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default, failure, violation, or other action or inaction, within the period and in the manner stated in <br />such subdivisions, the Commission at its option may declare a termination in favor of the <br />Commission of the title, and of all the rights and interest in and to the Property conveyed by the <br />Deed to the Developer, and that such title and all rights and interests of the Developer, and any <br />assigns or successors in interest to and in the Property, shall revert to the Commission; provided, that <br />such condition subsequent and any revesting of title as a result thereof in the Commission: <br />1. shall always be subject to and limited by, and shall not defeat, render invalid, <br />or limit in any way, (i) the lien of any mortgage authorized by the Agreement, <br />and (ii) any rights or interests provided in the Agreement for the protection of <br />the holders of such mortgages; and <br />2. shall not apply to individual parts of the Property, if any, (or in the case of <br />parts leased, the leasehold interest) on which the construction thereon has <br />been completed under the Agreement and for which a Certificate of <br />Completion has been issued as provided in Section VI. <br />In addition to, and without in any way limiting the Commission's right to reentry as provided <br />for in the preceding paragraph, the Developer shall reimburse the Commission for the Utility <br />Improvements made pursuant to Section XI hereof and the Commission shall have the right to retain <br />the Deposit, as provided in Section III hereof, without any deduction, offset or recoupment <br />whatsoever, in the event of a default, violation or failure of the Developer as specified in the <br />preceding paragraph. <br />E. Resale of Reacquired Property; Disposition of Proceeds. Upon the revesting in the <br />Commission of title to the Property or any part thereof as provided in paragraph D above, the <br />Commission shall, pursuant to its responsibilities under State law, use its best efforts to resell the <br />Property or part thereof (subject to such mortgage liens and leasehold interests as set forth in <br />paragraph D above) as soon and in such manner as the Commission shall find feasible and consistent <br />with the objectives of State law and of the Plan to a qualified and responsible party or parties (as <br />determined by the Commission) who will assume the obligation of making or completing the <br />construction of the Project in its stead or of another project as shall be satisfactory to the <br />Commission and in accordance with the uses specified for such Property or part thereof in the Plan. <br />Upon such resale of the Property, the proceeds shall be applied: <br />First, to reimburse the Commission, on its own behalf or on behalf of the <br />City, for all costs and expenses incurred by the Commission, including but <br />not limited to: <br />a. salaries of personnel, in connection with the recapture, management, <br />and resale of the Property or part thereof, but less any income derived <br />by the Commission from the Property or part thereof in connection <br />with recapture such management or resale; <br />40 b. all taxes, assessments, and water and sewer charges with respect to <br />