Laserfiche WebLink
<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 />2. Any rights or interests provided in this <br />Agreement for the protection of the holders of such mortgages, <br />deeds of trust or other security interests; <br /> <br />3. Any leases, declarations of covenants, <br />conditions and restrictions, easement agreements or other recorded <br />documents applicable to the Property. <br /> <br />d. The grant deed to or ground lease of any portion of <br />the Property conveyed or leased by the Developer to another party <br />shall contain appropriate references and provisions to give effect <br />to the Agency's right, as set forth in this Section under specified <br />circumstances prior to the recordation of the Certificate of <br />Completion, to reenter and take possession of such parcel, or any <br />part thereof, with all improvements thereon, and to terminate and <br />revest in the Agency the estate conveyed to the Developer. <br /> <br />e. Upon the revesting in the Agency of title to the <br />Property, or any part thereof, as provided in this Section, the <br />Agency shall, pursuant to its responsibilities under State law, use <br />its best efforts to resell the Property, or any part thereof, at <br />fair market value as soon and in such manner as the Agency shall <br />find feasible and consistent with the objectives of such law, to a <br />qualified and responsible party or parties (as determined by the <br />Agency) who will assume the obligations of making or completing the <br />improvements, or such other improvements in their stead as shall be <br />satisfactory to the Agency and in accordance with the uses <br />specified for the Property, or any part thereof. Upon such resale <br />of the Property, or any part thereof, the proceeds thereof shall be <br />applied: <br /> <br />1. First, to make any payment made or necessary to <br />be made to discharge or prevent from attaching or being made any <br />subsequent encumbrances or liens due to obligations incurred with <br />respect to the making or completion of the agreed improvements or <br />any part thereof on the Property, or part thereof; next to <br />reimburse the Agency on its own behalf or on behalf of the City for <br />all actual costs and expenses incurred by the Agency and the City, <br />including but not limited to customary and reasonable fees or <br />salaries to third party personnel engaged in such action (but <br />excluding the Agency's or the City's general overhead expense), in <br /> <br />41 <br /> <br />REDW\OO06\DOC\001-7 <br />3/29/05 3:15 /rovc <br />