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<br />. <br /> <br />(i) SEC. 704. This Section is hereby deleted in its <br />entirety and a new Section 704 is inserted as follows: <br /> <br />SEC. 704. Revesting Title in Agency Upon Happening <br />of Event Subsequent to Conveyance to Redeveloper. In the <br />event that subsequent to conveyance of the Property or any <br />part thereof to the Redeveloper <br /> <br />(a) the Redeveloper ( or successor in interest) shall <br />default in or violate its obligations with respect <br />to the construction of the Improvements (including <br />the nature and the dates for the beginning and <br />completion thereof), or shall abandon or substan- <br />tially suspend construction work, and any such <br />default, violation, abandonment, or suspension <br />shall not be cured, ended, or remedied within <br />three (3) months (six (6) months, if the default <br />is'with respect to the date for completion of the <br />Improvements) after written demand by the Agency <br />so to do; or <br /> <br />. <br /> <br />(b) the Redeveloper (or successor in interest) shall <br />fail to pay real estate taxes or assessments on <br />the Property or any part thereof when due, or <br />shall place thereon any encumbrance or lien <br />unauthorized by the Agreement, or shall suffer <br />any levy or attachment to be made, or any material- <br />men's or mechanics' lien, or any other unauthorized' <br />encumbrance or lien to attach, and such taxes or <br />assessments shall not have been paid, or the en- <br />cumbrance or lien removed or discharged or pro- <br />vision satisfactory to the Agency made for such <br />payment, removal, or discharge, within ninety <br />(90) days after written demand by the Agency so <br />to do; or <br /> <br />(c) <br /> <br />there is, in violation of the Agreement, any trans- <br />fer of the Property or any part thereof, or any <br />change in the ownership or distribution of the <br />stock of the Redeveloper, or with respect to the <br />identity of the parties in control of the Rede- <br />veloper or the degree thereof, and such violatio~ <br />shall not be cured within sixty (60) days aft9r <br />written demand ~y t~e Agency. to the Redeveloper.. , . <br />. . . .' . ..' '. '. <br /> <br />t.,-, , <br /> <br />t~'~-, <br /> <br />. <br /> <br />.. , <br />. .,.' <br /> <br />(d) the Redeveloper (or successor in interest) breach,-; <br />its covenant to only use the Property for low and <br />moderate income housing as defined in the Housing <br />Assistance PaYments Agreement throughout the term <br />of the original mortgage and such breach shall not <br />be cured within sixty (60) days after written demall{l <br />by the Agency to the Redeveloper, <br /> <br />-26- <br />