AgdaPkt 2002-12-09 - Laserfiche WebLink

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I • � � l�"� Upon the revesting in the Agency of title W the Agency or .Acquisition Parcels or a portion thereo� as provided in this section, the Agency shall, putsuant W its responsibilities under state law, use its best efforts to resell the Agency and Acquisition Parcels, or portion thereof, as soon and in such manner as the Agency shall find feasible and consistent with the . objectives of such law and of the Redevelopment Plan, as it may be amended, to a qualified and responsible party or parties (as detemuned by the Agency) who will assume the obligation of constructing or completing the Project or such portion thereo� or such improvements in their stead as shall be satisfactory to the Agcncy and in accordance with the uses specified for the Agency and Acquisition Parcels or portion thereo� in the Redevelopment Plan. Upon such resale of the Agency and Acquisition Parcels or portion thereof, the proceeds thereof shall be applied: a. First, to reimbucse the Agency for all costs and expenses incurred by the Agency, including, but not limited to, consulting fees and billed expenses in connection with the recapture, management and resale of the Agency and/or Acquisition Parcels or part thereof (but less any income derived by the Agency); all taxes, assessments and water and sewer chazges with respect to the Agency and Acquisition Parcels or part thereof; any payments made or necessary to be made to dischazge any valid encumbrances or valid liens existing on the Agency or Acquisition Parcels or part thereof at the time of revesting of title thereto in the Agency, or to dischazge or prevent from attaching or being made any subsequent encumbrances or liens due to obligarions, defaults or acts of Developer, and any expenditures made or obligations incurred with respect to the making or completion of the improvements or any pazt thezeof on the Agency and/or Acquisirion Pazcels, or part thereof; and b. Second, all sums remaining after the reimbursements set forth in clause (a) above shall be paid to Developer. To the extent that the rights established in this section involve a forfeiture, this section must be strictly interpreted against the Agency, the party for whose benefit it is created. The rights established in this section aze intended to assure that the Agency and Acquisition Parcels aze acquired and conveyed to Developer for development, and not for speculation in undeveloped land. Artic►e 9 ASSIGNMENT AND TRANSFERS The qualifications and identity of Developer is of particulaz concern to the Agency, and it is because of such qualifications and identity that the Agency has entered into this Agreement with Developer. No voluntary or involuntary successor in interest of Developer shall acquire any rights or powers under this Agreement, except as expressly set forth herein. §90l Prohibition Asainst Transfer of the Proiect Site, the Buildines or Structures Thereon and Assi¢nment of Aereement Prior to the issuance by the Agency of a Certificaie of Completion, Developer shal] not (except as expressly permitted by this Section 901), without the prior written approval of the Agency, which shall not be unreasonably withheld, conditioned or delayed, make any total or partial sale, transfer, conveyance, assignment or lease ("1'ransfers") of the whole or any part of 42 DOCSSF1:648942.4 9975-5 C 14 l20502