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4.
<br /> 3 . theta is , in vivi .rtinn of nits t , , . ny ti . , ; s : . : c
<br /> 1" em
<br /> Property or any port thereof , and such violation shall not be cured within sixty
<br /> ( 60) days offer written dernond by the Seller to the Purchaser ,
<br /> then the Seller shall have the right to re - enter and take possession of the Property
<br /> osotond to terminate (and revest in the Seller ) the estate conveyed by the Deed to the
<br /> tt Purchaser , it being the intent of this provision , together with the other provisions
<br /> , r� of this Agreement , that the conveyance of the Property to the Purchaser shall be
<br /> r f , mode upon , and that the Deed shall contain a condition subsequent to the effect
<br /> $ � that in the event of any default , failure , violation or other action or inaction by
<br /> Y1 • 114 the Purchaser specified in subdivisions 1 . , ? , and 3 . of this Section Y. V . , failure
<br /> on the part of the Purchaser to remedy , end , or obrogate such default , failure ,
<br /> violation , or other act ion or inaction , within the period and in the manner stated
<br /> in such subdivisions the Seller at its option may declare a termination in favor
<br /> Yx of the Seller of the title , and of all the rights and interests in and to the Property
<br /> conveyed by the Deed to the Purchaser , and that such title and all rights and
<br /> interests of the Purchaser , and any assigns or successors in interest to and in the
<br /> sr.• Property , shall revert to the Seller ; Provided , that such condition subsequent to
<br /> and limited by , and shall not defeat , render invalid or limit in any way
<br /> (a ) the lien of any mortgage authorized by this Agreement , and ( b) any right
<br /> or interest provided in the Agreement for the protection of She holder of such
<br /> mortgage . In addition to the right of re - entry and revesting of title provided
<br /> for in the preceding sentence , upon the occurrence of a default , failure or
<br /> violation by the Purchaser as specified in said sentence , the Seller shall also
<br /> have . the right to retain the deposit as liquidated domaaes .
<br /> D . Other Rights and Rernedies of Agency : No Waiver 6y Delay . The
<br /> 1. Seller shall hove theright to institute such actions or proceedings as it may
<br /> deem desirable for effectuating the purposes of this Section XV . , including . also
<br /> the right to execute and t ecord or file among the public land records in the
<br /> office in which the Deed is recorded a written declaration of the termination of
<br /> all the right , title and interest of the Purchaser , and ( subject to such mortgage
<br /> liens and leasehold interests as provided in this Section XV . hereof) , its successors
<br /> in interest and assigns in the Property , and the revesting of title thereto in the
<br /> Seller , provided; that any delay by the Seller in instituting or prosecuting any
<br /> such actions or proceedings or otherwise asserting its rights under this Section Y. V .
<br /> shall not operate as o waiver of such rights or to deprive it of or limit such rights
<br /> in any way ( it being the intent of this provision that the Seller should not be
<br /> constrained so es to ovoid the risk of being deprived of or limited in the exercise
<br /> of the remedy provided in this Section because of concepts of waiver , Inches ,
<br /> or otherwise to exercise such remedy ct c time when it may still hope otherwise to
<br /> resolve the problems created by the default involved ) ; nor shall any waiver in fact
<br /> mode by the Seller v.• ith respect to any specific default by the Purchaser under this
<br /> Sectio. 6e considered or treated as a waiver of the riahis of the S _ Iler with
<br /> respect to any other defaults by the Purchaser under this Section or :: ith respect
<br /> to the particular default except to the extent specifically ;vcived in writing .
<br />, SECTION XVI . RESALE OF REACQUIRED PROPERTY : DISPOSITION OF PROCEEDS .
<br /> Upon the revesting H the Seller of title to the Property or any port thereof
<br /> as provided in subdivision D of .. Section Y. V . , the Seller shall use. its best efforts
<br /> to resell the Property or port thereof ( subject to such reortgoge liens and lease -
<br /> hold interests as in Section XV . .. et forth and provided ) as soon c.-rd in such manner
<br /> as the Seller shall find feasible - nd consistent with the objectives of applicable
<br /> 11 low and of the Urban Renewal Plan to a qualified and responsible party or port ies
<br /> as determined by the Seller who will cssume the obligation of racking or completing
<br /> the construction of the improvements or such other improvements in their sreod as
<br /> shall be satisfactory to the Seller and in accordance with the uses specified for
<br /> such Property or port thereof in the Urban Renewal Plan . Upon such resale of
<br /> the Property , the proceeds thereof shall be applied :
<br /> A . First , to reimburse the Seller , on its own behalf or on behalf of l
<br /> the Urban Renewal Authority for all costs end expenses incurred by the Seller r �
<br /> including , but not limited to , salaries of personnel in co -'itection with the
<br /> recapture , mcrcgement , end resole of the Froperty ar part ( Gut less uny
<br /> income derived by the Seller from the Property or port thereof in connection
<br /> :pith such rnonoge- ment ) all taxes , asse • • ments or choices os cete ; mir: ed by the
<br /> County Assessing Official as ore poyable and payments rnc -ie or r: •_ cesscry to be
<br /> mode to discharge any encumbrances or liens existing on Ike fror, _ rty or is art
<br /> thereof at the time of revesting of title thereto in the Seller or to discharge
<br /> r . -- t rre —n nttnrt or Fntr , n relrIP lt, , . . . r- nt • - nr , r- I. Jrrner ns r , r hers
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