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17 DOCSOPEN\MU205\50\716385.v4-4/22/21 way the lien of any mortgage or other encumbrance specifically and previously authorized by the EDA in writing under this Agreement or any rights or interests provided in this Agreement for the protection of the holders of an approved encumbrance. Section 8.4. Resale of Reacquired Development Property; Disposition of Proceeds. Upon any revesting in the EDA of title to and/or possession of the Development Property or any part thereof as provided herein (prior to the issuance of the Certificate of Completion), the EDA shall, pursuant to its responsibilities under law, use its best efforts to sell the Development Property or part thereof as soon and in such manner as the EDA shall find feasible and consistent with the objectives of such law to a qualified and responsible party or parties (as determined by the EDA) 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 EDA in accordance with the uses specified for such Development Property or part thereof. During any time while the EDA has title to and/or possession of a parcel obtained by reverter, the EDA will not disturb the rights of any tenants under any leases encumbering such parcel. Upon resale of the Development Property, the proceeds thereof shall be applied: (a) First, to reimburse the EDA for all costs and expenses directly incurred in connection with the recapture, management, and resale of the Development Property, including but not limited to salaries of personnel (but less any income derived by the EDA from the property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Development Property or part thereof (or, in the event the Development Property is exempt from taxation or assessment or such charge during the period of ownership thereof by the EDA, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the City’s assessing official) as would have been payable if the Development Property were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Development Property or part thereof at the time of revesting of title thereto in the EDA 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 by the EDA with respect to the making or completion of the Minimum Improvements or any part thereof on the Development Property or part thereof; and any amounts otherwise owing the EDA by the Developer and its successor or transferee; and (b) Second, to reimburse the Developer, its successor or transferee, up to the amount equal to the amount actually invested by it in making any of the Minimum Improvements on the Development Property or part thereof. Any balance remaining after such reimbursements shall be retained by the EDA as its property. Section 8.5. No Remedy Exclusive. No remedy herein conferred upon or reserved to the parties is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the EDA or the Developer to exercise any remedy