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breaches any of its obligations under any mortgage or other instrument creating an encumbrance or <br />lien upon any part of the Property, the Commission at its option may cure such default or breach. If <br />this occurs, the Developer or successor in interest shall reimburse the Commission for all costs <br />incurred by the Commission in curing such default or breach. Such reimbursement shall be in <br />addition to and without limitation upon any other rights or remedies to which the Commission is <br />entitled. Any such lien shall be subject always to the lien (including any lien contemplated, because <br />of advances yet to be made) of any then existing mortgages on the Property authorized by the <br />Contract, including any lien contemplated, because of advances yet to be made. <br />G. Mortgage and Holder. For the purposes of this Contract, the term "mortgage" shall <br />include a deed of trust or other instrument creating an encumbrance or lien upon any part of the <br />Property as security for a loan to construct and otherwise finance the Project; the term "holder" in <br />reference to a mortgage shall include any insurer or guarantor of any obligation or condition secured <br />by such mortgage or deed of trust, including, but not limited to, the Federal Housing Commissioner, <br />the Administrator of Veterans Affairs, and any successor in office of either such official. <br />SECTION X. REMEDIES. <br />A. In General. Except as otherwise provided in the Contract, upon any default in or <br />breach of the Contract by either party or any successor to such party, such party (or successor), upon <br />written notice from the other, shall proceed immediately to cure or remedy such default or breach <br />within thirty (30) days after receiving the notice. If action is not taken or not diligently pursued, or <br />the default or breach is not cured or remedied within a reasonable time, the aggrieved party may <br />institute proceedings necessary or desirable in its opinion to cure and remedy the default or breach, <br />including, but not limited to, proceedings to compel specific performance by the party in default or <br />breach of its obligations. <br />B. Termination by Developer Prior to Conveyance. <br />1. If the Commission does not tender conveyance or possession of the Property <br />in the manner and condition and by the date provided in the Contract, and any such failure is <br />not cured within forty -five (45) days after the date of written demand by the Developer, the <br />Contract shall be terminated at the option of the Developer, by written notice to the <br />Commission, and, except for return of the Deposit, neither the Commission nor the <br />Developer shall have any further rights against or liability to the other under the Contract: <br />2. If the Developer furnishes evidence reasonably satisfactory to the Commission <br />that, after and despite reasonably diligent effort for a period of one hundred twenty (120) <br />days after the date of this Contract, it has been unable to obtain mortgage financing for the <br />Project on a basis and on terms that would generally be considered satisfactory by builders or <br />contractors for construction of the nature and type of the Project, the Developer shall, after <br />having submitted such evidence and if so requested by the Commission, continue to make <br />diligent efforts to obtain such financing for a period of sixty (60) days after such request. If <br />