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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R Upon the revesting in the Agency of title to the Acquisition Parcels as provided in this section, the Agency shall, pursuant to its responsibilities under state law, use its best efforts to resell the Acquisition Parcels as soon and in such manner as the Agency shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it may be amended, to a qualified and responsible party or parties (as determined by the Agency) who will assume the obligation of constructing or completing the Project, or such improvements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for the Acquisition Parcels in the Redevelopment Plan. Upon such resale of the Acquisition Parcels, the proceeds thereof shall be applied: F. First, to reimburse the Agency, on its own behalf or on behalf of the City, for all costs and expenses incurred by the Agency, including, but not limited to, consulting fees and billed expenses in connection with the recapture, management and resale of the Acquisition Parcels or part thereof (but less any income derived by the Agency in connection with such management); all taxes, assessments and water and sewer charges with respect to the Acquisition Parcels or part thereof; any payments made or necessary to be made to discharge any valid encumbrances or valid liens existing on the Acquisition Parcels or part thereof at the time of revesting of title thereto in the Agency, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Developer; any expenditures made or obligations incurred with respect to the making or completion of the improvements or any part thereof on the Acquisition Parcels, or part thereof; and any appropriate and verifiable amounts otherwise owing the Agency or the City including, but not limited to, the value of Parcels E and N as described in Section 202, determined on the basis of their area in relation to the total area of all of the land included in such resale; and G. Second, all sums remaining after the reimbursements set forth in F. above shall be paid to the Developer. To the extent that the rights established in this section involve a forfeiture, this section must be strictly interpreted against the Agency, the party for whose benefit it is created. The rights established in this section are intended to assure that the Acquisition Parcels are acquired and conveyed to the Developer for development, and not for speculation in undeveloped land. Article 11. SPECIAL PROVISIONS §1101 (No Section for this Number) §1102 Requests for Amendments to this Aqreement The Developer and the Agency agree to mutually consider 45