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10/1/08 <br />the Grant Deed in the manner and condition and by the date provided in this Agreement; <br />or one or more of the Developer's Conditions Precedent to the Closing is not fulfilled on <br />or before the time set forth in the Schedule of Performance and such failure is not caused <br />by the Developer; or in the event of any default of the Agency prior to the Closing which <br />is not cured within the time set forth in Section 501 hereof, and any such failure is not <br />cured within the applicable time period after written demand by the Developer, then this <br />Agreement may, at the option of the Developer, be terminated by written notice thereof to <br />the Agency. From the date of the written notice of termination of this Agreement by the <br />Developer to the Agency and thereafter this Agreement shall be deemed terminated and <br />there shall be no further rights or obligations between the parties, except that the_parties <br />may pursue any other remedies they may have hereunder. <br />504. Termination by the Agency. In the event that the Agency is not in <br />Default under this Agreement and prior to the issuance of the Release of Construction <br />Covenants: the Developer (or any successor in interest) assigns or attempts to assign the <br />Agreement or any rights therein or in the Sites in violation of this Agreement; or one or <br />more of the Agency's Conditions Precedent to the Closing is not fulfilled on or before the <br />time set forth in the Schedule of Performance and such failure is not caused by the <br />Agency or City; or the Developer is otherwise in default of this Agreement and fails to <br />cure such default within the time set forth in Section 501 hereof; then this Agreement and <br />any right of the Developer or any assignee or transferee with respect to or arising out of <br />the Agreement or the Sites, shall, at the option of the Agency, be terminated by the <br />Agency by written notice thereof to the Developer and thereafter this Agreement shall be <br />deemed terminated and there shall be no further rights or obligations between the parties, <br />except that the parties may pursue any other remedies they may have hereunder. <br />505. Reentry and Revesting of Title in the Agency After the Closing and <br />Prior to Completion of Construction. The Agency has the right, at its election, to <br />reenter and take possession of the Sites, with all improvements thereon, and terminate <br />and revest in the Agency the estate conveyed to the Developer if after the Closing and <br />prior to the issuance of the Release of Construction Covenants, the Developer (or its <br />successors in interest) shall: <br />a. fail to start the construction of the Improvements as required by <br />this Agreement for a period of thirty (30) days after written notice <br />thereof from the Agency; or <br />b. except in accordance with the provisions or Section 603, abandon <br />or substantially suspend construction of the Improvements required <br />by this Agreement for a period of thirty (30) days after written <br />notice thereof from the Agency; or <br />contrary to the provisions of Section 603 transfer or suffer any <br />involuntary transfer of the Sites or any part thereof in violation of <br />this Agreement. <br />24 <br />