04 - JOINT PH - Habitat DDA - Laserfiche WebLink

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Improvements as evidenced by the recording of the Release of Construction Covenants without the approval of the Agency. 311.3. Holder Not Obligated to Construct Improvements. The Holder of any mortgage or deed of trust authorized by this Agreement shall not be obligated by the provisions of this Agreement to construct or complete the Improvements or any portion thereof, or to guarantee such construction or completion; nor shall any covenant or any other provision in this Agreement be construed so as to obligate such Holder. Nothing in this Agreement shall be deemed to construe, permit or authorize any such Holder to devote the Sites to any uses or to construct any improvements thereon, other than those uses or improvements provided for or authorized by this Agreement. However, such Holder shall be bound at all times by the conditions, covenants and restrictions set forth in the Developer Grant Deed (Exhibit F to this Agreement). 311.4. Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. With respect to any mortgage or deed of trust granted by Developer as provided herein, whenever the Agency may deliver any notice or demand to Developer with respect to any Default by Developer in completion of construction of the Improvements, the Agency shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement a copy of such notice or demand. Each such Holder shall (insofar as the rights granted by the Agency are concerned) have the right, at its option, within sixty (60) days after the receipt of the notice, to cure or remedy or commence to cure or remedy and thereafter to pursue with due diligence the cure or remedy of any such Default and to add the cost thereof to the mortgage debt and the lien of its mortgage. Such Holder shall be permitted to undertake or continue the construction or completion of the Improvements, or any portion thereof, if necessary to conserve or protect the Improvements or construction already completed without having first expressly assumed Developer's obligations to the Agency hereunder. Except as set forth in the immediately preceding sentence, such Holder may enforce the terms of this Agreement against the Agency only if it has first expressly assumed Developer's obligations to the Agency under this Agreement by written agreement reasonably satisfactory to the Agency. Agency shall fund its obligations under this Agreement to any Holder who undertakes to complete the Improvements. Any such Holder properly completing such improvement shall be entitled, upon compliance with the requirements of Section 310 of this Agreement, to a Release of Construction Covenants. It is understood that a Holder shall be deemed to have satisfied the sixty (60) day time limit set forth above for commencing to cure or remedy a Developer Default which requires title and/or possession of the Sites (or portion thereof) if and to the extent any such Holder has within such sixty (60) day period commenced proceedings to obtain title and/or possession and thereafter the Holder diligently pursues such proceedings to completion and cures or remedies the Default. 311.5 Right of the Agency to Cure Mortgage or Deed of Trust Default. In the event of a motgage or deed of trust default or breach by Developer prior to the completion of the construction of any of the Improvements or any part thereof, Developer shall immediately deliver to Agency a copy of any mortgage holder's notice of default. If the Holder of any motgage or deed of trust has not exercised its option to construct, the Agency shall have the right, but not the obligation, to cure the default. In such event, the Agency shall be entitled to reimbursement from Developer of all proper costs and expenses incurred by the Agency in 27 EXHIBIT 4