04-16-2004 - Laserfiche WebLink

Home Browse Search

DRAFT • 4.15.2004 in the event of any default on the part of the Developer and failure on the part of the Developer to remedy, end, or abrogate such default within the period and in the manner stated in such subdivisions, the Authority at its option may declare a termination in favor of the Authority of the title, and of all the rights and interests in and to the Property conveyed to the Developer, and that such title and all rights and interests of the Developer, and any assigns or successors in interest to and in the Property, shall revert to the Authority. 17.4. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the Authority of title to and/or possession of the Property as provided in Section 17.3, the Authority shall, pursuant to its responsibilities under law, use its best efforts to sell the Property or part thereof as soon and in such manner as the Authority shall find feasible and consistent with the objectives of such law and of the Authority to a qualified and responsible party or parties (as determined by the Authority)who will assume the obligation of making or completing the Minimum Improvements or such other improvements in their stead as shall be satisfactory to the Authority and in accordance with the uses specified for the Property. Upon such resale of the Property,the proceeds thereof shall be applied: (a) First, to reimburse the Authority for all costs and expenses incurred by the Authority, including but not limited to salaries of personnel, in connection • with the recapture, management, and resale of the Property or part thereof(but less any income derived by the Authority from the property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Property (or, in the event the Property is exempt from taxation or assessment or such charge during the period of ownership thereof by the Authority, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the Authority assessing official) as would have been payable if the Property were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in the Authority or to discharge or prevent from attaching or being made 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 making or completion of the Minimum Improvements or any part thereof on the Property; financial assistance made by the Authority to the Developer (less any portion thereof previously repaid by the Developer); and any amounts otherwise owing the Authority by the Developer and its successor or transferee; and (b) Any balance remaining after such reimbursements shall be returned to the Developer. 17.5. No Remedy Exclusive. No remedy herein conferred upon or reserved to any • party in this Agreement is intended to be exclusive of any other available remedy or SJR-245249v4 MU205-29 14