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S <br /> Article Seven: SPECIFIC REQUIREMENTS REGARDING REMEDIES <br /> 7.01 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 <br /> of 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; <br /> (b) Second, to the Developer up to the sum of the amount paid to the Agency for the <br /> Property and the reasonable cost of the Improvements Developer has placed on the portion of the Property <br /> reverting to the Agency; and <br /> (c) Any balance to the Agency. <br /> The rights of the Agency pursuant to this Section 7.01 shall be set forth in the Grant Deed. <br /> 7.02 Construction Plans. <br /> If the Agreement is terminated pursuant to Section 6.04 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 /> 7.03 Rights of Mortgagees. <br /> Any rights of the Agency under this Article Seven 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 /> Disposition and Development Page 13 of 23 <br /> Agreement �q <br />