Failure of Holder to Complete Improvements. In any case where six (6) months after default by Developer in completion of construction of the Improvements under this Agreement, the holder of record of any Security Financing Interest, having first exercised its option to construct pursuant to the Security Financing Interest Assignment, has not proceeded diligently with construction (as reasonably determined by the County), the County shall be afforded those rights against such holder it would otherwise have against Developer under this Agreement.
Failure of Holder to Complete Improvements. In any case where, six (6) months after default by Developer in completion of construction of the Project, the holder of record of any mortgage or deed of trust has not exercised its option to construct the Project, or having first exercised such option, has not proceeded diligently with such work, City shall be afforded those rights against such holder that it would otherwise have against Developer under this Agreement.
Failure of Holder to Complete Improvements. In any case where, sixty (60) days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Agency Parcels or any part thereof receives a notice from Agency of a default by the Developer in completion of construction of any of the Improvements under this Agreement, and such holder has not exercised the option to construct within the time period set forth in Section 408.4, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, Agency may, upon thirty (30) days prior written notice to holder, purchase the mortgage or deed of trust by payment to the holder of the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all other sums and advances secured by the mortgage or deed of trust. If the ownership of the Agency Parcels or any part thereof has vested in the holder, Agency, if it so desires, may purchase such ownership interest from the holder upon payment to the holder of an amount equal to the sum of the following:
Failure of Holder to Complete Improvements. In any case where, three (3) months after default by the Redeveloper in completion of construction of improvements under this Agreement, the holder of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Site has not exercised the option to construct, or if it has exercised the option and has not proceeded diligently with construction, the Agency may purchase the mortgage, deed of trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest. If the ownership of the Site has vested in the holder, the Agency, if it so desires, shall be entitled to a conveyance from the holder to the Agency upon payment to the holder of an amount equal to the sum of the following:
Failure of Holder to Complete Improvements. In any case where, six (6) months after default by the Developer in completion of construction of improvements under this Agreement, the holder of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Site has not exercised the option to construct, or if it has exercised the option and has not proceeded diligently with construction, the City may purchase the mortgage, deed of trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest. If the ownership of the Site has vested in the holder, the City, if it so desires, shall be entitled to a conveyance of the leasehold interest in the Site from the holder to the City upon payment to the holder of an amount equal to the sum of the following:
Failure of Holder to Complete Improvements. If in any case, within sixty (60) days after all cure periods have expired after default by Developer in completion of construction of the Improvements on a Phase under this Agreement, and the notice required by Section 9.1 was properly given, and a Holder has not exercised the option afforded in Section 6.13.3 hereof to construct the Improvements on the applicable Phase in which Holder has an interest, City may, upon thirty (30) days’ written notice, either: (i) purchase the mortgage, deed of trust or other security interest by payment to the Holder of the amount of the unpaid debt plus accrued but unpaid interest and other advances and amounts secured by the security interest, or in the case of a lessor or grantee by payment to such lessor or grantee of the purchase price paid for its interest in the relevant portion of the Property and improvements and any unpaid rent and other charges and sums payable to it under its applicable agreements with its lessee or grantor; (ii) assume such mortgage, deed of trust or other security interest in accordance with the terms of such mortgage, deed of trust or other security interest upon the prior written consent of such Holder, or (iii) terminate this Agreement by notice to Developer. The City’s termination of this Agreement as to a Phase shall not constitute a termination of this Agreement as to any other Phase.
Failure of Holder to Complete Improvements. In any case after an uncured Default by the Affordable Developer in completion of construction of the Affordable Development Improvements under this Agreement, the holder of record of any Security Financing Interest, having first exercised its option to construct pursuant to the Security Financing Interest Assignment, has not proceeded diligently with construction (as reasonably determined by the Commission) within six (6) months of taking possession of the Affordable Development Improvements, the Commission must be afforded those rights against such holder it would otherwise have against the Affordable Developer under this Agreement.
Failure of Holder to Complete Improvements. In any case where six months after exercising its option to construct a Project under this Agreement, the Holder of record, has not proceeded diligently with construction, the Agency shall be afforded the same rights against the holder as it would have against the Developers to the extent of the obligations of the Developers which accrue during the period the Holder has had possession of the Development Site. In the alternative, the Agency may purchase the mortgage or deed of trust by payment to the Holder of the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all other sums due to such Holder and secured by the mortgage or deed of trust. If the ownership of the Development Site or any part thereof has vested in the Holder, the Agency, if it so desires, shall be entitled to a conveyance from the Holder to the Agency upon payment to the Holder of an amount equal to the sum of the following:
Failure of Holder to Complete Improvements. In any case where three (3) months after having given notice of default by the Developer in completion of the Improvements under this Agreement to the holder of record of any Security Financing Interest, and such holder, having first exercised its option to construct the applicable Improvements pursuant to the Security Financing Interest Assignment, has not proceeded diligently with construction (as reasonably determined by the City), the City shall be afforded the rights against such holder it would otherwise have against Developer under this Agreement.
Failure of Holder to Complete Improvements. In any case where, 180 days after default by DOSO in completion of the Project construction improvements under this Agreement, and where notice from Owner has been delivered to the applicable Mortgagee pursuant to Section 7.1.3, if the holder of any Mortgage has not exercised the option to construct afforded in Section 7.1.4 or has exercised such option but has failed to proceed diligently with construction, Owner may purchase the Mortgage by making payment to the Mortgagee in the sum of all outstanding principal, interest and other sums secured by the Mortgage. If the ownership of the Property has vested in the mortgage holder, Owner, if it so desires, will be entitled to a conveyance by statutory bargain and sale deed from the mortgage holder to Owner upon payment to the mortgage holder of an amount equal to the sum of the following: (a) the unpaid Mortgage debt at the time title became vested in the mortgage holder (less all appropriate credits, including those resulting from collection, application of rentals and all other income received during foreclosure proceedings); (b) all expenses with respect to foreclosure or deed in lieu of foreclosure; (c) the net expenses, if any (exclusive of general overhead), incurred by the mortgage holder as a direct result of the subsequent management of the Property or part thereof; (d) the costs of any improvements made by such mortgage holder; and (e) an amount equivalent to the interest that would have accrued on the aggregate of such amounts had all such amounts become part of the Mortgage debt and such debt had continued in existence to the date of payment by Owner.
