Common use of Failure of Holder to Complete Improvements Clause in Contracts

Failure of Holder to Complete Improvements. In any case where, sixty (60) days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Agency Parcels or any part thereof receives a notice from Agency of a default by the Developer in completion of construction of any of the Improvements under this Agreement, and such holder has not exercised the option to construct within the time period set forth in Section 408.4, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, Agency may, upon thirty (30) days prior written notice to holder, purchase the mortgage or deed of trust by payment to the holder of the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all other sums and advances secured by the mortgage or deed of trust. If the ownership of the Agency Parcels or any part thereof has vested in the holder, Agency, if it so desires, may purchase such ownership interest from the holder upon payment to the holder of an amount equal to the sum of the following:

Failure of Holder to Complete Improvements. In any case where, sixty (60) days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Agency Parcels Site or any part thereof receives a notice from Agency of a default by the Developer in completion of construction of any of the Developer Improvements under this Agreement, and such holder has not exercised the option to construct within the time period set forth in Section 408.4, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, Agency may, upon thirty (30) days prior written notice to holder, purchase the mortgage or deed of trust by payment to the holder of the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all other sums and advances secured by the mortgage or deed of trust. If the ownership of the Agency Parcels Site or any part thereof has vested in the holder, Agency, if it so desires, may purchase such ownership interest from the holder upon payment to the holder of an amount equal to the sum of the following:

Failure of Holder to Complete Improvements. In any case where, sixty (60) days after the holder of any mortgage or deed of trust creating a lien or encumbrance upon the Agency Parcels Site or any part thereof receives a notice from Agency Authority of a default by the Developer in completion of construction of any of the Developer Improvements under this Agreement, and such holder has not exercised the option to construct within the time period set forth in Section 408.4, or if it has exercised the option but has defaulted hereunder and failed to timely cure such default, Agency Authority may, upon thirty (30) days prior written notice to holder, purchase the mortgage or deed of trust by payment to the holder of the amount of the unpaid mortgage or deed of trust debt, including principal and interest and all other sums and advances secured by the mortgage or deed of trust. If the ownership of the Agency Parcels Site or any part thereof has vested in the holder, AgencyAuthority, if it so desires, may purchase such ownership interest from the holder upon payment to the holder of an amount equal to the sum of the following: