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

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in Seller of title to and/or possession of the Property or any part thereof as provided in Section 15 of this Agreement, Seller shall apply the Purchase Price paid by Buyer under Section 4 of this Agreement as follows: (a) First, to reimburse Seller for all costs and expenses incurred by Seller, including but not limited to proportionate salaries of personnel, in connection with the recapture, management, and resale of the Property (but less any income derived by Seller from the Property in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Property; any payments made or necessary to be made to discharge any encumbrances or liens existing on the Property thereof at the time of revesting of title thereto in Seller or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of Buyer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Minimum Improvements or any part thereof on the Property or part thereof; and any amounts otherwise owing Seller by Buyer and its successor or transferee; and (b) Second, to reimburse Buyer for the balance of the Purchase Price remaining after the reimbursements specified in Paragraph (a) above. Such reimbursement shall be paid to Buyer upon delivery of an executed, recordable quit claim deed to the Property by Xxxxx to Seller.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in Seller the Authority of title to and/or possession of the Property parcel or any part thereof as provided in Section 15 9.3, the Authority shall, pursuant to its responsibilities under law, use its best efforts to sell the parcel or part thereof as soon and in such manner as the Authority shall find feasible and consistent with the objectives of this Agreementsuch law and of the Development Program to a qualified and responsible party or parties (as determined by the Authority) who will assume the obligation of making or completing the Minimum Improvements and the Public Improvements or such other improvements in their stead as shall be satisfactory to the Authority in accordance with the uses specified for such parcel or part thereof in the Development Program. During any time while the Authority has title to and/or possession of a parcel obtained by reverter, Seller the Authority will not disturb the rights of any owner of any tenant under any leases encumbering such parcel. Upon resale of the parcel, the proceeds thereof shall apply the Purchase Price paid by Buyer under Section 4 of this Agreement as followsbe applied: (a) First, to reimburse Seller the Authority and the City for all costs and expenses incurred by Sellerthem, including but not limited to proportionate salaries of personnel, in connection with the recapture, management, and resale of the Property parcel (but less any income derived by Seller the Authority and the City from the Property property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Propertyparcel or part thereof (or, in the event the parcel is exempt from taxation or assessment or such charge during the period of ownership thereof by the Authority, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the Authority assessing official) as would have been payable if the parcel were not so exempt); 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 Seller the Authority or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of Buyerthe Developer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Minimum Improvements subject improvements or any part thereof on the Property parcel or part thereof; and any amounts otherwise owing Seller the Authority and the City by Buyer the Developer and its successor or transferee; and (b) Second, to reimburse Buyer for the balance Developer, its successor or transferee, up to the amount equal to the amount actually invested by it in making any of the Purchase Price subject improvements on the parcel or part thereof. Any balance remaining after the such reimbursements specified in Paragraph (a) above. Such reimbursement shall be paid to Buyer upon delivery of an executed, recordable quit claim deed to retained by the Property by Xxxxx to SellerAuthority as its property.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the Seller of title to and/or possession of the Property or any part thereof as provided in Section 15 16 of this Agreement, the Seller shall apply the Purchase Price purchase price paid by the Buyer under Section 4 of this Agreement as follows: (a) First, to reimburse the Seller for all costs and expenses incurred by the Seller, including but not limited to proportionate salaries of personnel, in connection with the recapture, management, and resale of the Property or part thereof (but less any income derived by the Seller from the Property property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the PropertyProperty or part thereof (or, in the event the Property is exempt from taxation or assessment or such charge during the period of ownership thereof by the Seller, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the Seller assessing official) as would have been payable if the Property were not so exempt); 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 the Seller or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Buyer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Minimum Improvements or any part thereof on the Property or part thereof; and any amounts otherwise owing the Seller by the Buyer and its successor or transferee; and (b) Second, to reimburse the Buyer for the balance of the Purchase Price purchase price remaining after the reimbursements specified in Paragraph (a) above. Such reimbursement shall be paid to the Buyer upon delivery of an executed, recordable quit claim warranty deed to the Property by Xxxxx the Buyer to the Seller.

Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in Seller of title to and/or possession of the Property or any part thereof as provided in Section 15 of this Agreementparagraph 10, Seller shall apply the Purchase Price paid by Buyer under Section 4 paragraph 1 of this Agreement as follows: (a) a. First, to reimburse Seller for all costs and expenses incurred by Seller, including but not limited to proportionate salaries of personnel, in connection with the recapture, management, and resale of the Property or part thereof (but less any income derived by Seller from the Property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the PropertyProperty or part thereof (or, in the event the Property is exempt from taxation or assessment or such charge during the period of ownership thereof by Seller, an amount, if paid, equal to such taxes, assessments, or charges (as determined by Seller assessing official) as would have been payable if the Property were not so exempt); 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 Seller or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Buyer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Minimum Improvements or any part thereof on the Property or part thereof; and any amounts otherwise owing Seller by the Buyer and its successor or transferee; and (b) b. Second, to reimburse Buyer for the balance of the Purchase Price remaining after the reimbursements specified in Paragraph paragraph (a) above. Such reimbursement shall be paid to Buyer upon delivery of an executed, recordable quit claim warranty deed to the Property by Xxxxx Buyer to Seller.