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1.03 Mandatory Language in All Subsequent Deeds Leases and <br />Contracts ............................... <br />1.04 Contents of Grant Deed . .................................. 20 <br />Article Two: SECURITY FINANCING AND RIGHTS OF HOLDERS ........ 21 <br />2.01 No Encumbrances Except for Develonment Pumoses............. 21 <br />2.02 Holder Not Obligated to Constnzct. ......................... 21 <br />2.03 Notice of Default and Right to Cure .......................... 21 <br />2.04 Failure of Holder to Complete Improvements ................... 22 <br />2.05 Right of Agency to Cure . .................................. 22 <br />2.06 Holder to be Notified . .................................... 22 <br />2.07 Modifications to Agreement . ............................... 23 <br />Article Three: GENERAL PROVISIONS ................................ <br />23 <br />3.01 <br />Notices. Demands and Communications . ..................... <br />23 <br />3.02 <br />Conflict of Interests ....................................... <br />24 <br />3.03 <br />Non -Liability of Agency Officials Employees and Agents.......... <br />24 <br />3.04 <br />Enforced Del 'v . .........................................24 <br />3.05 <br />Inspection of Books and Records . ........................... <br />24 <br />3.06 <br />Provision Not Merged With Deeds ........................... <br />25 <br />3.07 <br />Indemnityby Developer . .................................. <br />25 <br />3.08 <br />Liability Insurance. ....................................... <br />26 <br />3.09 <br />Rights and Remedies Cumulative . ........................... <br />27 <br />3.10 <br />Real Estate Commissions . ................................. <br />27 <br />3.11 <br />Reasonable Approvals.........................:...........27 <br />3.12 <br />Applicable Law . ......................................... <br />27 <br />3.13 <br />Severability.............................................28 <br />3.14 <br />Legal Actions............................................28 <br />3.15 <br />Binding Effect...........................................28 <br />3.16 <br />Parties Not Co -Venturers . ................................. <br />28 <br />3.17 <br />Warranties.............................................28 <br />3.18 <br />Time is of the Essence ..................................... <br />29 <br />3.19 <br />Complete Understanding of the Parties . ...................... <br />29 <br />3.20 Good Faith.............................................29 <br />Disposition and Development Page iii of iii <br />Agreement - Vanuatu Properties Draft December 4, 1997 <br />