CC PACKET 07121988 - Laserfiche WebLink

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• and such taxes or assessments shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to the HRA made for such payment, removal, or_ discharge, within 30 days after written demand by the HRA so to do; provided, that if Redeveloper shall first notify the HRA of its intention to do so, it may in good faith contest any mechanics ' or other lien filed or established and in such event the HRA shall permit such mechanics ' or other lien to remain undischarged and unsatisfied during the period of such contest and any appeal , but only if Redeveloper provides the HRA with a bank letter of credit or other security reasonably satisfactory to the HRA in the amount of the lien, in a form satisfactory to the HRA pursuant to which payment of the lien is secured in the event that the lien is finally determined to be valid and during the course of such contest Redeveloper shall keep the HRA informed respecting the status of such defense; or (d) there is , in violation of this Agreement, any transfer of any part of - the Redevelopment Property or any interest therein, or any change in the ownership of Redeveloper, or with respect to the identity of the parties in control : of Redeveloper or the degree thereof , and such violation shall not be cured within 60 days after written demand by the HRA to Redeveloper; or • (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) title to the Redevelopment Property subject to Mortgages approved pursuant to Section 7 . 3 of this Agreement . The conveyance of the Redevelopment Property to Redeveloper shall be made subject to reversionary provisions to the effect that in the event of any default on the part of Redeveloper and failure 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 -22-