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<br />I <br /> <br />I <br />I I <br /> <br />I <br /> <br />pursuant to its responsibilities under applicable <br />law use its best efforts to resell the property or <br />part thereof (subject to such mortgage liens as here- <br />inabove set forth and provided) as soon and in such <br />manner as the Grantor shall find feasible and consis- <br />tent with the objectives of such law, and of the Urban <br />Renewal Plan, to a qualified and responsible party or <br />parties (as determined by the Grantor) who will assume <br />the obligation of making or completing the Improvements <br />or such other improvements in their stead as shall be <br />satisfactory to the Grantor and in accordance with the <br />uses specified for the above-described property or <br />any part thereof in the Urban Renewal Plan. Upon <br />such resale of the property the proceeds thereof shall <br />be applied: First: to reimburse the Grantor, on its <br />own behalf all costs and expenses incurred by the <br />Grantor including, but not limited to, salaries of <br />personnel in connection with the recapture, management <br />and resale of the property or part thereof (but less <br />any income derived by the Grantor from the property <br />or part thereof in connection with such management; <br />all taxes, assessments, and water and sewer charges <br />with respect to the property or part thereof; any <br />payments made or necessary to be made to discharge <br />any encumbrances or liens existing on the property <br />or part thereof at the time of revesting of title <br />thereto in the Grantor or to discharge or prevent from <br />attaching or being made any subsequent encumbrances or <br />liens due to obligations, defaults, or acts of the <br />Grantee, its successors, or transferees; any expendi- <br />tures made or obligations incurred with respect to <br />the making or completion of the Improvements or any <br />part thereof on the property or part thereof; and any <br />amounts otherwise owi~g the Grantor by the Grantee <br />and its successors or transferees; and <br /> <br />Second: to reimburse the Grantee, its successors <br />or-transferees up to an amount equal to the sum of <br />the purchase price paid by it for the property (or <br />allocable to the part thereof) and the cash actually <br />invested by it in making any of the Improvements on <br />the property or part thereof, less any gains or income <br />wi thdrawn or made by it from this conveyance or from <br />the property. <br /> <br />Any balance remaining after such reimbursements shall be retained <br />by the Grantor. <br /> <br />The Grantor shall be deemed a beneficiary of covenants num- <br />bered FIRST through FIFTH, and the United States shall be deemed <br />a beneficiary of the covenant numbered FIFTH, and such covenants <br />shall run in favor of the Grantor and the United States for the <br />entire period during which such covenants shall be in force and <br />effect, without regard to whether the Grantor and the United States <br />is or remains an owner of any land or interest therein to which <br />such covenants relate. As such a beneficiary, the Grantor, in <br />the event of any breach of any such covenant, and the United States <br />in the event of any breach of the covenant numbered FIFTH, shall <br />have the right to exercise all the rights and remedies, and to <br />maintain any actions at law or suits .in equity or other proper <br />proceedings to enforce the curing of such breach, to which bene- <br />ficiaries of such covenant may be entitled. <br /> <br />Promptly after the completion of the above-mentioned Improve- <br />ments in accordance with the provisions of the Second Amended <br />Cooperation Agreement and this Deed, the Grantor will furnish the <br />Grantee with an appropriate instrument so certifying in accordance <br />with the terms of the Second Amended Cooperation Agreement and <br />this Deed. Such certification shall be a conclusive determination <br /> <br />-5- <br />