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

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the Commission of any encumbrance that has been attached to the Property, whether by the Developer’s voluntary act or otherwise. For any mortgage financing made under this Contract, the Property may, at the Developer’s option, be divided into several parts if such subdivision: 1. in the Commission’s opinion is not inconsistent with the purpose of the Plan, the Project and this Contract; and 2. is approved in advance in writing by the Commission. Any subdivision under this section must also be approved by any other local government agencies whose action is required for such subdivision under local or state law. B. Mortgagee Not Obligated to Construct. Notwithstanding any of the provisions of this Contract, any mortgage holder authorized by the Contract shall not be obligated by this Contract to construct or complete the Project or to guarantee such construction or completion. No covenants or provisions in the Deed shall be construed so to obligate such holder. Nothing in this Contract shall be construed to permit or authorize any such holder to use the Property in any manner not provided for or permitted in the Plan or this Contract or to construct any improvements other than those provided for or permitted in the Plan or this Contract. C. Copy of Notice of Default to Mortgagee. Whenever the Commission delivers a notice or demand to the Developer with respect to any breach or default under this Contract the Commission shall at the same time forward a copy of such notice or demand to each holder of any mortgage authorized by the Contract at the last address of such holder as shown in the records of the Commission. D. Mortgagee’s Option to Cure Defaults. After any breach or default referred to in subsection C, above, each such holder shall have the right at its option: 1. to cure or remedy such breach or default to the extent that it relates to the part of the Property covered by its mortgage; and 2. to add the cost of doing so to the mortgage debt and the lien of its mortgage. Such holder shall not undertake or continue the construction beyond the extent necessary to conserve or protect those improvements or construction already made without first having expressly assumed the obligation to complete the construction on the property. This assumption shall be made by written agreement pursuant to terms and conditions satisfactory to the Commission. Any holder who properly completes the Project shall be entitled to request a Certificate of Completion under the same terms and conditions provided for the Developer under Section V. 9