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Agreement shall commence and be prosecuted diligently to completion at the time <br />specified in, and subject to the terms of, the Disposition and Development Agreement. <br />3.1. Grantee shall maintain the Improvements and any other improvements <br />on the Property in good condition and order, shall keep the Property free from <br />accumulation of debris and waste materials and shall permit no action or inaction on the <br />Property such that the Property detracts from the surrounding neighborhood in any <br />substantial manner. <br />3.2. All obligations imposed upon Grantee herein shall bind any and all <br />successors of Grantee; provided, however, that upon sale or conveyance of the Project, <br />the party selling or conveying shall be relieved of any such obligation to the extent that <br />such obligation arises after the date of sale or conveyance. <br />4. Grantee covenants and agrees that prior to recordation of the last Certificate <br />of Completion for the Property: <br />4.1. The Grantor shall have the additional right, at its option, to re-enter and take <br />possession of the Property and all improvements on the Property and to terminate and <br />revest the Property in the Grantor if the Grantee or its successors in interest shall, in <br />accordance with and subject to the terms of the Disposition and Development Agreement: <br />4.1.1. Fail to commence or complete the construction of the Project and/or <br />Improvements when required by the Disposition and Development Agreement and after <br />sixty days written notice from the Grantor of Grantee's failure to timely commence or <br />complete construction, provided that the Grantee shall not have obtained an extension or <br />postponement to which Grantee may be entitled or that Grantee or Grantee's lender for <br />the project have commenced and are diligently proceeding to cure such default; or <br />4.1.2. Abandon or substantially suspend construction of the Project and/or <br />Improvements for more than sixty days after written notice from the Grantor to continue <br />such construction, provided that Grantor shall not have obtained an extension or <br />postponement to which Grantee may be entitled or that Grantee or Grantee's lender for <br />the project have commenced and are diligently proceeding to cure such default; or <br />4.1.3. Transfer, or suffer any involuntary transfer, of all or any part of, or interest <br />in, the Property, in violation of the Disposition and Development Agreement or this Grant <br />Deed. <br />4.2. The right to re-enter, repossess, terminate and revest shall be subject to and be <br />limited by and shall not defeat, render invalid, or limit: <br />4.2.1. Any mortgage or deed of trust permitted by the Disposition and Development <br />Agreement or this Deed and duly approved by the Grantor; or <br />4.2.2. Any rights or interests provided for the protection of the holders of such <br />mortgages or deed of trust. <br />Exhibit "C" <br />Forin Of City Deed <br />55394.00049\33239203.12 <br />