Res 1975-028 - Laserfiche WebLink

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r'. l n (i.I' If p :1 42-, liens due to obligations, defaults, or acts of the Grantee, its successors, or transferees; any expendi- tures made 'or obligations incurred with respect to the making or completion of the Improvements or any part thereof on the property or part thereof; and any amounts otherwise owing the Grantor by the Grantee and its successors or transferees; and Second: to reimburse the Grantee, its successors or-transferees up to an amount equal to the sum of the purchase price paid by it for the property (or allocable to the part thereof) and the cash actually invested by it in making any of the Improvements on the property or part thereof, less any gains or income wi~hdrawn or made by it from this conveyance or from the property. Any balance remaining after such reimbursements shall be retained by the Grantor. The Grantor shall be deemed a beneficiary of covenants num- bered FIRST through FIFTH, and the United States shall be deemed a beneficiary of the covenant numbered FIFTH, and such covenants shall run in favor of the Grantor and the United states for the entire period during which such covenants shall be in force and effect, without regard to whether the Grantor and the united states is or remains an owner of any land or interest therein to which such covenants relate. As such a beneficiary, the Grantor, in the event of any breach of any covenant, and the United States in the event of any breach of the covenant numbered FIFTH, shall have the right to exercise all the rights and remedies,.and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach, to which bene- ficiaries of such covenant may be entitled. Promptly after the completion of the above"mentioned Improve- ~~nts in accordance with the provisions of the Fourth Amended Cooperation Agreement and this Deed, the Grantor will furnish the Grantee with an appropriate instrument so certifying in accordance with the terms of the Fourth Amended Cooperation Agreement and this Deed. Such certification shall be a conclusive determination of satisfaction and termination of the agreements and covenants in the Fourth Amended Cooperation Agreement and in this Deed obli- gating the Grantee and its successors and assigns, with respect to the construction of the Improvements and the dates for beginning the completion thereof: Provided, That if there is upon the property a mortga.ge insured, or held or owned, by the Federal Housing Administration and the Federal Housing Administration shall have determined that all buildings constituting a part of the Improvements and covered by such mortgage are, in fact, substan- tially completed in accordance with the Fourth Amended Cooperation Agreement and as provided herein, and are ready for occupancy, then, in such event, the Grantor and the Grantee shall accept the deter" mination of the Federal Housing Administration as to such completion of the construction of the Improvements 'in accordance with the Fourth Amended Cooperation Agreement and as provided herein, and, if the other agreements and covenants in the Agreement obligating the Grantee in respect of thecoostruction and completion of the Improvements have been fully satisfied the Grantor shall forthwith issue its certification and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of .the Grantee to any holder of a mortgage, or any insurer of a mortgage, securing money loaned to finance the Improvements, or any part thereof. 5.