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<br />Right to Reenter, <br />and Revest. <br /> <br />Repossess, Terminate <br /> <br />Section 5.07. <br /> <br />a. The Agency shall, upon thirty (30) calendar days <br />notice to the Developer which notice shall specify this Section, <br />have the right, at its option, to re-enter and take possession of <br />all or any portion of the Property, together with all improvements <br />thereon, and to terminate and revest in the Agency the estate <br />conveyed to the Developer hereunder, if after conveyance of title, <br />the Developer (or its successors in interest) shall: <br /> <br />, 1. Fail to commence construction of all or any <br />portion of the improvements as required by this Agreement for a <br />period of ninety (90) calendar days after written notice to proceed <br />from the Agency; provided that the Developer shall not have <br />obtained an extension or postponement to which the Developer may be <br />entitled pursuant to Section 6.05 hereof; or <br /> <br />2. Abandon or substantially suspend construction <br />of all or any portion of the improvements for a period of ninety <br />(90) calendar days after written notice of such abandonment or <br />suspension from the Agency; provided that the Developer shall not <br />have obtained an extension or postponement to which the Developer <br />may be entitled to pursuant to Section 6.05 hereof; or <br />3. Assign or attempt to assign this Agreement, or <br />any rights herein, or transfer, or suffer any involuntary transfer, <br />of the Property or any part thereof, in violation of this <br />Agreement, and such violation shall not have been cured within <br />thirty (30) calendar days after the date of receipt of written <br />notice thereof from the Agency to the Developer. <br /> <br />b. The written notice specified in this Section shall <br />specify that the Agency proposes to take action pursuant to this <br />Section and shall specify which of the Developer's obligations set <br />forth in Subsections (1) through (3) above have been breached. The <br />Agency shall proceed with its remedy set forth herein only in the <br />event that the Developer continues in default of said obligation(s) <br />for the applicable period following such notice or, upon commencing <br />to cure such default, fails to diligently and continuously <br />prosecute said cure to satisfactory conclusion. <br /> <br />c. The right of the Agency to reenter, repossess, <br />terminate, and revest shall be subject and subordinate to, shall be <br />limited by and shall not defeat, render invalid or limit: <br /> <br />1. Any mortgage, deed of trust or other security <br />interest permitted by this Agreement; <br /> <br />41 <br /> <br />REDW\0006\DOC\001-5 <br />1/27/05 7:00 /mve <br />