AgdaPkt 2002-12-09 - Laserfiche WebLink

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. q��-143 _ 6. Notwithstanding anything expresscd or implied to the contrary in this Article 8 or elsewhere in tltis Agreement, in the event that the Agency elects under the terms of this Agreement, for any reason whatever, to terminate flris Agreement, other than as a result of a default by Developer as pmvided in Section 808, then, if Developer has funded any portion of � the Acquisition Budget or otherwise fianded any costs of acquiring any Acquisition Parcels; the - City shall: (a) pnomptly refund to Developer the full amount of any such acquisition costs (wluch costs for pucposes of this secfion 809(Bx6) shall include those amounts, to the extent applicable, set forth in items (i) through (v) of Section 809(B)(4) and if Developer has taken tide to any Acquisition Parcels, such Acquisition Parcels shall be reconveyed to the City or Agency pursuant to the provisions of Secflon 809(B)(4) and (b) promptly pay to Developer the fiill amount of any hazd and soft costs or expenses advanced or incurred by Developer (and not theretofore paid or reimbursed to Developer by the City or the Agency) for the development, planning, design, engineering and construcrion of the Public Parking Facility §810 Re-entrv and Revestin¢ of Title in the AQencv After Convevance The Agency has the right, at its option, to repurchase, re-enter and take possession of the Agency and Acquisition Parcels, or such por[ion thereof, with all improvements thereon, and ternunate and revest in the Agency the estate conveyed to Developer if after conveyance of tifle and prior to the issuance of the applicable Certificates of Completion, except for causes beyond the control of Developer, Developer shall: A. Fail to start the construction of the Project in accordance with the Schedule of - Performance for a period of sixty (60) days after written notice thereof from the Agency, which notice must follow the date for commencement of construction as set forth in the Schedule of Performance; or B. Abandon or substantially suspend construction of the Project required by this Agreement for a period of sixty (60) days and not resume within a period of ninety (90) days after written notice thereof from the Agency; or C. Transfer or suffer any involuntary �ansfer of the Acquisirion Parcels or any part thereof in violation of this Agreement. Such right to re-enter, terminate and revest shall be subject to and be limited by and shall not defeat, render invalid or limit: 1. Any mortgage or deed of hust permitted by this Agreement; or 2. Any rights or interests provided in this Ageement for the protection of the holders of such mortgages or deeds of trust. The Grant Deed or Grant Deeds shall contain appropriate reference and provisions to give effect to the Agency's right as set forth in this section, under circumstances prior to issuance of the Certificate of Completion, to re-enter and take possession of the Agency and Acquisition Parcels or portion thereof, with all improvements thereon, and to terminate and revest in the Agency the estate therein conveyed to Developer. Upon issuance and recordarion of the Certificates of Completion, the above-referenced deed restriction shall be deemed removed. 41 DOCSSFL648942.4 9975-5 C I O 120502