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3. The net expenses, if any (exclusive of general overhead), incurred by the holder as a <br />direct result of the subsequent ownership or management of the Property, such as <br />insurance premiums and real estate taxes; <br />4. The costs of any improvements made by such holder; and <br />5. An amount equivalent to the interest that would have accrued on the aggregate on <br />such amounts had all such amounts become part of the mortgage or deed of trust debt <br />and such debt had continued in existence to the date of payment by the Agency. <br />D. The Agency's Executive Director may, on behalf of the Agency, modify the provisions of <br />this section to meet the requirements of any construction or permanent lender financing the <br />construction of improvements on the Property. <br />Section 316. Right of Agency to Cure and Satisfy Financing Defaults and Liens <br />A. In the event of a default or breach by the Developer of a mortgage, deed of trust, other <br />security instrument, or a leaseback, or of obligations to the grantee under any other <br />conveyance for financing purposes with respect to the Property (or any portion thereof) prior <br />to the issuance of the Certificate of Completion, the Agency may cure the default prior to <br />completion of any foreclosure, termination of the lease, or completion of proceedings by <br />which such other security interest is obtained or granted back. In such event, the Agency <br />shall be entitled to reimbursement from the Developer of all costs and expenses reasonably <br />incurred by the Agency in curing the default. The Agency shall also be entitled to a lien <br />upon the Property (or any portion thereof) to the extent of such costs and disbursements. <br />Any such lien shall be subordinate and subject to mortgages, deeds of trust, or other security <br />instruments and the interest of lessors under any leaseback and grantees under other <br />conveyances for financing executed for the sole purpose of obtaining funds to purchase and <br />develop the Property as authorized herein. <br />B. After the conveyance of title to the Property to Developer, and prior to the issuance of the <br />Certificate of Completion, and after the Developer has had a reasonable time to challenge, <br />cure, bond, or otherwise satisfy any unauthorized liens or encumbrances on the Property, the <br />Agency shall have the right to satisfy any such liens or encumbrances; provided, however, <br />that nothing in this Agreement shall require the Developer to pay or make provisions for the <br />payment of any tax, assessment, lien, or charge so long as the Developer in good faith shall <br />contest the validity or amount thereof, and so long as such delay in payment shall not <br />subject the Property (or any portion thereof) to forfeiture or sale. <br />C. The amount of any and all expenses incurred by the Agency in the exercise of its rights <br />under this section shall be added on to the Purchase Price. The Developer shall be liable to <br />the Agency for the amount of such expenses. <br />16 <br />3-22 <br />