SITE INFORMATION AND CORRESPONDENCE_1

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to each holder of record of any Earcgaae or ether OrAfumbrantm autuorlaad by this Agreement • Copy of such "tic* or demand, and each ouch holder shall (losafar as the rights of the Agency ars concerned) have Charight at Its option, to curs or rowdy much breach or default (or such breath of default to the extent that It relates to the part of the property covered by its Mftgsge of encumbrance) and to ha add CCert thereof to the secured debt and the Ilan of its esnmbrancof provided, that it the breach or default is with respect to construction of the Improvements, mntking Comtalmed to We section or any other section or provision of this Agresmcet shall be domed to permit or authortae such holder, either before or after fore- closure sale, or action to lieu thereof, to uolertake or continue the cwostrwctloa ot castletim of the Improvements (beyond the eater nscesaary to casaerva or protect Daprovusats ar cousctvctlos already erode) without (1) First having esprasely aammed the obliaatice to the yeacy, by written agreement satisfactory to the agency, to coglece is the meaner provided is this agreement the Improvement• ea the property cc the part thereat to which Cha lies or title at such holder relat and (2) beefy wd beitteoiduce satisfactory to the Agemy that it beg the quelltlaatlo and ftsaxlsl responsibility aecassary to perform such obligation. Any such holder who shall properly Complete the Lproversts relating to the Property or eppliabls part thereof shall be entitled. upon written request faa4 to the Agenry, to a sertiflm Cetiem or crrtiflcatiomo by the Agoacy to such eftaet in the moron provided to gectiom b of this Agremostat, and any such certlficetios shall, if sa rcquested by much bower, meas cod prOvIde that any romdloo or rights with respect to receptors of ar reversion or revfstty of title to the property that the Agsocy, shall move ar be matitled to because of failure of the 4daveloper or afq successor 4 lmtgreat to Care or romsdy asy default with respect to the construction of the 1"g" rs ••• u other parts eau parcats d the property, or becer use of say other del *c ault to o If reach of this Agreement by the Codeveloper eau successor In interest shall mot apply to the part M panel of the Property to which gosh Certification relates. ., (b) In any masa where, oobsequaot to default or breach by the lede- weleper (or soceaaenr is iate.ast) codec this Agreement, the bower of aq m n tbep QW otter aeembrs'+ee am the Property at part thereeft -(i) W, but does not eaerciae of would otherofw have but CaEaot (bmramma of tabllity Of where to submit widemee satisfactory to the Apmcy that it W the 6...ry gsallflcations and fiusttst responsibility. er Otbc ria*) exercise, the option to ewstruct or eanglete the Impro►ements relntly to the Property or fart cheroot Covered by its nortasgs or Other esna6rsmee or to which It baa obtained title, and waft Inability or fail=* contlmuss for a pend of 'S Mp4. after the bower W boom notified or informed of W •fault or breach. or ($I) undertakes Cosstracclw or fo+lstldm of W Improvements but dont mot ca+lecs such ranstructlom within much period as *gran" ups . the Agmacy sad Path holder (which peened Na11 L any avert be at 1eddLsa Icy AS rho period prescribed fee such Construction or Completion with respect CO the Weveloper Is the progress schedule in the Coastruftlm 'Z plans all approved by the Agency). and much default shall act have bee* curd r within 90 dna after mitten demand by the ele*ry on to dog . the Agency shall (and every r rtaage et other instrument given as security meds prior to Complstloo of the Lprwusnu with respect to the property by the Rede• velepsr er succosser is interest sball so pravwe) have the option of paying; cc the holder the amausc of the mortgage or ocharwise gourd debt sad securlag as aselgn- / East of such debt mod of the Eartaags or other lsaettmeat.of socurltye or. 1n the event awnsrsbip of the Property (or part thereof) has vested issuch holder by way Of farselewre sale, or action In Ilsu thereof, call AReacy shall be entitled, at its opcfon, to a Coavayeace to it of the Property or part tharsof upon psymeat to such bower of sa amount equal to the dim of (t) the secured debt at the ted of fordelommre saws or notion to lieu thereof (loss all appropriate credits, including ;'a'•..- 111,1 M1