Failure of Holder to Complete Phase I. In any case where, ninety (90) days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Site, or any part thereof, receives a notice from Authority of a default by Developer in completion of construction of all or any part of Phase I under this Agreement, and the holder has not exercised the option to construct or cause to be constructed Phase I as set forth in Section 3.10.7, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, Authority may fully assume the mortgage or deed of trust by assuming all payment and performance obligations due to the holder for and in the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all other sums secured by the mortgage or deed of trust. If the possession of the Site or any part thereof has vested in the holder, Authority, if it so desires, shall be entitled to a conveyance from the holder to Authority upon payment to the holder of an amount equal to the sum of the following:
