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81--t~u~73a ,<.tha property or the part thereof to which the lien or title of such holder ,~~relatea. Any such holder who shall properly complete the Improvements relating to the property or applicable part thereof shall be entitled, upon written request made to vhe Agency, to a certification-or certifications by the Agency to such effect in the manner provided in Section 307 of the Agreement, and any such certification shall, if so requested by such holder, mean and provide that any remedies or rights with respect to recapture of or reversion or rvversiog of title to the Property that the Agency shall have or be: entitled to beesuse of failure of the Redeveloper or any successor in interest to the Property, or any part thereof, to cure or remedy any ,default with respect to the construction of the Improvements on other parts or parcels of the Property, or because of any other default in or breach. of the Agreement by the Redeveloper or such successor, shall not apply to the part or parcel of the Property to which such certification relates. SEC. b05. Agency's Option To Pay Mortgage Debt or Purchase Pro~erLy. In any case, where, subsequent to default or breach by the Redeveloper or successor in interest) under the Agreement, the holder of any mortgage on the Property or part thereof (a) has, but does not exercise, the option to construct or complete the Improvements relating to the Property or part thereof covered by its mortgage ar to which it has obtained title, and such failure continues for a period of sixty (60) days after the holder has been notified or informed of the default or breach; ox (b) undertakes construction or completion of the Improvements but does not complete such construction within the period as agreed upon by the Agency F-nd such holder (which period shall in any event be at least as long as the period prescribed for such construction or completion in the Agreement), and such default shall sot have been cured within sixty (60) days after written demand by the Agency so to do, the Agency shall (and every mortgage instrument made prior to completion of tie Improvements with respect tv the Property by the Redeveloper or successor in interest shall :-.o provide) have the option of paying to the holder the amount of the mortgage debt and securing an assignment of the mortgage sand the debt secured chcreby, or, in the event ownership of the. Property (or part thereof) has vested in such holds: by way of foreclosure ~r•-a~t_~n in ~~~'.~ the~~f, the A~~n~y chaff be entitled, gr it-g option, tL~ a. c~nveyanc~--to it €sf the. P:c€>perty or part. thereof (~ the case r~a~[ be} upon paymtnt to such holder of an amount equal to the sum of: (i} the mortgage debt at the time oP foreclosure or action in lieu thereof (less all appropriate crsdits, iacludinR those resulting from collection and application of rentals and other inea®e received during foreclosure proceedings}; (11) all expenses with respect to the foreclosure; (iii} the nst expense, if any (exclusive of general overhead), incurred by such holder in a~ as a direct result of the subsequent management of the Property; (iv) the costs of airy Improvements made by such holder;, and (v) an amount equivalent to the interest that would have accrued on the - 13 -