Common use of Resale of Reacquired Property; Disposition of Proceeds Clause in Contracts

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in HEDRA of title to and/or possession of the Property or any part thereof as provided above, HEDRA shall, pursuant to its responsibilities under law, use its best efforts to sell the Property or part thereof as soon and in such manner as HEDRA shall find feasible to a qualified and responsible party, who will assume the obligation of making or completing Minimum Improvements or such other improvements in their stead as shall be satisfactory to HEDRA in accordance with the uses specified for such parcel or part thereof. During any time while HEDRA has title to and/or possession of a parcel obtained by reverter, HEDRA will not disturb the rights of any tenants under any leases encumbering such parcel. Upon resale of the Property or any part thereof, the proceeds thereof shall be applied: A. First, to reimburse HEDRA for all reasonable costs and expenses incurred by HEDRA, including but not limited to brokerage fees, all taxes, assessments and water and sewer charges accrued with respect to the Property or part thereof prior to revesting of title; any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in HEDRA or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of Developer, or Successor Developer; any expenditures made or obligations incurred by HEDRA with respect to the making or completion of the Minimum Improvements; and any amounts otherwise owing HEDRA by Developer or its Successor Developer; and B. Second, to reimburse Developer or Successor Developer, up to the amount equal to (i) the Purchase Price paid by Developer; plus (ii) the amount actually invested by it in making any of the subject improvements on the Property or part thereof, less (iii) any gains or income withdrawn or made by it from the Agreement or the Property. C. Any balance remaining after such reimbursements shall be retained by HEDRA as its property. Nothing in this Section 13 shall in any way affect or diminish Developer’s right to terminate this Agreement in accordance with Section 6.1.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in HEDRA the EDA of title to and/or possession of the Property parcel or any part thereof as provided above, HEDRA the EDA shall, pursuant to its responsibilities under law, use its best efforts to sell the Property parcel or part thereof as soon and in such manner as HEDRA the EDA shall find feasible to a qualified and responsible party, who will assume the obligation of making or completing Minimum Developer’s Improvements or such other improvements in their stead as shall be satisfactory to HEDRA the EDA in accordance with the uses specified for such parcel or part thereof. During any time while HEDRA the EDA has title to and/or possession of a parcel obtained by reverter, HEDRA the EDA will not disturb the rights of any tenants under any leases encumbering such parcel. Upon resale of the Property or any part thereofparcel, the proceeds thereof shall be applied: A. (a) First, to reimburse HEDRA the EDA for all reasonable costs and expenses incurred by HEDRAthem, including but not limited to brokerage fees, all taxes, assessments and water and sewer charges accrued with respect to the Property parcel or part thereof prior to revesting of title; any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property parcel or part thereof at the time of revesting of title thereto in HEDRA the EDA or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Developer, or Successor Developer; any expenditures made or obligations incurred by HEDRA EDA with respect to the making or completion of the Minimum Improvements; and any amounts otherwise owing HEDRA the EDA by the Developer or its Successor Developer; and B. (b) Second, to reimburse the Developer or Successor Developer, up to the amount equal to (i) the Purchase Price paid by Developer; plus (ii) the amount actually invested by it in making any of the subject improvements on the Property parcel or part thereof, less (iii) any gains or income withdrawn or made by it from the Agreement or the Propertyparcel. C. (c) Any balance remaining after such reimbursements shall be retained by HEDRA the EDA as its property. Nothing in this Section 13 Article IX shall in any way affect or diminish Developer’s right to terminate this Agreement in accordance with Section 6.19.2.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in HEDRA of title to and/or possession of the Property or any part thereof as provided above, HEDRA shall, pursuant to its responsibilities under law, use its best efforts to sell the Property or part thereof as soon and in such manner as HEDRA shall find feasible to a qualified and responsible party, who will assume the obligation of making or completing Minimum Improvements or such other improvements in their stead as shall be satisfactory to HEDRA in accordance with the uses specified for such parcel or part thereof. During any time while HEDRA has title to and/or possession of a parcel obtained by reverter, HEDRA XXXXX will not disturb the rights of any tenants under any leases encumbering such parcel. Upon resale of the Property or any part thereof, the proceeds thereof shall be applied: A. First, to reimburse HEDRA for all reasonable costs and expenses incurred by HEDRAXXXXX, including but not limited to brokerage fees, all taxes, assessments and water and sewer charges accrued with respect to the Property or part thereof prior to revesting of title; any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in HEDRA or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of DeveloperBuyer, or Successor DeveloperBuyer; any expenditures made or obligations incurred by HEDRA with respect to the making or completion of the Minimum Improvements; and any amounts otherwise owing HEDRA by Developer Buyer or its Successor DeveloperBuyer; and B. Second, to reimburse Developer Buyer or Successor DeveloperBuyer, up to the amount equal to (i) the Purchase Price paid by DeveloperBuyer; plus (ii) the amount actually invested by it in making any of the subject improvements on the Property or part thereof, less (iii) any gains or income withdrawn or made by it from the Agreement or the Property. C. Any balance remaining after such reimbursements shall be retained by HEDRA as its property. Nothing in this Section 13 14 shall in any way affect or diminish DeveloperBuyer’s right to terminate this Agreement in accordance with Section 6.15.1.