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~~-~- ~~5'73 xuo-s2oQS i9.69) the Redeveloper to remedy, end, or abrogate such default, failure, violation, or other actinn or inaction, within the period and in the manner stated in such subdivisions, the Agency aL its option may declare a termination in favor oP the Agency of the title, and of all the rights and interests in and to the Property conveyed by the Deed to the Redeveloper, and that such title and all rights and interests of the Redeveloper, and any assigns or successors in interest to and in the Property, shall revert to the Agency: Provided, :hat such condition subsequent and any revesting of title as a rekult thereof in the Agency (1) shall always be subject to and limited by, and shall not defeat, render im~elid, or limit in any way, (i) the lien of any mortgage • authorized by the Agreement, and (ii) any rights or Interests provided in the i+greement for the protection of the holders of such mortgages; and (2) shall not apply to individual parts or parcels of the Property (or, in the case of parts or parcels leased, the leasehold interest) on which the Improvements to be constructed thereon have been completed in accordance with the Agreement and for which a certificate of completion is issued therefor as provided in Section j07 tiereof• In addition to, and without in any way limiting the Agency's right to reen- try es provided for in the preceding sentence, the Agency shall have the right to retain the Deposii, as provided in Parai~raph (d), Section 3 of Part I hereof, without any deduction, offset or recoupment whatsoever, in the event of a default, violation or failure of the Redeveloper as speci- fied in the preceding sentence. SEC. 705. Resale of reacquired Property; Disposition of Proceeds. Upon the revestin~ in the Agency of title to the Prapert.y or any part thereof as grovided in Section 704, the Agency shall, pursuant to its responsibilities under State law, use its best efforts to resell the Property or part thereof (subject to such mortgage liens and leasehold interests as in Section 704 set forth and provided} sa soon and in such manner as the Agency shall find feasible.and consistent kith tine objectives of such law and of the Urban Renewal Plan to a qualified and responsible party ar parti.s (as determined by the Agency) who will assuutc the abii~,a..ion of making ~}r completing the I>sproveme?its er such other impYOVements in their stead as shall be satisfactory tp the Agency and in accordance with the uses specified far such Property or part thereof in the Urban R newel Plan. Upon such resale of the Property, the proceeds thereof shall be applied: (a) First, to reimburse the Agency, on its own behalf or an behalf of the City, for all costa and expenses incurred by the Agency, including but not limited to salaries of personnel, in connection with the recapture, management, end resale of•the Property or part thereof {but less any income derived by the Agency from the Property or part thereof in connection with such mt~.r-agement); all taxes, assessments, and water and sewer chari;es with respect to the Property or part thereof (or, in the event the Property is exempt from taxation or assessment or such charges during the - 17 -