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17.3_ Revesting Title in Authority Upon Happening of Event Subsequent to <br /> . Conveyance to Developer. In the event that, subsequent to conveyance of the Property <br /> to the Developer and prior to the issuance of the Certificate of Completion: <br /> (a) subject to Unavoidable Delays, the Developer fails to carry out its <br /> obligations with respect to the construction of the Minimum Improvements <br /> (including the nature and the date for the completion thereof), or abandons or <br /> substantially suspends construction work, and any such failure, abandonment, or <br /> suspension shall not be cured, ended, or remedied within thirty (30) days after <br /> written demand from the Authority to the Developer to do so; or <br /> (b) subject to Unavoidable Delays the Developer fails to cure any <br /> default under this Agreement within 30 days after receipt of notice of Event of <br /> Default <br /> • <br /> Then the Authority shall have the right to re-enter and take possession of <br /> the Property and to terminate and revest in the Authority the estate conveyed <br /> pursuant to the Deed to the Developer, it being the intent of this provision, <br /> together with other provisions of the Agreement, that the conveyance of the <br /> Property to the Developer shall be made upon, and that any instrument conveying <br /> title from the Authority to the Developer of the Property shall contain a condition <br /> subsequent to the effect that in the event of any default on the part of the <br /> • Developer and failure on the part of the Developer to remedy, end, or abrogate <br /> such default within the period and in the manner stated in such subdivisions, the <br /> Authority at its option may declare a termination in favor of the Authority of the <br /> title, and of all the rights and interests in and to the Property conveyed to the <br /> Developer,and that such title and all rights and interests of the Developer,and any <br /> assigns or successors in interest to and in the Property, shall revert to the <br /> Authority. <br /> 17.4. Resale of Reacquired Property: Disposition of Proceeds. Upon the revesting <br /> in the Authority of title to and/or possession of the Property as provided in Section 17.3, <br /> the Authority shall. pursuant to its responsibilities under law, use its best efforts to sell <br /> the Property or part thereof as soon and in such manner as the Authority shall find <br /> feasible and consistent with the objectives of such law and of the Development Plan to <br /> a qualified and responsible party or parties (as determined by the Authority) who will <br /> assume the obligation of making or completing the Minimum Improvements or such other <br /> improvements in their stead as shall be satisfactory to the Authority and in accordance <br /> with the uses specified for the Property. Upon such resale of the Property, the proceeds <br /> thereof shall be applied: <br /> (a) First, to reimburse the Authority for all costs and expenses incurred <br /> by the Authority, including but not Iimited to salaries of personnel, in connection <br /> • with the recapture, management, and resale of the Property or part thereof (but <br /> less any income derived by the Authority from the property or part thereof in <br /> connection with such management); all taxes, assessments, and water and sewer <br /> charges with respect to the Property (or, in the event the Property is exempt from <br /> SJR128S90 <br /> Mr.72.05-2 11 <br />