77-038 - Laserfiche WebLink

Home Browse Search

the Redeveloper (or successor in interest} breaches its covenant to only use that por- tion of the Property coml~rising the Phase I Parcel for low and moderate income housing as defined in the. Housing Assistance Payments Agreement for the period provided for in Paragraph (n), Section 8 of Part I hereof and such breach shall not be cured within sixty (60) days after written demand by the Agency to the Redeveloper, then the Agency shall have the right to re-ent~r and take posses- sion of the Property and to terminate (and revest in the Agency} the estate c.onveyed by the Deed to the Redeveloper, it being the' intent of this provision, together with other provisions of the Agreement, that the conveyance of the Property to the Redeveloper shall be made upon, and that the Deed shall contain, a condition subsequent to the effect that in the event of any default, failure, violation, or other action or inaction by the Redeveloper specif- ied in subdivisions (a), (b), (c) and (d) of this'Section 704, failure on the part of the Redeveloper to remedy, end, or abrogate such default, failure, violation, or other.action'or inaction, within the period and in the manner stated in such ~ubdlvlsio s,. the Agency at its option may declare a termination in favor Of the Agency of the title, and of all the rights and interests in and to the Property conveyed by the Deed to the Redeveloper, and that such title and all rights and interest of the Redeveloper, and any as- signs or successors in interest to and in the Property, shall re- vert to the Agency: Provided, that such condition subsequent and any revesting of titl~ ~s a result thereof in'the Agency (1} shall always be subject to and limited by, and shall not defeat, render in- valid, Or limit in any way,' (i) the lien of any mortgage authorized by the Agreement', and (ii) any rights or in- terests'provided in the Agreement for ~ the protection of the holders.of such .. mortgages; and (2) .with respect to subdivisions (a) i (b) and (c) shall not apply to ind. ividual parts or parcels of the Property (or, in. the case of parts or parcels leased, the leasehold interest) on which the improvements to be constructed thereon have been completed in accordance with the Agreement and for which a certifi- cate of completion is issued therefor as provided in Section 307 hereof. In addition to,..and without in any. way limiting the Agency's right to reentry as provided for in the preceding sentence, the Agency shall have the right to retai'n the Initial Advance, as pro- vided in Paragraph (a), Section 7 of Part I hereof, without any deduction, offset or recourpment whatsoever, in the event of a default, violation or failure of the Redeveloper as specified in the preceding sentence. -33~