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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R then this Agreement with respect to the Project Site and any rights of the Developer, or any assignee or transferee, in this Agreement, or arising herefrom with respect to the Agency or the City, may at the option of the Agency, be terminated by the Agency by written notice to the Developer. Thereupon the rights and duties of the Agency and the Developer shall be as set forth in Section 1009. §1009 Rights and Duties of Parties Followinq Termination of Agreement In the event of the termination of this Agreement under Section 1007 or Section 1008, the respective rights and duties of the Agency and the Developer shall be as follows: A. Where the Developer is in Default. Where the Agency has terminated this Agreement because the Developer is in Default under subsection A, B, C, D, E or F of Section 1008, the following provisions shall apply: 1. The Promissory Note shall not become due until twenty-four (24) months after the other party receives written notice of such termination. The Agency agrees to provide such notice as soon as possible following its determination that the Developer is in default under one or more of the subsections set forth in 1009 A. above. During such 24 -month period, the Agency shall not be deemed to be in Default under the Promissory Note and the Developer shall not be entitled to institute any foreclosure proceedings with respect to the Deed of Trust, it being the intent of the parties that during said period the Agency shall have the right to deal with the Acquisition Parcels, and every part thereof, as appropriate to accomplish its right to assemble and to sell the Acquisition Parcels as provided below. The Developer shall continue to advance Acquisition Costs to the Agency and maintain the Letter of Credit (or Cash Deposit) in full force and effect and the Agency shall have the right and the obligation to continue to draw on the Letter of Credit (or Cash Deposit) to the end that the Acquisition Parcels shall be completely assembled, provided that the Agency is not legally prevented from acquiring title to the Acquisition Parcels, or any part thereof. 2. During the 24 -month period provided for in the preceding paragraph, the Agency shall use its best efforts to complete the acquisition of the Acquisition Parcels and to sell the Acquisition Parcels or any part thereof, as soon and in such manner as the Agency shall find feasible and consistent with the objectives of the Redevelopment Plan, to a qualified and responsible party or parties (as determined by the Agency), who will assume the obligation of making or completing the improvements, or such other improvements in their stead, as shall be satisfactory to the Agency in accordance with the uses specified in the Redevelopment Plan. Anything to the contrary contained in subsections A.1, A.2, A.3, A.4 or A.5 of this 39