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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R the Promissory Note shall be deemed paid in full, cancelled and returned to the Agency (except any amount the Agency owes the Developer with respect to a sale of an Acquisition Parcel for less than its Acquisition Cost pursuant to subsection C.l.b. of this section), and the Deed of Trust shall be reconveyed to the Agency. The parties may agree to an earlier transfer of any or all Acquisition Parcels held by the Agency where the Agency, in its sole discretion, has determined that the continued search for a successor developer would be unavailing. In the event the Agency conveys to the Developer any Acquisition Parcel pursuant to any provision of this Agreement, the City and the Agency agree that neither of them will have the right to condemn, nor will either or both of them condemn, any Acquisition Parcel so conveyed to the Developer for amounts less than the total Acquisition Costs attributable to such parcel or parcels. The foregoing covenant will remain in full force and effect for a term of five (5) years, commencing with each conveyance to the Developer of an Acquisition Parcel. d. The Developer shall be responsible for the Agency's costs of abandonment as the same are described in subsection B of Section 303, subject to any condition there stated. The Agency may continue to hold and draw against the Letter of Credit (or Cash Deposit) only for such purpose. Any balance of the Letter of Credit (or Cash Deposit) remaining after payment of such costs of abandonment shall be returned to the Developer. 2. Where the Developer has given notice of termination of this Agreement because the failure of performance described in either subsection 1007 A or 1007 B has occurred as a result of the Agency's or City Council's good faith evaluation of the testimony received at the required public hearing, or where the failure of performance described in subsection D of Section 1007 has occurred as a result of circumstances reasonably beyond the Agency's control, neither party shall be considered to be in default of this Agreement, and the following provisions shall apply: a. All acquisition activities, if any, shall immediately cease; b. All Acquisition Parcels acquired, if any, shall immediately be transferred, by grant deed, to the Developer; C. Upon the transfer(s) described in subsection 1009 C.2.b above, the Promissory Note shall be deemed paid in full, cancelled and returned to the Agency, and the Deed of Trust shall be reconveyed to the Agency; d. The Developer will be responsible for the Agency's costs of abandonment as set forth in subsection 1009 C.l.d. above. 43