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6B (1)
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06-28-11 Packet
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6B (1)
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6/28/2011 10:19:27 AM
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5. an amount equivalent to the interest that would have accrued on the aggregate <br />of such amounts had all such amounts become part of the mortgage debt and <br />such debt had continued in existence. <br />F. Commission's Option to Cure Mortgajze Default. Prior to the Commission's issuance <br />of a Certificate of Completion, if the Developer or any successor in interest defaults or breaches any <br />of its obligations under any mortgage or other instrument creating an encumbrance or lien upon any <br />part of the Property, the Commission, at its option, may cure such default or breach. If this occurs, <br />the Developer or successor in interest shall reimburse the Commission for all costs incurred by the <br />Commission in curing such default or breach. Such reimbursement shall be in addition to and <br />without limitation upon any other rights or remedies to which the Commission is entitled. Any such <br />lien shall be subject always to the lien (including any lien contemplated, because of advances yet to <br />be made) of any then existing mortgages on the Property authorized by the Contract, including any <br />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 IX. 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 />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 <br />any such failure is not cured within forty -five (45) days after the date of <br />written demand by the Developer, the Contract shall be terminated at the <br />option of the Developer, by written notice to the Commission, and, except for <br />return of any Deposit, neither the Commission nor the Developer shall have <br />any further rights against or liability to the other under the Contract: <br />10 <br />
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