80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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authorize s ly holder to undertake or continue the construction or completion of the Developer Improvements (beyond the extent necessary to conserve or protect the improvements or construction already made) without first laving expressly assunied the Developer's obligations to the Agency by written agreement reasonably satisfactory to the Agency. The holder, in that evert, must agree to complete, in the manner provided in this Agreement, the Developer Improvements. ents. Any such holder properly completing the Developer Improvement shall be entitled, upon compliance with the requirements of Section 313 of this Agreement, to a Release of Construction Covenants. It is nderstood that a holder shall be deemed to have satisfied the thirty 3 day time limit set forth above for commencing to cure or remedy a Developer default which rehires title and/or possession of the Site if and to the extent any such holder has within such thirty rty day period commenced proceedings to obtain title and/or possession and thereafter the bolder dlllgently pu rsues such proceedings to completion and cures or reinedles the default. 316.7 Failure of Holder to Complete Developer Improvements. In any ease where, thirty days after the bolder of any mortgage or deed of trust creating a lien or encumbrance upon the Site receives a notice from the Agency of a default by the Developer its completion of construction of any Phase of the Developer Improvements under this Agreement, and such bolder has not exercised the option to construct as set forth in Section 316.6, or if it has exercised the option but has defaulted hereunder and failed to tirnely cure such default, the Agency may purchase the mortgage or deed of trust by payment to the holder f the amount of the unpaid mortgage or deed of tr Ust debt, including principal and interest and all other sums secured by the mortgage or deed of trust. if the wn rship of the applicable Phase has vested in the bolder, 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 t equal to the sum of the following: (a) The unpaid mortgage or deed of trust debt at the time title became vested in the bolder (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 including reasonable attorneys' fees; The net expense, if any (exclusive of general overhead , incurred by the bolder as a direct result of the subsequent management ent of the Site; (d) The costs of any improvements made by such bolder; (e) An at count equivalent to the interest that Nvould have aeerUed on the aggregate of such ar o nts 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; are (f) Any customary prepayment charges imposed by the lender pursuant to its loan documents and agreed to by the Developer. 316.8 Right of the Agency to Cure Mortgage or Deed of Trust Default. In the event of a mortgage or deed of trust default or breach by the Developer* prior to the completion of the construction of any of any Phase of the Developer Improvements or any part DO CSOC/ 1400673v13/200272 }0001