03 - JOINT PH - DDA Bowers 1902-1914 N Main

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right at its option within one hundred twenty (120) days after the receipt of the notice to cure or remedy any such default and to add the cost thereof to the security interest debt and the lien on its security interest, provided such holder complies with the following requirements: If such default shall be a default which can only be remedied or cured by such holder upon obtaining possession, such holder shall seek to obtain possession with diligence and continuity through a receiver or otherwise, and shall remedy or cure such default within one hundred twenty (120) days after obtaining possession; provided that in the case of a default which cannot with diligence be remedied or cured, or the remedy or cure of which cannot be commenced, within such one hundred twenty (120) day period, such holder shall have such additional time as is reasonably necessary to remedy or cure such default of the Developer. 2. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the improvements (beyond that necessary to conserve or protect the improvements or construction already made) without first having expressly assumed the obligations to the Agency by written agreement satisfactory to the Agency. The holder in that event must agree to complete, or cause to be completed, in the manner provided in this Agreement, the improvements to which the lien or title of such holder relates, and submit evidence satisfactory to the Agency that it has the qualifications and financial responsibility necessary to perform such obligations. Any such holder properly completing such improvements shall be entitled, upon written request made to the Agency, to a Certificate of Completion from the Agency. C. In any case where. six (6) months after the holder of any mortgage, deed of trust. or other security interest creating a lien or encumbrance upon the Property or any portion thereof has obtained possession of the Property pursuant to a default by the Developer in the completion of construction of improvements under this Agreement and, has not exercised the option to construct, or has exercised the option but has not proceeded diligently with construction, the Agency may, upon giving the holder thirty (30) days prior written notice, purchase the mortgage, deed of trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest at the end of such thirty (30) day period. If the ownership of the Property has vested in the holder, 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 equal to the sum of the following: The unpaid mortgage, deed of trust; or other security interest debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings); 2. All expenses with respect to foreclosure; 15 3-21