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Agency) who will assume the obligations of making or completinq the improvements, or such other improvements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for the Property, or any part thereof. Upon such resale of the Property, or any part thereof, the proceeds thereof shall be applied: . 1 . First, to make any payment made or necessary to be made to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations incurred with respect to the making or completion of the agreed improvements or any part thereof on the Property, or part thereof; next to reimburse the Agency on its own behalf or on behalf of the City for all actual costs and expenses incurred by the Agency and the City, including but not limited to customary and reasonable fees or salaries to third party personnel engaged in such action (but excluding the Agency' s or the City's general overhead expense) , in connection with the recapture, management and resale of the Property or part thereof; all taxes, assessments and water and sewer charges paid by the City and/or the Agency with respect to the Property or part thereof; any amounts otherwise owing to the Agency by the Developer and its successor transferee; and 2 . Second, to the extent that any and all funds which are proceeds from such resale are thereafter available, to reimburse the Developer, or its successor transferee, up to the amount equal to the sum of the costs incurred for the development of the Property, or applicable part thereof, or for the construction o€ the improvements thereon including, but not limited to, costs of carry, taxes and items set forth in the Developer' s cost statement which shall be submitted to and approved by the Agency. 3 . Any balance remaining after the foregoing application of proceeds shall be retained by the Agency. . f. The Agency may exercise its right of reve'sting title to the Property, and any improvements thereon, by recording with the office of the County Recorder a document entitled Notice of Revesting of Title to Real Property ("Notice of Revesting") in substantially the form attached hereto as Exhibit "K." Recordation of the Notice of Revesting shall constitute conclusive and binding evidence of revesting to the Agency of title in and to the Property � ' and all improvements thereon and subsequent purchasers, lessees, or � ` lienholders shall not be subject to any claim by the Developer as l , to the Property or any improvements thereon. REDW\0006\DOC\013-6 3 9 3/08/05 mvc