrance upon the Property, having first exercised its option to <br /> construct, has not proceeded diligently with construction, the Agency shall be afforded those rights against <br /> such holder which it would otherwise have against Developer under this Agreement <br /> Disposition and Development Page 16 of 23 <br /> Agreement <br /> 512 <br />