04 - JOINT PH - Habitat DDA - Laserfiche WebLink

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505.1 The Agency has the right, at its election, to reenter and take possession of the Sites, with all improvements thereon, and terminate and revest in the Agency the estate conveyed to the Developer as provided in the Grant Deed. 505.2 The Grant Deed shall contain appropriate reference and provisions to give effect to the Agency's right under specified circumstances, to re-enter and take possession of the Sites, with all improvements thereon, and to terminate and revest in the Agency the estate conveyed to the Developer. In no event, however, shall the Agency have the right to re-enter and take possession of any portion of the Sites on which a completed House is located. Upon the revesting in the Agency of title to the Sites as provided in this Section 505, the Agency shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Sites as soon and in such manner as the Agency shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the Agency) who will assume the obligation of malting or completing the Improvements, or such Improvements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for such Sites or pat-t thereof in the Redevelopment Plan. Upon such resale of the Sites, the net proceeds thereof after repayment of any mortgage or deed of trust encumbering the Sites which is permitted by this Agreement shall be applied: A. First, to reimburse the Agency, on its own behalf or on behalf of the City, all costs and expenses incurred by the Agency, excluding City and Agency staff costs, but specifically, including, but not limited to, any expenditures by the Agency or the City in connection with the recapture, management and resale of the Sites in the applicable Phase or part thereof (but less any income derived by the Agency fi•om such Sites or part thereof in connection with such management); all taxes, assessments and water or sewer charges with respect to the Sites or part thereof which the Developer has not paid (or, in the event that such Sites are exempt from taxation or assessment of such charges during the period of ownership thereof by the Agency, an amount, if paid, equal to such taxes, assessments, or charges as would have been payable if such Sites were not so exempt); any payments made or necessary to be made to discharge any encumbrance or liens existing on such Sites or part thereof at the time or revesting of title thereto in the Agency, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligation, default or acts of the City, its successors or transferees; any expenditure made or obligation incurred with respect to the malting or completion of the Improvements or any pant thereof on such Sites, or part thereof; and any amounts otherwise owing the Agency, and in the event additional proceeds are thereafter available, then B. Second, to reimburse the Developer, its successor or transferee, up to the amount equal to the sum of (a) the costs incurred for the development of the Sites in the applicable Phase and for the Improvements existing on such Sites at the time of reentry and possession, less (b) any gains or income withdrawn or made by the Developer from such Sites or the Improvements thereon prior to the re-entry by Agency. C. Any balance remaining after such reimbursements shall be retained by the Agency as its property. The rights established in this Section 605 are not intended to be exclusive of any other right, power or remedy, but each and every such right, power, and remedy 34 EXHIBIT 4