R2013-91 AUTHORIZING EXECUTION OF THE REDEVELOPMENT AGREEMENT PREVIOUSLY RECEIVED AND PLACED ON FILE Southside

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days after the holder has received notice or has been otherwise informed of the default or breach; or (b) undertakes construction of completion of the Police Facility and the Street Improvements but does not complete such construction within the period as agreed upon the City and such holder(which period shall in any event be at least as long as the period for such construction or completion in the Agreement), and such default shall not have been cured within sixty (60) days after written demand by the City to do so; or (c) has initiated foreclosure proceedings pursuant with regard to any mortgage on the Police Facility, the Police Facility Site or the Police Facility Lease; The City shall (and every mortgage instrument made by the Redeveloper or successor in interest shall so provide) have the option of paying to the holder the amount of the mortgage debt and securing an assignment of the mortgage and the debt secured thereby, on in the event ownership of the Police Facility has vested in such holder by way of foreclosure or action in lieu thereof, the City shall be entitled, at its option, to a conveyance of the Police Facility and the Police Facility Site or any part thereof(as the case may be)upon payment to such holder of an amount equal to the sum of: 1. the mortgage debt at the time of foreclosure or action in lieu thereof(less all appropriate credits, including but not limited to those resulting from collection and application of rentals and other income received during foreclosure proceedings); 2. all expenses with respect to the foreclosure; 3. the next expense if any(exclusive of general overhead), incurred by such holder in and as a direct result of the subsequent management of the Project; 4. the costs of any improvements made by such holder; and 5. an amount equivalent to the interest that would have accrued on the aggregate of such amounts had all such amounts become part of the mortgage debt and such debt has continued in existence. 14.10 City's Option to Cure Mortgage Default. In the event of a default or breach by the Redeveloper, or any successor in interest in or of any of its obligations under, and to the holder, of any mortgage or other instrument creating an encumbrance or lien upon the Police Facility, the Police Facility Site or the Police Facility Lease or any part thereof which Redeveloper fails to timely cure, the City may at its option cure such default or breach by entering upon the Police Facility making the necessary improvements, in which case the City shall be entitled, in addition to and without limitation upon any other rights or remedies to which it shall be entitled by this Agreement, operation of law, or otherwise, to reimburse from the Redeveloper or successor in interest of all costs and expenses incurred by the City in curing such default or breach and to a lien upon the Police Facility (or the part hereof to which the mortgage, encumbrance, or lien relates) for such reimbursement; provided, that any such lien shall be subject always to the lien ?6