6.C.(3) Contract for Sale of Land

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E. Commission’s Option to Pay Mortgage Debt or Purchase Property. In any case, where after default or breach by the Developer or any successor in interest under the Contract, any mortgage holder of any part of the Property: 1. has, but does not exercise, the option to complete the improvements relating to the part of the Property covered by its mortgage or for which it has obtained title, and such failure continues for a period of sixty (60) days after the holder has been notified or informed of the default or breach; or 2. begins construction but does not complete such construction within the period as agreed upon by the Commission and such holder (which period shall in any event be at least as long as the period prescribed for such construction or completion in the Contract), and such default shall not have been cured within sixty (60) days after written demand by the Commission so to do, the Commission shall have the option of paying to the holder the amount of the mortgage debt and securing an assignment of the mortgage and the debt secured under it, and every mortgage instrument made prior to the Commission’s issuance of a Certificate of Completion of construction with respect to the Property by the Developer or successor in interest shall so provide. In the event ownership of any part of the Property has vested in such holder by way of foreclosure or action in lieu of foreclosure, the Commission shall be entitled, at its option, to a conveyance of any part of the Property (as the case may be) upon delivering to such holder an amount equal to the sum of: 1. the mortgage debt at the time of foreclosure or action in lieu of foreclosure, less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings; 2. all expense with respect to the foreclosure; 3. the net expense, if any, exclusive of general overhead, incurred by such holder in and as a direct result of the subsequent management of the Property; 4. the costs of any improvements made by such holder; and 5. an amount equivalent to the interest that would have accrued on the aggregate of such amounts had all such amounts become part of the mortgage debt and such debt had continued in existence. F. Commission’s Option to Cure Mortgage Default. Prior to the Commission’s issuance of a Certificate of Completion, if the Developer or any successor in interest defaults or breaches any 10