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manner satisfactory to the City. Upon such resale of the Property or any portion thereof, the sale proceeds shall be applied as follows: (a) First, to reimburse the City for all costs and expenses incurred by City, including but not limited to salaries of personnel and legal fees incurred in connection with the recapture and resale of the Property; all taxes and assessments payable prior to resale, and all applicable water and sewer charges; any payments necessary to discharge any encumbrances or liens on the Property at the time of revesting of title thereto in the City or to discharge or prevent from attaching any subsequent encumbrances or liens due to obligations, defaults, or acts of the Developer, its successors or transferees; any expenditures made or obligations incurred with respect to the completion of the Project or any part thereof on the Property; and any other amounts owed to the City by Developer and its successors or transferee pursuant to the City Documents or otherwise. (b) Second, to reimburse the City for damages to which it is entitled under this Agreement by reason of the Developer's default. (c) Third, to reimburse the Developer, its successor or transferee, up to the amount equal to: ( 1 ) The payment made to the City for the Property; plus (2) The fair market value of any new improvements constructed by Developer and existing on the Property at the time of City's exercise of its rights under this Section; less (3) Any gains or income withdrawn or made by the Developer from the Property or applicable portion thereof or the improvements thereon. Notwithstanding the foregoing, the amount calculated pursuant to this subsection (c) shall not exceed the fair market value of the Property or applicable portion thereof, together with the improvements thereon as of the date of the default or failure which gave rise to the City' s exercise of the right of reverter. (4) Any balance remaining after such reimbursements shall be retained by the City. The rights established in this Section 9.8 are to be interpreted in light of the fact that the City will convey the Property to the Developer for completion of the Project as specified herein and not for speculation. 9.9 Option to Purchase, Enter and Possess Upon Default. The City shall have the additional right at its option to purchase, enter and take possession of the Property with all improvements thereon (the "Repurchase Option"), if after conveyance of the Property, Developer (i) fails to begin construction of the Project within the time specified in Section 5 . 1 as such date ATY/AGR/2017.218/RWC — BRADFORD — DDA REV: 09-18-17 VR Page 36 of 94