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Section 5 . 07 . Riqht to Reenter, Repossess, Terminate <br /> and Revest . � <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 /> l . 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 af ter 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 /> 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 /> 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 /> c . The right of the Agency to reenter, repossess, <br /> terminate, and revest shall be subj ect and subordinate to, shall be <br /> limited by and shall not defeat, render invalid or limit : <br /> l . Any mortgage, deed of trust or other security <br /> interest permitted by this Agreement; <br /> REDW\0006\DOC\013-7 <br /> 3 8 1\11\08 940 law <br />