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

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of its obligations under any mortgage or other instrument creating an encumbrance or lien upon any part of the Property, the Commission, at its option, may cure such default or breach. If this occurs, the Developer or successor in interest shall reimburse the Commission for all costs incurred by the Commission in curing such default or breach. Such reimbursement shall be in addition to and without limitation upon any other rights or remedies to which the Commission is entitled. Any such lien shall be subject always to the lien (including any lien contemplated, because of advances yet to be made) of any then existing mortgages on the Property authorized by the Contract, including any lien contemplated, because of advances yet to be made. G. Mortgage and Holder. For the purposes of this Contract: the term “mortgage” shall include a deed of trust or other instrument creating an encumbrance or lien upon any part of the Property as security for a loan to construct and otherwise finance the Project; the term “holder” in reference to a mortgage shall include any insurer or guarantor of any obligation or condition secured by such mortgage or deed of trust, including, but not limited to, the Federal Housing Commissioner, the Administrator of Veterans Affairs, and any successor in office of either such official. SECTION IX. REMEDIES. A. In General. Except as otherwise provided in the Contract, upon any default in or breach of the Contract by either party or any successor to such party, such party (or successor), upon written notice from the other, shall proceed immediately to cure or remedy such default or breach within thirty (30) days after receiving the notice. If action is not taken or not diligently pursued or the default or breach is not cured or remedied within a reasonable time, the aggrieved party may institute proceedings necessary or desirable in its opinion to cure and remedy the default or breach, including, but not limited to, proceedings to compel specific performance by the party in default or breach of its obligations. B. Termination by Developer Prior to Conveyance. 1. If the Commission does not tender conveyance or possession of the Property in the manner and condition and by the date provided in the Contract, and any such failure is not cured within forty-five (45) days after the date of written demand by the Developer, the Contract shall be terminated at the option of the Developer, by written notice to the Commission, and, except for return of any Deposit, neither the Commission nor the Developer shall have any further rights against or liability to the other under the Contract: 2. If the Developer furnishes evidence reasonably satisfactory to the Commission that, after and despite reasonably diligent effort for a period of sixty (60) days after the date of this Contract, it has been unable to obtain mortgage financing for the Project on a basis and on terms that would generally be considered satisfactory by builders or contractors for construction of the nature and type of the Project, the Developer shall, after having submitted such evidence and if so requested by the Commission, 11