03 - JOINT PH - DDA RSI Development LLC

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The Grant Deed shall contain appropriate reference and provisions to give effect to the Agency's right as set forth in this Section 505, 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 Site on which a completed home 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 maybe amended, to a qualified and responsible party or parties (as determined by the Agency) who will assume the obligation of making 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 part 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; i. 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 or part thereof (but less any income derived by the Agency from the 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 Sites is 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 the Sites were not so exempt); any payments made or necessary to be made to discharge any encumbrance or liens existing on the 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 making or completion of the improvements or any part thereof on the Sites, or part thereof; and any amounts otherwise owing the Agency, and in the event additional proceeds are thereafter available, then ii. Second, to reimburse the Developer, its successor or transferee, up to the amount equal to the sum of (a) the costs incurred for the acquisition and development of the Sites and for the improvements existing on the Sites at the time of reentry and possession, less (b) any gains or income withdrawn or made by the Developer from the Sites or the improvements thereon. Any balance remaining after such reimbursements shall be retained by the Agency as its property. The rights established in this section 505 are not intended to be exclusive of any other right, power or remedy, but each and every such right, power, and remedy shall be cumulative and concurrent and shall be in addition to any other right, power and remedy authorized herein or now or hereafter existing at law or in equity. These rights are to be interpreted in light of the fact that the Agency will have conveyed the Sites to the Developer for redevelopment purposes, 600457905v2 ~ 33/~