6.B.(1)&(2) Staff report 118 N. Main St.

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the mortgage debt at the time of foreclosure or action in lieu of fbrccloswc_ Icss all appropriatecrcdits. includingthoscresultingfrom collection and applicafion ofrentals and other income recei~~cd during foreclosure proceedings: ii. ^II expense ~~~ith respect to the foreclosure: iii. the net expense. if any, exclusi~~c of general o~cnc~ad, incurred by such holder in and as a direct result of the subsequent management of the Property: i~. the costs of anv impro~ cmenis made by such h<~lder: and an amount cqui~ alcnt to the interest that ~~~ould have accrued on the aggregate of such amounts had all such amounts become part of the nu>rtgagc debt and such debt had continued in existence. F. Cummission~s Option to Cure Mort~~c_Detault. Prior to the Couu»ission=s issuance ofa Certificate ofC'ompletion. ifthc De~cloperorany successor in interest defaults or breaches anv of its obligations under any nwrtgugc or other instrument creating an encumbrance or lien upon any part of the Property. the Commission at its option nuiy cure such default or hrcach. if this occurs. the Dc~doper or successor in interest shall rcimbw~sc the Conunission for all costs incurred by the Commission in curing such default or breach. Such reimbursement shall be in addition to and ~~~ithout limitation upon aoy other ri~ahts or remedies to ~~hich the Commission is entitled. Anv such lien shall be subject al«avs to the lien (including an}' lien contemplated. because of advances vet to be made) of anv then existing mortgages on the Propert~~ authorized b_v the Contract. including an_y lien contemplated. because ofad~anccs yet to be made. G. V1ort~a~e and Holder. For the purposes of this Contract the term "mortgage ~ shall include ~~ decd of h~ust or otha~ instrument creating an encumbrance or lice upon any part of the Property as sccurity~ for a loan to construct and other~~ise finance the Project: the term "holder' in reference to a mortgage shall include anv insurer or ~~uarantor of anv obl igation or condition secured by such mortgage or deed oftrusl. including. but not limited to, the Federal Housing Commissioner. the Administrator oC\/eterans Affairs, and anv successor in of~iice of either such official. SECT10'~ IX. REM1tED1ES. A. In Gena~al. Except as other~~~isc prodded in the Contract. upon any default in or preach ot~the Cont~aei by either party or anv successor to such parts. such parry (or successor). upon ~~~rittcn notice from the other. shall proceed inu»aliatel~ to cure or remedy such default or breach ~~ithin thirty (,0) days after recci~~ing the notice If action is not taken or not diligenth° pursued, or 9