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

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D. '~1ort~a~acc~s O~~tion to C~u~c Defaults. ~yfter anv breach or default rclen~cd to in subsection C, above. each such holder shall ha~c the ri~,tht at its o~ition: to cure or rcmedv such breach or default to the extent that it relates to the part of the Property co~erai by its mortgage: and ?. to add the cost of doing su to the mortgage debt and the lien of its mortgage. Such holder shall not imdcruike or continue the construction beyond the extent necessary to conser~~c or protect those improycmcnts or construction already made ~~ithout first haying expressly assumed the obligation to complete the construction on the property. This assumption shall be made b_y ~rritten agreement pursuant to terms anti conditions satistacmrv to the Commission. Any holder ~~~ho properly completes the Project shall be cntitlcd to request a Ccrtiticate ofCompletion under the same terms and conditions proyidcd for the De~elopcr undo- Section VI. E. Conu~iission~s Option to Pali Mort~aae Debt or Purchase Property. In any case. ~~~herc after default or breach by the Dc~eloper or any successor in interest under the Contract. any mortgage holder of any part of the Property: has. but dues not csercisc, the option to complete the improycmcnts relating to the part of the Property coycred by its mort~~agc or few ~~~hich it has obtained title. and such failure continues t~~r a period of sixty (60) days after the holder has been notified or int<~rmed of the dciault or breach: or ?. begins consn~uction but does not complete such construction ~~~ithin the period as agreed upon b~~ the Commission and such holder (which period shall in any eycnt be at Ieast as long as the period prescribed fbr such consu-uction or completion in the Contract), and such default shall not ha~~e been cured within sixty ((iU) days after ~~ ritten demand by the Commission so to do, the Commission shall hayc the option of paying to the holder the amount of the mortgage debt and securing an assignment ofthe mortgago and the debt secured under it and c~ a~~ nu~rtgase instrument made prior to the Commission=s issuance ofa Certificate ofCompletion ohconstruction ~~~ith respect to the Property by the Deg eloper or successor in interest shall so provide. In the c~rnt ownership of any part of the Property has jested in such holder by ~~av of~ foreclosure or action in lieu of foreclosure. the Commission shall be cntitlcd. at its option. to a con~cvancc of any part of the Pri~pci7y (as the case nu~y be) upon dclirering to such holder an amount equal to the sum of~: 8