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subdivided(the"Default Property")and any such failure is not cured,ended,or remedied within 30 days after
<br /> written demand from the Seller to the Buyer to do so,or for a longer time period in the event the cure of such
<br /> failure reasonably requires more than 30 days to complete and the Buyer promptly commences to cure such
<br /> failure within the 30-day period and,thereafter,diligently pursues the cure to completion,then the Seller shall
<br /> have the right to re-enter and take possession of the Property. Upon such reentry, the Property that was
<br /> conveyed by the Deed to the Buyer will be terminated(and revested in the Seller), subject to this Section 14.
<br /> The intent of this provision,together with other provisions of this Agreement,is that the Deed shall contain a
<br /> condition subsequent,that in the event of any default on the part of the Buyer to commence construction of the
<br /> Minimum Improvements as described in Section 13 of this Agreement and failure on the part of the Buyer to
<br /> remedy, end,or abrogate such default within the period and in the manner stated in Sections 13 and 14 of this
<br /> Agreement,the Seller, at its option,subject to Section 15 of this Agreement,may declare a termination of all
<br /> the Buyer's title,rights and interests in and to the Default Property in favor of the Seller,and that all such title,
<br /> rights and interests of the Buyer,and any assigns or successors in interest to said Default Property,shall revert
<br /> to the Seller,but only if the events stated in this Section have not been cured within the time periods provided
<br /> above.
<br /> Notwithstanding anything to the contrary contained in this Agreement,the Seller shall have no right to re-enter
<br /> or retake title to and possession of a portion of the Property for which a Certificate of Commencement has been
<br /> issued by the Seller.
<br /> For purposes of this Agreement,the term"Unavoidable Delays"means delays beyond the reasonable control
<br /> of the Buyer that directly result, among other reasons, from strikes, other labor troubles, prolonged adverse
<br /> weather or acts of God, fire or other casualty to the Minimum Improvements, litigation commenced by third
<br /> parties which, by injunction or other similar judicial action, directly results in delays, or acts of any federal,
<br /> state or local governmental unit(including any Governor Orders, State,Federal or CDC Orders or regulations
<br /> arising out of the pandemic, but excluding the exercise of the Seller's rights under this Agreement) which
<br /> directly results in delays. The Seller agrees to enter into a subordination agreement or other written agreement
<br /> evidencing the subordination of the Seller's reversion right under this Section to any mortgage loan, the
<br /> proceeds of which are used to purchase the Property or to construct all or any portion of the Minimum
<br /> Improvements(the"Subordination Agreement"). The Subordination Agreement shall be in form reasonably
<br /> acceptable to the Seller and the Buyer's lender.
<br /> 15. RESALE OF REACQUIRED PROPERTY; DISPOSITION OF PROCEEDS. Upon the
<br /> revesting in the Seller of title to and/or possession of the Default Property or any part thereof as provided in
<br /> Section 15 of this Agreement,the Seller shall, at the time and as a condition of the revesting(the "Reverting
<br /> Date") refund the Purchase Price paid by the Buyer under Section 4 of this Agreement to the Buyer or, if
<br /> applicable,the portion of the Purchase Price allocable to the respective Default Property, less (a)the Seller's
<br /> actual third party out-of-pocket costs and expenses that the Seller incurs to consummate the revesting of the
<br /> Default Property;(b)a pro rata share of all taxes,assessments,and water and sewer charges with respect to
<br /> the Default Property or part thereof that are unpaid as of the Revesting Date; and (c) any payments made
<br /> or necessary to be made to discharge any encumbrances or liens created by the Buyer and existing on the
<br /> Default Property or part thereof as of the Revesting Date or to discharge or prevent from attaching or being
<br /> made any subsequent encumbrances or liens due to obligations,defaults or acts of the Buyer,its successors
<br /> or transferees; and(d)any amounts otherwise owing the Seller by the Buyer or its successor or transferee.
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