6.C.(3) Contract for Sale of Land

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date of completion of the construction] after written demand by the Commission so to do; or 2. the Developer (or successor in interest) shall fail to pay real estate taxes or assessments on the Property when due, or shall place thereon any encumbrance or lien unauthorized by the Contract, or shall cause any levy or attachment to be made, or any materialmen’s or mechanic’s lien, or any other unauthorized encumbrance or lien to attach, and such taxes or assessments are not paid, or the encumbrance or lien removed or discharged or provision reasonably satisfactory to the Commission made for such payment, removal, or discharge, within ninety (90) days after written demand by the Commission so to do; or 3. there is, in violation of the Contract, any transfer of any part of the Property, or any change in the ownership or distribution of the stock of the Developer, or with respect to the identity of the parties in control of the Developer or the degree thereof as provided in Section VII, and such violation shall not be cured within sixty (60) days after written demand by the Commission to the Developer, then the Commission shall have the right to re-enter and take possession of the Property and to terminate and revest in the Commission the estate conveyed by the Deed to the Developer. The intent of this provision, together with other provisions of the Contract, is that the conveyance of the Property to the Developer shall be made upon, and that the Deed shall contain, a condition subsequent to the effect that the event of any default, failure, violation, or other action or inaction by the Developer specified in this Subsection D the Developer’s failure to remedy, end, or abrogate such default, failure, violation, or other action or inaction, within the period and in the manner stated in such subdivisions, the Commission at its option may declare a termination in favor of the Commission of the title, and of all the rights and interest in and to the Property conveyed by the Deed to the Developer, and that such title and all rights and interests of the Developer, and any assigns or successors in interest to and in the Property, shall revert to the Commission; provided, that such condition subsequent and any revesting of title as a result thereof in the Commission: 1. shall always be subject to and limited by, and shall not defeat, render invalid, or limit in any way, (i) the lien of any mortgage authorized by the Contract, and (ii) any rights or interests provided in the Contract for the protection of the holders of such mortgages; and 2. shall not apply to individual parts of the Property, if any, (or in the case of parts sold or leased, the part so conveyed) on which the construction thereon has been completed under the Contract. E. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the Commission of title to the Property or any part thereof as provided in Subsection D, above, the 13