RDA Reso 2000-006 - Laserfiche WebLink

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law or in equity. ARTICLE SEVEN: SPECIFIC REQUIREMENTS REGARDING REMEDIES 7.01 Right of Reverter. Prior to issuance of the Certificate of Completion for the Phase 1 Improvements, in the event the Developer violates one or more portions of Section 6.04 of this Agreement, then the Agency shall have the right, at its election, to reenter and take possession of the Property and all improvements thereon and to revest in the Agency the estates of Developer therein. Upon the revesting in the Agency of title to the Property as provided in this Section 7.01, the Agency shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Property as soon and in such manner as the Agency shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the Agency) who will assume the obligation of making or completing the Phase 1 Improvements, or such improvements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for such Property or part thereof in the Redevelopment Plan. The Developer acknowledges that there may be substantial delays experienced by the Agency if the Agency must remarket the Property for operation of a Conforming Office Facility following the revesting of the Property in the Agency. Upon such resale of the Property, the net proceeds thereof after repayment of any mortgage or deed of trust encumbering the Property which is permitted by this Agreement, shall be applied: (a) First, to reimburse the Agency, on its own behalf or on behalf of the City, all costs and expenses incurred by the Agency, excluding City and Agency staff costs, but specifically, including, but not limited to, any expenditures by the Agency or the City in connection with the recapture, management and resale of the Property or part thereof (but less any income derived by the Agency from the Property or part thereof in connection with such management); all taxes, assessments and water or sewer charges with respect to the Property or part thereof which the Developer has not paid; any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or part thereof at the time or revesting of title thereto in the Agency, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Developer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the improvements or any part thereof on the Property, or part thereof, and any amounts otherwise owing the Agency, and in the event additional proceeds are thereafter available, then (b) Second, to reimburse the Agency and/or City for costs incurred in maintaining, managing, and locating and retaining a maintenance company (or governmental agency, such as the City, including a reasonable allocation of its salaries and overhead) to maintain the Adjacent City Property; (c) Third, to repay any outstanding loans or other obligations owed by Developer to the City and/or the Agency; (d) Fourth, to the Developer up to the sum of the amount paid to the Agency for the Property and the reasonable cost of the improvements Developer has placed on the portion of the Property reverting to the Agency; and 23 DOCSOC\701700v6\2425 8.0001