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Upon the revesting in the Agency of title to the Agency or Acquisition Parcels or <br />a portion thereof, as provided in this section, the Agency shall, pursuant to its responsibilities <br />under state law, use its best efforts to resell the Agency and Acquisition Parcels, or portion <br />thereof, as soon and in such manner as the Agency shall find feasible and consistent with the <br />objectives of such law and of the Redevelopment Plan, as it may be amended, to a qualified and <br />responsible party or parties (as determined by the Agency) who will assume the obligation of <br />constructing or completing the Project or such portion thereof, or such improvements in their <br />stead as shall be satisfactory to the Agency and in accordance with the uses specified for the <br />Agency and Acquisition Parcels or portion thereof, in the Redevelopment Plan. Upon such <br />resale of the Agency and Acquisition Parcels or portion thereof, the proceeds thereof shall be <br />applied: <br /> <br /> a. First, to reimburse the Agency for all costs and expenses incurred <br />by the Agency, including, but not limited to, consulting fees and billed expenses in connection <br />with the recapture, management and resale of the Agency and/or Acquisition Parcels or part <br />thereof(but less any income derived by the Agency); all taxes, assessments and water and sewer <br />charges with respect to the Agency and Acquisition Parcels or part thereof; any payments made <br />or necessary to be made to discharge any valid encumbrances or valid liens existing on the <br />Agency or Acquisition Parcels or part thereof at the time of revesting of title thereto in the <br />Agency, or to discharge or prevent from attaching or being made any subsequent encumbrances <br />or liens due to obligations, defaults or acts of Developer, and any expenditures made or <br />obligations incurred with respect to the making or completion of the improvements or any part <br />thereof on the Agency and/or Acquisition Parcels, or part thereof; and <br /> <br /> b. Second, all sums remaining after the reimbursements set forth in <br />clause (a) above shall be paid to Developer. <br /> <br /> To the extent that the rights established in this section involve a forfeiture, this <br />section must be strictly interpreted against the Agency, the party for whose benefit it is created. <br />The rights established in this section are intended to assure that the Agency and Acquisition <br />Parcels are acquired and conveyed to Developer for development, and not for speculation in <br />undeveloped land. <br /> <br />Article 9 ASSIGNMENT AND TRANSFERS <br /> <br /> The qualifications and identity of Developer is of particular concern to the Agency, and it <br />is because of such qualifications and identity that the Agency has entered into this Agreement <br />with Developer. No voluntary or involuntary successor in interest of Developer shall acquire <br />any rights or powers under this Agreement, except as expressly set forth herein. <br /> <br /> §901 Prohibition Against Transfer of the Proiect Site~ the Buildings or Structures <br />Thereon and Assignment of Agreement <br /> <br /> Prior to the issuance by the Agency ora Certificate of Completion, Developer shall not <br />(except as expressly permitted by this Section 901), without the prior written approval of the <br />Agency, which shall not be unreasonably withheld, conditioned or delayed, make any total or <br />partial sale, transfer, conveyance, assignment or lease ("Transfers") of the whole or any part of <br /> <br /> 42 <br />DOCSSF1:648942.4 <br />9975-5 C14 <br />120502 <br /> <br /> <br />