Mortgagee’s Right to Cure Redeveloper’s Default. After any breach or Event of Default referred to in Article 6, each holder shall have the right, at its option and to the extent permitted by the loan/mortgage documents, to cure or remedy such breach or Event of Default (if the holder shall opt to cure or remedy the breach or Event of Default, the times to cure provided herein shall be extended for such a period of time equal to the time otherwise applicable to Redeveloper for cure) and to add the cost thereof to its mortgage. If the breach or Event of Default is with respect to construction of the Project, nothing contained in this Agreement shall be deemed to require the holder to obtain the Borough’s approval, either before or after foreclosure or action in lieu thereof, to undertake or continue the construction or Completion of the Project. Any such holder who shall properly Complete the Project or applicable part thereof shall be entitled, upon written request made to the Borough, to receive the Certificate of Occupancy for the units or buildings within the Project and the Certificates of Completion as set forth in Section 4.2 hereof, and such Certificate of Completion shall mean and provide that any remedies or rights that Borough shall have or to be entitled to due to the failure of Redeveloper or any successor in interest to the Property, or any part thereof, to cure or remedy any Event of Default with regard to construction of the Project or applicable part thereof, or due to any other Event of Default in or breach of this Agreement by Redeveloper or such successor, shall not apply to the part or unit of the Property to which such Certificate of Completion relates.
