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~~.® ~U573g
<br />then the Agreement, and any rights of the Redeveloper, or any
<br />assignee or transferee, in the Agreement, or arising therefrom
<br />with respect to the Agency or the Property, shall, at the option
<br />of the Agency, he terminated by the Agency, which event, as
<br />provided in Paragraph (d), Section 3 of Part 1 hereof, the
<br />Deposit shall be retained by the P_gency as liquidated damages
<br />and as its property without any deduction, offset, or recoupment
<br />whatsoever, and neither the Redeveloper (or assignee or
<br />transferee) nor the Agency shalt have any farther rights against
<br />or liability to the other under the Agreement.
<br />SEC. 704. Revestin~ 'Pitle in Agency 1lpon happening of Event Subsequent
<br />to Conveyance Co Redeveloper. In the event that subsequent to conveyance
<br />of the Property o° any part thereof to she Redeveloper and prior to
<br />completion of the lmprovements as certified by the Agency
<br />{a) the Redeveloper (or successor in interest) shall default in or
<br />violate its obligations with respect to the construction of
<br />the lmprovements (including the nature and the dates for the
<br />beginning and completion thereof), or shall abandon or
<br />substantially suspend construction work, and any such default,
<br />violation, aband~inment, or suspension shall not be cured, ended,
<br />or remedied within three {3) months (six (6) months, if the
<br />default is with respec*_ to the date for completion of the
<br />Improvements) after written demand 6y the Agency so to do; or
<br />(b) the Redeveloper {or successor is interest) shall fail Co pay
<br />real estate taxes ar assessments on the Property or any part
<br />thereof when due, ar shall place thereon any encumbrance or
<br />lien unauthorized by the Agreement, or shall suffer any levy
<br />or attachment Co be made, or any materialmen's or mechanics'
<br />lien, or any other unauthorized encumbrance or lien to attach,
<br />and such taxes or assessments shall not have been paid, or the
<br />encumbrance or lien removed or discharged or provision satisfactory
<br />to the Agency made for such payment, removal, or discharge,
<br />within ninety (90) days after written demand by the Agency so
<br />to do; or
<br />(c} there is, in violation of the Agreement, any transfer, of the
<br />Property ar any part thereof, or any change in the ownership
<br />ar diskribution of the .stock of the Redeveloper, ar with
<br />respect to the identity of the parties in Control of the
<br />Redeveloper or the d4gre4 thereof, and sorb violation shaiP
<br />trot-be cured with#n aE3cfiy {b0} day3 $Eter written demand by
<br />the Agency to the Redeveloper,
<br />then the Agency shall have the right to rc-enter and take possession of the
<br />Psaperty and Co terminate (and revest in the Agency) the estate conveyed by
<br />the Deed to the Redeveloper, it being the intent of this prevision, together
<br />with other provisions of the Agreement, that the conveyance of the Property
<br />to the Redeveloper eha11 be made upon, and that the Deed shall contain, a
<br />condition subsequent to the effect that in the event of any default, failure,
<br />violation, or ether actirtn or inaction by the Redeveloper specified in
<br />subdiviaiona (a), (b), and (c) of this Section 704, failure on the part of
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