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05-19-98 13:46 From-KENNEDY i GRAVEN +6123379310 T-806 P.13/31 F-170 agreement, or covenant under this Agreement. (e) Enforce the specific performance of this Agreement, which action must be commenced within one (1) year of the date of failure of a parry to consummate the transactions contemplated herein. 17.3. Revesting Title in Authority upon Happening of Event Subsequent to Conveyance to Developer. in the event that, subsequent to conveyance of the Property to the Developer and prior to the issuance of the Certificate of Completion: (a) subject to Unavoidable Delays, the Developer fails to carry out its obligations with respect to the construction of the Minimum improvements (including the nature and the date for the completion thereof), or abandons or substantially suspends construction work, and any such failure, abandonment, or suspension shall not be cured, ended, or remedied within thirty (30) days after written demand from the Authority to the Developer to do so; or (b) subject to Unavoidable Delays the Developer fails to cure any default under this Agreement within 30 days after receipt of notice of Event of Default. Then the Authority shall have the right to re-enter and take possession of the Property and to terminate and revest in the Authority the estate conveyed pursuant to the Deed to the Developer, it being the intent of this provision, together with other provisions of the Agreement, that the conveyance of the Property to the Developer shall be made upon, and that any instrument conveying title from the Authority to the Developer of the Property shall contain a condiuon subsequent to the effect that 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 ail costs and expenses incurred by the Authority, including but not limited to salaries of personnel, in connection DJG-162543 11 MU205-2