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10/1/08 <br />Such right to reenter, terminate and revest shall be subject to and be <br />limited by and shall not defeat, render invalid or limit: <br />Any mortgage or deed of trust permitted by this Agreement; or <br />2. Any rights or interests provided in this Agreement for the <br />protection of the holders of such mortgages or deeds of trust. <br />The Grant Deed shall contain appropriate reference and provisions to give <br />effect to the Agency's right as set forth in this Section 505, under specified circumstances <br />prior to recordation of the Release of Construction Covenants, to reenter and take <br />possession of the Sites, with all improvements thereon, and to terminate and revest in the <br />Agency the estate conveyed to the Developer. Upon the revesting in the Agency of title <br />to the Sites as provided in this Section 505, the Agency shall, pursuant to its <br />responsibilities under the state law, use its reasonable efforts to resell the Sites as soon <br />and in such manner as the Agency shall find feasible and consistent with the objectives of <br />such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified <br />and responsible party or parties (as determined by the Agency) who will assume the <br />obligation of making or completing the Improvements, or such Improvements in their <br />stead as shall be satisfactory to the Agency and in accordance with the uses specified for <br />such Sites. Upon such resale of the Sites, the net proceeds thereof after repayment of any <br />mortgage or deed of trust encumbering the Sites which is permitted by this Agreement, <br />shall be applied: <br />i. First, to reimburse the Agency, on its own behalf or on behalf of <br />the City, all costs and expenses incurred by the Agency, excluding <br />City and Agency staff costs, but specifically, including, but not <br />limited to, any expenditures by the Agency or the City in <br />connection with the recapture, management and resale of the Sites <br />or part thereof (but less any income derived by the Agency from <br />the Sites or part thereof in connection with such management); all <br />taxes, assessments and water or sewer charges with respect to the <br />Sites or part thereof which the Developer has not paid (or, in the <br />event that Sites is exempt from taxation or assessment of such <br />charges during the period of ownership thereof by the Agency, an <br />amount, if paid, equal to such taxes, assessments, or charges as <br />would have been payable if the Sites were not so exempt); any <br />payments made or necessary to be made to discharge any <br />encumbrance or liens existing on the Sites or part thereof at the <br />time or revesting of title thereto in the Agency, or to discharge or <br />prevent from attaching or being made any subsequent <br />encumbrances or liens due to obligation, default or acts of the City, <br />its successors or transferees; any expenditure made or obligation <br />incurred with respect to the making or completion of the <br />improvements or any part thereof on the Sites, or part thereof; and <br />25 <br />