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manner satisfactory to the City. Upon such resale of the Property or any portion thereof, the sale <br />proceeds shall be applied as follows: <br />(a) First, to reimburse the City for all costs and expenses incurred by City, including <br />but not limited to salaries of personnel and legal fees incurred in connection with <br />the recapture and resale of the Property; all taxes and assessments payable prior to <br />resale, and all applicable water and sewer charges; any payments necessary to <br />discharge any encumbrances or liens on the Property at the time of revesting of title <br />thereto in the City or to discharge or prevent from attaching any subsequent <br />encumbrances or liens due to obligations, defaults, or acts of the Developer, its <br />successors or transferees; any expenditures made or obligations incurred with <br />respect to the completion of the Project or any part thereof on the Property; and any <br />other amounts owed to the City by Developer and its successors or transferee <br />pursuant to the City Documents or otherwise. <br />(b) Second, to reimburse the City for damages to which it is entitled under this <br />Agreement by reason of the Developer's default. <br />(c) Third, to reimburse the Developer, its successor or transferee, up to the amount <br />equal to: <br />(1) The payment made to the City for the Property; plus <br />(2) The fair market value of any new improvements constructed by Developer <br />and existing on the Property at the time of City's exercise of its rights under <br />this Section; less <br />(3) Any gains or income withdrawn or made by the Developer from the <br />Property or applicable portion thereof or the improvements thereon. <br />Notwithstanding the foregoing, the amount calculated pursuant to this <br />subsection (c) shall not exceed the fair market value of the Property or applicable <br />portion thereof, together with the improvements thereon as of the date of the default <br />or failure which gave rise to the City's exercise of the right of reverter. <br />(4) Any balance remaining after such reimbursements shall be retained by the <br />City. <br />The rights established in this Section 9.8 are to be interpreted in light of the fact that the <br />City will convey the Property to the Developer for completion of the Project as specified herein <br />and not for speculation. <br />9.9 Option to Purchase, Enter and Possess Upon Default. The City shall have the <br />additional right at its option to purchase, enter and take possession of the Property with all <br />improvements thereon (the "Repurchase Option"), if after conveyance of the Property, Developer <br />(i) fails to begin construction of the Project within the time specified in Section 5.1 as such date <br />ATY/AGR/2017.218/RWC — BRADFORD — DDA <br />REV: 09-18-17 VR <br />Page 36 of 94 <br />