RDA Reso 2000-006 - Laserfiche WebLink

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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 ii. 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; iii. Third, to repay any outstanding loans or other obligations owed by Developer to the City and/or the Agency; iv. 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 V. Fifth, any balance to the Agency. Any balance remaining after such reimbursements shall be retained by the Agency as its property. The rights established in this Section 7 are not intended to be exclusive of any other right, power or remedy, but each and every such right, power, and remedy shall be cumulative and concurrent and shall be in addition to any other right, power and remedy authorized herein or now or hereafter existing at law or in equity. These rights are to be interpreted in light of the fact that the Agency will have conveyed the Property to the Developer for redevelopment purposes, particularly for development and operation of a Conforming Office Facility and not for speculation in undeveloped land. 8. Violations Do Not Impair Liens. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by paragraph 4 of this Grant Deed; provided, however, that any subsequent owner of the Property shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner's title was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise. 9. Covenants Run With Land. All covenants contained in this Grant Deed shall be covenants running with the land. All of Developer's obligations hereunder except as provided hereunder shall terminate and shall remain in effect until July 5, 2028 (the termination of the Redevelopment Plan). Every covenant contained in this Grant Deed against discrimination contained in paragraph 5 of this Grant Deed shall remain in effect in perpetuity. 10. Covenants For Benefit of Agency. All covenants without regard to technical classification or designation shall be binding for the benefit of the Agency, and such covenants shall run in favor of the Agency for the entire period during which such covenants shall be in force and C-9 DOCS00701700v6\24258.0001 ��