Laserfiche WebLink
-3- <br />2) Agreement by the H.R.A. not to take any action <br />• against Home Savings Association of Kansas City <br />or the project in the event of a default under <br />the contract until Home Savings Association of <br />Kansas City or another redeveloper takes title and <br />commences construction on the project. <br />The H.R.A. also agrees that it cannot delay a <br />foreclosure by Home Savings Association of Kansas <br />City. <br />3) The Agency's reversionary rights to recover <br />Phase I are subordinate to mortgage as presently <br />provided in the redevelopment contract. <br />4) If Home Savings of Kansas City acquires possession <br />or title to Phase I, the H.R.A. will have no <br />right of reverter, but if Home Savings Associa- <br />tion of Kansas City or another redeveloper takes <br />over Phase I, they will be subject to the <br />redevelopment project (restates present provisions <br />of redevelopment contract). <br />5).'. H.R.A. agrees it.will take no action against <br />META or Home Savings Association of Kansas City <br />for default by Arkand unless they have taken <br />over construction of the project as the re- . <br />• developer. <br />Recommendation: The Executive Director and H.R.A. Attorney recommend <br />approval of Resolution H.R.A. 1985-006 relating to the <br />agreement and consent between H.R.A. Home Savings <br />Association of Kansas City, and Arkand. <br />D. Other Business. <br />E. Adjournment. <br />• <br />