Reso 2005-108 - Laserfiche WebLink

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In the event that following close of escrow, this Agreement is terminated pursuant to Section 5.04 of this Part and such termination occurs prior to Developer's satisfaction of the requirements for issuance of the Certificate of Completion, then the Agency sha11 have the right to, at its election, reenter and take possession of the portions of the Property the Agency has conveyed to Developer and all improvements thereon and to revest in the Agency the estates of Developer therein. Upon reverting in the Agency of title, the Agency shall promptly use its best efforts to resell the Property consistent with its obligations under state law. Upon sale the proceeds shall be applied as follows: (a) First, to reimburse the Agency and/or the City of San Leandro for any costs it incurs in managing or selling the Property including but not limited to amounts to discharge or prevent liens or encumbrances arising from any acts or omissions of Developer, and fee advances; (b) Second, to the Developer up to the sum of the amount paid to the Agency for the Property and the actual construction cost of the Improvements Developer has placed on the portion of the Property reverting to the Agency; and (c) Any balance to the Agency. The rights of the Agency pursuant to this Section 6.01 shall be set forth in the Grant Deed, 6,02 Construction Plans. If the Agreement is terminated pursuant to Article Five of this Part, Developer shall deliver to the Agency copies of any development or construction plans Developer has had prepared for the Improvements on the Property. Developer does not warrant or guarantee the correctness or usability of any plans delivered to the Agency. 6.03 Rights of Mortgagees. Any rights of the Agency under this Article Six shall not defeat, limit or render invalid any lease, mortgage, deed of trust or any other security interest permitted by this Agreement or any rights provided for in this Agreement for the protection of holder of security interests in the Property. PART TWO: GENERAL PROVISIONS Article One: GENERAL REQUIREMENTS AFTER CONSTRUCTION 1.01 Applicability. The Developer, for itself, its successors and assigns agrees that upon the Developer's satisfaction of the conditions for issuance of the Certificate of Completion. and Agency's issuance of the Certificate of Completion, the conditions set forth in this Article One shall terminate, except the covenants against discrimination at Section 1.02 of this Part shall be perpetual, and except the provisions of the Redevelopment Plan, shall be in effect for the duration of the Redevelopment Plan.