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6.01 Right of Reverter. <br />In the event that following close of escrow, this Agreement is terminated pursuant to Section 6.04 <br />of this Part and such termination occurs prior to Developer's satisfaction of the requirements for issuance of <br />the Certificate of Completion, then the Agency shall have the right to, at its election, reenter and take <br />possession of the portions of the Property the Agency has conveyed to Developer and all improvements <br />thereon and to revest in the Agency the estates of Developer therein. <br />Upon revesting in the Agency of title, the Agency shall promptly use its best efforts to resell the <br />Property consistent with its obligations under state law. Upon sale the proceeds shall be applied as <br />follows: <br />(a) First, to reimburse the Agency or the City of San Leandro for any costs it incurs in <br />managing or selling the Property including but not limited to amounts to discharge or prevent liens or <br />encumbrances arising from any acts or omissions of Developer, and fee advances; <br />(b) Second, to the Developer up to the sum of the amount paid to the Agency for the <br />Property and the actual construction cost of the Improvements Developer has placed on the portion of the <br />Property reverting to the Agency; and <br />(c) Any balance to the Agency. <br />The rights of the Agency pursuant to this Section 6.01 shall be set forth in the Grant Deed. <br />6.02 Construction Plans. <br />If the Agreement is terminated pursuant to Article Five of this Part, Developer shall deliver to the <br />Agency copies of any development or construction plans Developer has had prepared for the <br />Improvements on the Property. Developer does not warrant or guarantee the correctness or usability of <br />any plans delivered to the Agency. <br />6.03 Rights of Mortgagees. <br />Any rights of the Agency under this Article Six shall not defeat, limit or render invalid any lease, <br />mortgage, deed of trust or any other security interest permitted by this Agreement or any rights provided for <br />in this Agreement for the protection of holder of security interests in the Property. <br />PART TWO: GENERAL PROVISIONS <br />Article One: GENERAL REQUIREMENTS AFTER CONSTRUCTION <br />1.01 Applicability. <br />The Developer, for itself, its successors and assigns agrees that upon the Developer's satisfaction <br />of the conditions for issuance of the Certificate of Completion, the conditions set forth in this Article One <br />shall apply for ten (10) years, except the covenants against discrimination at Section 1.02 of this Part shall <br />Disposition and Development Page 11 <br />Agreement - 1040 Davis Street May 14, 2004 FINAL <br />