Common use of Failure of Holder to Complete Improvements Clause in Contracts

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: (a) The unpaid mortgage, deed of trust or other security interest debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure. proceedings); (b) All expenses with respect to foreclosure; (c) The net expenses, if any (exclusive of general overhead), incurred by the holder as a' direct result of the subsequent management of the Site; (d) The cost of any improvements made by such holder; and (e) An amount equivalent to the interest that would have accrued an the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by the Agency. Disposition and Development Agreement No. 93-001 Page 20 5. [s322] Right of Agency to Cure Mortgage, Deed of Trust or other Security Interest; Default In the event of a default or breach by the Redeveloper of a mortgage, deed of trust or other security interest with respect to the Site prior to the completion of development, and the holder has not exercised its option to complete the development, the Agency may cure the default prior to completion of any foreclosure. In such event, the Agency shall be entitled to reimbursement from the, Redeveloper of all costs and expenses incurred by the Agency in curing the default. The Agency shall -also be entitled to a lien upon the Site to the extent of such costs and disbursements. Any such lien shall be subject to mortgages, deeds of trust or other security interests executed for the sole purpose of obtaining funds to develop the site as authorized herein.

Failure of Holder to Complete Improvements. In any case where, three (3) where six months after default by the Redeveloper in completion of construction of improvements exercising its option to construct a Project under this Agreement, the holder Holder of any mortgagerecord, 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 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, mortgage or deed of trust or other security interest by payment to the holder Holder of the amount of the unpaid mortgage or deed of trust debt, plus any accrued including principal and unpaid interestinterest 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 holderHolder, the Agency, if it so desires, shall be entitled to a conveyance from the holder Holder to the Agency upon payment to the holder Holder of an amount equal to the sum of the following: (a) The unpaid mortgage, mortgage or deed of trust or other security interest debt at the time title became vested in the holder Holder (less all appropriate credits, including those resulting from collection and application of rentals and other income derived by the lender from operations conducted on the Property or other income received during foreclosure. foreclosure proceedings); (b) All expenses with respect to foreclosure; (c) The net expenses, if any (exclusive of general overhead), incurred by the holder Holder as a' a direct result of the subsequent management of the SiteProperty or part thereof; (d) The cost costs of any improvements made by such holderHolder; and (e) An amount equivalent to the interest that would have accrued an on the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by the Agency. Disposition and Development Agreement No. 93-001 Page 20 5. [s322] Right of Agency to Cure Mortgage, Deed of Trust or other Security Interest; Default In the event of a default or breach by the Redeveloper of a mortgage, deed of trust or other security interest with respect to the Site prior to the completion of development, and the holder has not exercised its option to complete the development, the Agency may cure the default prior to completion of any foreclosure. In such event, the Agency shall be entitled to reimbursement from the, Redeveloper of all costs and expenses incurred by the Agency in curing the default. The Agency shall -also be entitled to a lien upon the Site to the extent of such costs and disbursements. Any such lien shall be subject to mortgages, deeds of trust or other security interests executed for the sole purpose of obtaining funds to develop the site as authorized herein.

Failure of Holder to Complete Improvements. In any case where, three sixty (360) months days after default by the Redeveloper Developer in completion of construction of improvements Developer Improvements under this the Agreement, the holder of any mortgage, mortgage or deed of trust or other security interest creating a lien or encumbrance upon the Site or any part thereof 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, mortgage or deed of trust or other security interest by payment to the holder of the amount of the unpaid mortgage or deed of trust debt, plus any accrued including principal and unpaid interestinterest and all other sums secured by the mortgage or deed of trust. If the ownership of the Site 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: (a) 1. The unpaid mortgage, mortgage or deed of trust or other security interest debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure. foreclosure proceedings); (b) 2. All expenses with respect to foreclosure; (c) 3. The net expensesexpense, if any (exclusive of general overhead), overhead incurred by the holder as a' a direct result of the subsequent management of the SiteSite or part thereof; (d) 4. The cost costs of any improvements made by such holder; and; (e) 5. An amount equivalent to the interest that would have accrued an on the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by the Agency. Disposition and Development Agreement No. 93-001 Page 20 5. [s322Section 3.17] Right of the Agency to Cure Mortgage, Mortgage or Deed of Trust or other Security Interest; Default Default. In the event of a mortgage or deed of trust default or breach by the Redeveloper of a mortgage, deed of trust or other security interest with respect to the Site Developer prior to the completion of development, the construction of the Developer Improvements on the Site or any part thereof and the holder of any mortgage or deed of trust has not exercised its option to complete the developmentconstruct, the Agency may cure the default prior to completion of any foreclosuredefault. In such event, the Agency shall be entitled to reimbursement from the, Redeveloper of all costs and expenses incurred by the Agency in curing the default. The Agency shall -also be entitled to a lien upon the Site to the extent of that such costs and disbursementsdisbursements are incurred by the Agency in curing such default. Any such lien shall be subject to mortgages, the construction financing mortgages or deeds of trust or other security interests executed for the sole purpose of obtaining funds to develop the site as authorized hereintrust.