Reso 1996-166 to 170 - Laserfiche WebLink

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Agreement and shall be entitled, upon written request made to the Agency, to a Certificate of Completion from the Agency. In any case where, six (6) months after default by the Developer in completion of construction of the Improvements under this Agreement, the holder of record of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Property, having first exercised its option to construct, has not proceeded diligently with construction, the Agency shall be afforded those rights against such holder which it would otherwise have against Developer under this Agreement. 2.05 Right of Agency to Cure. In the event of a default or breach by the Developer of a mortgage, deed of trust or other security instrument prior to issuance of a Certificate of Completion for all of the Improvements, and the holder has not, within sixty (60) days after receiving notice of said default or breach, exercised its option to complete the Improvements, the Agency may terminate the Agreement. 2.06 Holder to be Notified. The Developer, for itself, its successors and assigns hereby warrants and agrees that each term contained herein dealing with security financing and rights of holders shall be either inserted into the relevant deed of trust or mortgage or acknowledged by the holder prior to its coming into any security right or interest in the Property. 2.07 Modifications to Agreement. The Agency shall not unreasonably withhold its consent to modifications of this Agreement requested by Developer's lender or lenders provided such modifications do not alter the Agency's substantive rights and obligations under this Agreement. Disposition and Development Page 31 of 39 Agreement (Automall) 10/2/96