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in HEDRA the Authority of title to and/or possession of the Development Property or any part thereof as provided abovein Section 9.3, HEDRA the Authority shall, pursuant to its responsibilities under law, use its best efforts to sell the Development Property or part thereof as soon and in such manner as HEDRA the Authority shall find feasible and consistent with the objectives of such law and of the Development Plan to a qualified and responsible party, party or parties (as determined by the Authority) who will assume the obligation of making or completing the Minimum Improvements or such other improvements in their stead as shall be satisfactory to HEDRA the Authority in accordance with the uses specified for such parcel the Development Property or part thereof. During any time while HEDRA has title to and/or possession of a parcel obtained by reverter, HEDRA will not disturb thereof in the rights of any tenants under any leases encumbering such parcelDevelopment Plan. Upon resale of the Development Property or any part thereof, the proceeds thereof shall be applied: A. (a) First, to reimburse HEDRA the Authority for all reasonable costs and expenses incurred by HEDRAit, including but not limited to brokerage salaries of personnel and attorneys’ fees, in connection with the recapture, management, and resale of the Development Property (but less any income derived by the Authority from the Development Property or part thereof in connection with such management); all taxes, assessments assessments, and water and sewer charges accrued with respect to the Development Property or part thereof prior (or, in the event the Development Property is exempt from taxation or assessment or such charge during the period of ownership thereof by the Authority, an amount, if paid, equal to revesting of titlesuch taxes, assessments, or charges (as determined by the Authority assessing official) as would have been payable if the Development Property were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Development Property or part thereof at the time of revesting of title thereto in HEDRA the Authority or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of Developer, its successors or Successor Developertransferees; any expenditures made or obligations incurred by HEDRA with respect to the making or completion of the Minimum Improvementssubject improvements or any part thereof on the Development Property or part thereof; and any amounts otherwise owing HEDRA the Authority by Developer and its successor or its Successor Developertransferee, including without limitation costs incurred in preparation of the plat and survey of the Development Property; and B. (b) Second, to reimburse Developer Developer, its successor or Successor Developertransferee, up to the amount equal to (i1) the Purchase Price paid by DeveloperDeveloper revested; plus (ii2) the amount actually invested by it Xxxxxxxxx, its successor or transferee in making any of the subject improvements on the Development Property or part thereof, less (iii) any gains or income withdrawn or made by it from the Agreement or the Property. C. . Any balance remaining after such reimbursements shall be retained by HEDRA the Authority as its property. Nothing in this Section 13 shall in any way affect or diminish Developer’s right to terminate this Agreement in accordance with Section 6.1.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in HEDRA City of title to and/or possession of the Property or any part thereof as provided abovein Section 3.3 of this Agreement, HEDRA City shall, pursuant to its responsibilities responsibility under law, use its best efforts efforts, subject to sell any rights or interests in such property or resale granted to any holder of a First Mortgage, to resell the Property or part thereof as soon and in such manner as HEDRA City shall find feasible and consistent with the objectives of such law and of the Urban Renewal Plan to a qualified and responsible party, party or parties (as determined by City in its sole discretion) who will assume the obligation of making or completing Minimum Improvements or such other improvements in their stead as shall be satisfactory to HEDRA City and in accordance with the uses specified for such parcel the Property or part thereofthereof in the Urban Renewal Plan. During Subject to any time while HEDRA has title rights or interests in such property or proceeds granted to and/or possession any holder of a parcel obtained by reverter, HEDRA will not disturb the rights of any tenants under any leases encumbering First Mortgage upon such parcel. Upon resale of the Property or any part thereof, the proceeds thereof shall be applied: A. (1) First, to pay and discharge the First Mortgage; (2) Second, to pay the principal and interest on mortgage(s) created on the Development the Property, or any portion thereof, or any improvements thereon, previously acquiesced in by City pursuant to this Agreement. If more than one mortgage on the Property, or any portion thereof, or any improvements thereon, has been previously acquiesced in by City pursuant to this Agreement and insufficient proceeds of the resale exist to pay the principal of, and interest on, each such mortgage in full, then such proceeds of the resale as are available shall be used to pay the principal of and interest on each such mortgage in their order of priority, or by mutual agreement of all contending parties, including Developer, or by operation of law; (3) Third, to reimburse HEDRA City for all reasonable allocable costs and expenses incurred by HEDRACity, including but not limited to brokerage feessalaries of personnel, all taxesin connection with the recapture, assessments management and water and sewer charges accrued with respect to resale of the Property or part thereof prior to revesting of title(but less any income derived by City from the Property or part thereof in connection with such management); any payments made or necessary to be made to discharge any encumbrances or liens (except for mortgage(s) previously acquiesced in by the City) existing on the Property or part thereof at the time of revesting of title thereto in HEDRA City or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults default or acts of Developer, its successors or Successor Developer; transferees (except with respect to such mortgage(s)), any expenditures made or obligations incurred by HEDRA with respect to the making or completion of the Minimum Improvements; Improvements or any part thereof on the Property or part thereof, and any amounts otherwise owing HEDRA to City (including water and sewer charges) by Developer and its successors or its Successor Developertransferees; and B. Second(4) Fourth, to reimburse Developer or Successor Developer, up to the amount equal to (i1) the sum of the Purchase Price paid by Developer; plus to City for the Property and (ii2) the amount cash actually invested by it such party in making any of the subject improvements Minimum Improvements on the Property or part thereof, less (iii) any gains or income withdrawn or made by it from the Agreement or the Property. C. Any balance remaining after such reimbursements shall be retained by HEDRA as its property. Nothing in this Section 13 shall in any way affect or diminish Developer’s right to terminate this Agreement in accordance with Section 6.1.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in HEDRA of title to and/or possession of the Property or any part thereof as provided above, HEDRA shall, pursuant to its responsibilities under law, use its best efforts to sell the Property or part thereof as soon and in such manner as HEDRA shall find feasible to a qualified and responsible party, who will assume the obligation of making or completing Minimum Improvements or such other improvements in their stead as shall be satisfactory to HEDRA in accordance with the uses specified for such parcel or part thereof. During any time while HEDRA has title to and/or possession of a parcel obtained by reverter, HEDRA will not disturb the rights of any tenants under any leases encumbering such parcel. Upon resale of the Property or any part thereof, the proceeds thereof shall be applied: A. First, to reimburse HEDRA for all reasonable costs and expenses incurred by HEDRA, including but not limited to brokerage fees, all taxes, assessments and water and sewer charges accrued with respect to the Property or part thereof prior to revesting of title; any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property or part thereof at the time of revesting of title thereto in HEDRA or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of Developer, or Successor Developer; any expenditures made or obligations incurred by HEDRA with respect to the making or completion of the Minimum Improvements; and any amounts otherwise owing HEDRA by Developer or its Successor Developer; and B. Second, to reimburse Developer or Successor Developer, up to the amount equal to (i) the Purchase Price paid by Developer; plus (ii) the amount actually invested by it in making any of the subject improvements on the Property or part thereof, less (iii) any gains or income withdrawn or made by it from the Agreement or the Property. C. Any balance remaining after such reimbursements shall be retained by HEDRA as its property. Nothing in this Section 13 12 shall in any way affect or diminish Developer’s right to terminate this Agreement in accordance with Section 6.15.1.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in HEDRA the Authority of title to and/or possession of the Development Property or any part thereof as provided abovein Section 9.3, HEDRA the Authority shall, pursuant to its responsibilities under law, use its best efforts to sell the Development Property or part thereof upon commercially reasonable terms and conditions, subject to any existing Mortgage, as soon and in such manner as HEDRA the Authority shall find feasible and consistent with the objectives of such law and of the Development Plan to a qualified and responsible party, party or parties (as reasonably determined by the Authority) who will assume, or if required by the Holder pay in full, any existing Mortgage and assume the obligation of making or completing the Minimum Improvements or such other improvements in their stead as shall be satisfactory to HEDRA the Authority and in accordance with the uses specified for such parcel Development Property or part thereof. During any time while HEDRA has title to and/or possession of a parcel obtained by reverter, HEDRA will not disturb thereof in the rights of any tenants under any leases encumbering such parcelRedevelopment Plan. Upon such resale of the Property or any part thereofDevelopment Property, the proceeds thereof shall be applied: A. First(a) First to satisfy the Mortgage of record, if required, by the Holder; (b) Second, for the Termination Payment then in effect (thereby causing the Termination Date to occur); (c) Third, to reimburse HEDRA the Authority for all reasonable costs and expenses incurred by HEDRAthe Authority, including but not limited to brokerage feessalaries of personnel, in connection with the recapture, management, and resale of the Development Property or part thereof (but less any income derived by the Authority from the property or part thereof in connection with such management); all taxes, assessments assessment,s and water and sewer charges accrued with respect to the Development Property or part thereof prior (or, in the event the Development Property is exempt from taxation or assessment or such charge during the period of ownership thereof by the Authority, an amount, if paid, equal to revesting of titlesuch taxes, assessments, or charges (as determined by the Authority assessing official) as would have been payable if the Development Property were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Development Property or part thereof at the time of revesting of title thereto in HEDRA the Authority 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 Successor Developertransferees; any expenditures made or obligations incurred by HEDRA with respect to the making or completion of the Minimum ImprovementsImprovements or any part thereof on the Development Property or part thereof; and any amounts otherwise owing HEDRA owning the Authority by the Developer and its successor or its Successor Developertransferee; and B. Second, to reimburse Developer or Successor Developer, up (d) Any balance to the amount equal to (i) the Purchase Price paid by Developer; plus (ii) the amount actually invested by it in making any of the subject improvements on the Property or part thereof, less (iii) any gains or income withdrawn or made by it from the Agreement or the Property. C. Any balance remaining after such reimbursements shall be retained by HEDRA as its property. Nothing in this Section 13 shall in any way affect or diminish Developer’s right to terminate this Agreement in accordance with Section 6.1.