CC PACKET 10131987 - Laserfiche WebLink

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(e). Redeveloper fails to comply. -with any . of its covenants under .this Agreement or- is- in breach of: the requirements of .:a Deed :and- .fails to cure any such noncompliance or - breach within 30 days - after written demand to do so; or (f) Redeveloper is in default under any -Mortgage authorized. by this- Agreement and fails to cure -any- such default within 30 days after written demand by the HRA to do so, , then the HRA shall have. the right to re-enter and take possession.of the Redevelopment Property and to terminate (and revest in,.the HRA). .ti.tle. .to the Redevelopment Property subject to Mortgages approved pursuant to Section T. 3 of this- -. Agreement ..- The conveyance of the Redevelopment Property .to Redeveloper .shal,l be made subject to reversionary provisions to the effect that in the event of any .default on the part of Redeveloper and failu.re. of Redeveloper to remedy the default within the period stated, the HRA at its option may declare a reversion in favor of the HRA of the title to the Redevelopment Property, and of all the rights and interests in and to the Redevelopment Property. Section 9 . 4 . Resale of Reacquired Property, Disposition of Proceeds . Upon the revesting in the HRA of title to the Redevelopment Property, the HRA shall use its best efforts to resell the Redevelopment Property as soon and in • such manner as the HRA shall find feasible and consistent with the objectives of applicable law -and the Redevelopment Plan to a qualified and responsible party or parties (as determined by the HRA in its sole discretion) who will assume the obligation of making or comp.leting the Minimum Improvements or such other improvements in their stead as shall be satisfactory to the HRA. Upon -such resale, the proceeds shall be applied to (i) reimburse the HRA on its own behalf or on behalf of the City, for all costs .and expenses incurred by the HRA or the City, including but not limited to salaries of personnel , in connection with .the recapture, management, and resale of the Redevelopment Property or part thereof ; ( ii) all taxes , assessments , and water and sewer charges with respect to the Redevelopment Property or part thereof (and -if the Redevelopment Property is exempt from taxation or assessment or utility charges during the. period of ownership by the HRA, an amount equal to such taxes , assessments, or charges (as determined by the City assessing official) as would have been payable if . the Redevelopment Property were not so exempt) ; (iii) any payments made or necessary to be made. to discharge any .enc.umbrances or .liens existing on the• Redevelopment Property .a.t .the. time of . revesting of title in the HRA or to discharge -or prevent from attaching or being made any subsequent encumbrances or liens due- to obligations , defaults • -22-