Res99 RD-99-30 - Laserfiche WebLink

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§S10 Re-entry and Revestin� of Tit1e in the Agency After Conveyance The Agency has the right, at its option, to repurchase, re-enter and take possession of the Acquisition Parcels, or such portion thereof, with all improvements thereon, and terminate and revest in the Agency the estate conveyed to IAC if after conveyance of title and prior to the issuance of the applicable Certificates of Completion, except for causes beyond the control of IAC, IAC shall: A. Fail to start the construction of the IAC Project in accordance with the Schedule of Performance for a period of ninety (90) 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 IAC 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 transfer of the Acquisition Pazcels 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 trust permitted by this Agreement; or 2. Any rights or interests provided in this Agreement for the protection of the holders of such mortgages or deeds of trust. T'he 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 CeRificate of Compietion, to re-enter and take possession of the Acquisition Parcels or portion thereof, with all improvements thereon, and to terminate and revest in the Agency the estate therein conveyed to IAC. Upon issuance and recordation of the CeRificates of Completion, the above-referenced deed restriction shall be deemed removed. Upon the revesting in the Agency of title to the Acquisition Pazcels or a portion thereof, as provided in this section, the Agency shall, pursuant to its responsibilities under state law, use its best efforts to resell the Acquisition Pazcels, 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 detertnined by the Agency) who will assutne the obligation of constructing or completing the IAC Project or such portion thereof, or such itnprovements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for the Acquisition Pazcels or portion thereof, in the Redevelopment Plan. Upon such resale of the Acquisition Pazcels or portion thereof, the proceeds thereof shall be applied: a. First, to reimburse 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 Acquisition Pazcels or part thereof (but less any income derived by the Agency; all taxes, assessments and water and sewer _ ' 37 — 9627:8397615