RDA Agmt 2001 Batarse Family Trust UTA

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(i) Developer fails to tender any amount it is required to pay pursuant to Section 3.03 of this Part or any other provision of this Agreement; or (j) Developer breaches any other material provision of this Agreement. Upon the happening of any. of the above-described events, the Agency shall first notify the Developer in writing of its purported breach or failure, giving the Developer thirty (30) days from receipt of such notice to cure such breach or failure, or if the nature of the breach or failure is such that it cannot reasonably be cured in thirty (30) days, then giving the Developer such longer period as reasonably may be required for such cure provided that Developer commences action to cure the breach or default within said thirty (30) day period and thereafter diligently pursues the cure to completion. In the event Developer does not then so cure or commence to cure within said thirty (30) days, the Agency thereafter shall be afforded the right to terminate this Agreement and any other rights afforded it by law or in equity. In the event of termination of this Agreement under this Section 6.04, the Developer shall be liable to Agency for, and be required to pay to Agency, all costs incurred by the Agency pursuant to this Agreement, including but not limited to attorneys' fees, costs incurred by the Agency in connection with the Condemnation Litigation, including attorney's fees, and any costs incurred by the Agency in connection with abandonment of the Condemnation Litigation, including attorney's fees. Developer shall be liable for any funds deposited for the purchase of Property B. Article Seven: SPECIFIC REQUIREMENTS REGARDING REMEDIES 7.01 Power of Termination. In the event that after the close of escrow, this Agreement is terminated pursuant to Section 6.04 of this Part and such termination occurs prior to the issuance of the Certificate of Completion, Agency shall have the right, at its option, to exercise its power of termination and all rights under, and in accordance with, California Civil Code Section 885.010, et seq., and to reenter and retake possession of the Properties and all of the improvements thereon, and terminate the estates theretofore conveyed to Developer and revest in Agency the estates theretofore conveyed to Developer. Agency's power of termination shall be exercised by notice or by civil action and the exercise shall be of record. The notice shall be given, and any civil action shall be commenced, within sixty (60) days after breach of the restrictions to which the estate to be conveyed to Developer is subject, or such longer period as may be agreed to by the Parties by a waiver or extension recorded before expiration of that period. Upon revesting in the Agency of title to the Properties and improvements, the Agency shall promptly use its best efforts to resell the Properties and improvements consistent with its obligations under state law. Upon sale the proceeds shall be applied as follows: (a) First, to reimburse the Agency or the City for any costs it incurs in managing or selling the Properties and improvements including but not limited to amounts to discharge or prevent liens or encumbrances arising from any acts or omissions of Developer; Disposition and Development Agreement (Automall) Page 19 of 29