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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R party being in default. There are two categories of such terminations, and these are covered in paragraphs 1 and 2 of this subsection C. 1. Where the Developer or the Agency has given notice of termination of this Agreement because any of the contingencies described in subsection 1007E, 1007F, 1007G, 1007H, 1008I, 1008J or 1008K has occurred, neither party shall be considered to be in default of this Agreement, and the following provisions shall apply: a. The Agency shall have twelve (12) months during which it may hold the Acquisition Parcels theretofore acquired and, using its own resources, seek to acquire the remaining Acquisition Parcels for the purpose and in accordance with the procedure established in B.1 of this section; provided, however, the Agency shall have no power to draw on the Letter of Credit (or Cash Deposit) for any purpose other than the payment of abandonment costs in accordance with C.l.d. of this section. b. At any time prior to the expiration of such twelve (12) month period, the Agency may sell any or all of the Acquisition Parcels 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. The Agency shall endeavor to secure the maximum amount for each Acquisition Parcel consistent with the objective stated above, but the Agency, subject to the proviso in the final paragraph of this subsection C.l.b., immediately below, may sell any or all of the Acquisition Parcels for any amount the Agency, in its sole discretion, deems appropriate for the furtherance of the redevelopment of the Project Site. The total amount of the payment or payments received by the Agency from any sale or sales of one or more Acquisition Parcels shall be paid to the Developer by the Agency. In any instance where, without the consent of the Developer, the sale proceeds paid to the Developer in accordance with the immediately preceding paragraph are less than the amount of the Acquisition Costs actually expended for an Acquisition Parcel, the Developer shall be entitled to recover from the Agency the amount of such deficiency, with interest, at the rate of eight percent (8%) per year, commencing on the date of such sale, provided that the Agency's obligation to pay such deficiency shall be limited to Sales and Use Taxes and Tax Increment received by the Agency from the development ultimately constructed on the Project Site. C. Not later than the expiration of such twelve (12) month period, the Agency shall convey to the Developer all Acquisition Parcels the Agency then holds that are not committed to a purchaser under subsection C.l.b. of this section, whereupon 42