Res 1975-028 - Laserfiche WebLink

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f'"" "~I 17' 1".1' I,... ;:::;::. 'I 42- In case of the breach or violation of anyone of the covenants numbered SECOND, THIRD and FOURTH at any time prior to the time the Grantor certifies that all building construction and other physical improvements have been completed, and in case such breach or such violation shall not be cured, ended or remedied within 60 days after written demand by the Grantor so to do with respect to covenant numbered FOURTH and three (3) months after written demand by the Grantor so to do with respect to covenants numbered SECOND and THIRD (Provided, .That a breaoh or violation with respect to the portion of covenant numbered THIRD, dealing with completion of the Improvements may be cured, ended or remedied within six (6) months after written demand by the Grantor so to do) or any further extension thereof that may be granted by the Grantor in its sole discretion, then all estate, conveyed under this Deed, shall cease and determine, and title in fee simple to the same shali revert to and become revested in the Grantor, or its successors or assigns, and such title shall be revested fully and completely in it, and the said Grantor, its successors or assigns, shall be entitled to and may of right enter upon and take possesion of the said property: ~rovided, That any such revesting of title to the Grantor: (1) Shall always be subject to and limited by, and shall not defeat, render invalid, or limit in any way (i) the lien of any mortgage or Deed of Trust permitted by this Deed, and (ii) any rights or interests provided in the Second Amended Cooperation Agreement and as pro~ided herein for the protection of the trustees of any such Deed of Trust or the holders of any such mortgage, and (2) In the event that title to the said property or part thereof shall revest in the Grantor in accordance with the provisions of this Deed, the Grantor shall, pursuant to its responsibilities under applicable law use its best efforts to resell the property or part thereof (subject to such mortgage liens as here- inabove set forth and provided) as soon and in such manner as the Grantor shall find feasible and consis- tent with the objectives of such law, and of the Urban Renewal plan, to a qualified and responsible party or parties (as determined by the Grantor) who will assume the Obligation of making or completing the Improvements or such other improvements in their stead as shall be satisfactory to the Grantor and in accordance with the uses specified for the above-described property or any part thereof in the Urban Renewal Plan. Upon such resale of the property the proceeds thereof shall be applied: First: to reimburse the Grantor, on its own behalf all costs and expenses incurred by the Grantor including, but not limited to, salaries of personnel in connection with the recapture, management and. resale of the property or part thereof (but less any income derived by the Grantor 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; any payments made or necessary to be made to discharge any el'lcumbrances or liens existing on the property or part thereof at the time of revesting of title ,thereto in the Grantor or to discharge or prevent from attaching or being made any subsequent encumbrances or 4.