The hare and the tortoise

Thanks for your response to my post. Please read through the story and make corrections where you find mistakes. Please correct the punctuation mistakes as well. Thanks

____Once a hare and a tortoise were living in a forest. The hare often made fun of the slow pace of the tortoise. One day he challenged him to a race. The tortoise, unexpectedly, accepted it. They decided a point as the winning post. They started the race from a point at the same time. The hare run very fast and covered half of the distance within the wink of an eye. He stopped there and thought to take some rest. He sat under the shade of a tree and fell asleep.

____On the other hand, the tortoise walked on slowly and steadily. He crossed the sleeping hare quietly and reached the winning point. The hare woke up and thinking that the tortoise is still coming behind him (do I need a comma befor and after the bold part?) ran towards the winning point. When he reached there he was surprised to see the tortoise there. The hare had lost the race and was, therefore, embarrassed.