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DRAFT 4.5.2022 Delays, fails to begin construction of the Minimum Improvements in conformity with this Agreement and such failure to begin construction is not cured within 30 days after written notice from the EDA to the Developer to do so, then the EDA shall have the right to re-enter and take possession of the Property and to terminate and revest in the EDA the interest of the Developer in the Property; provided, however, that any exercise by the EDA of its rights or remedies hereunder shall always be subject to and limited by, and shall not defeat, render invalid or limit in any 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. Notwithstanding anything to the contrary contained herein, upon the Authority's issuance of the building permit and commencement of construction by the Developer in connection with the Minimum Improvements, the rights granted to the Authority in this Section 25(b) shall immediately terminate and be released pursuant to and consistent with the release set forth in Exhibit C. C. Resale of Reacquired Development Property; Disposition of Proceeds. Upon any revesting in the EDA of title to and/or possession of the 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 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 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 Property, the proceeds thereof shall be applied: (i) First, to reimburse the EDA for all costs and expenses directly incurred in connection with the recapture, management, and resale of the 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 Property or part thereof (or, in the event the 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 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 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 14 DOCSOPEN\MU205\53\788760.v5-4/5/22