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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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10/18/2012 1:30:59 PM
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the Property or part thereof, or, in the event the Property is exempt <br />from taxation or assessment or such charges during the period of <br />ownership thereof by the Commission, an amount, if paid, equal to <br />such taxes, assessments, or charges, as determined by the appropriate <br />assessing officials, as would have been payable if the Property were <br />not so exempt; <br />C. any payments made or needed to be made to discharge any <br />encumbrances or liens existing on the Property or part thereof at the <br />time of revesting of title in the Commission or to discharge or prevent <br />from attaching or being made any subsequent encumbrances or liens <br />due to obligations, defaults, or acts of the Developer, its successors or <br />transferees; <br />d. any expenditures made or obligations incurred in making or <br />completing the construction or any part thereof on the Property or part <br />thereof, including but not limited to the Utility Improvements made <br />pursuant to Section XI; <br />e. and any amounts otherwise owing the Commission by the Developer <br />and its successor or transferee; and <br />2. Second, to reimburse the Developer, its successor or transferee, up to the <br />amount equal to: <br />a. the sum of the Purchase Price paid by it for the Property (or allocable <br />to the part thereof) and the cash actually invested by the Developer in <br />construction on the Property or part thereof, less <br />b. any gains or income withdrawn or made by the Developer from the <br />Agreement or the Property. <br />Any balance remaining after such reimbursements shall be retained by the Commission as its <br />property. <br />F. Other Rights and Remedies of Commission, Waiver by Delay. The Commission <br />shall have the right to institute such actions or proceedings as it may deem desirable for effectuating <br />the purposes of this Section X. This would include the right to execute and record or file among the <br />public land records in the office in which the Deed is recorded a written declaration of the <br />termination of all the right, title, and interest of the Developer, and (except for such individual parts <br />upon which construction has been completed under the Agreement and for which a Certificate of <br />Completion as provided in Section VI is to be delivered, and subject to such mortgage liens and <br />leasehold interests as provided in Section X, paragraph D hereof) its successors in interest and <br />assigns, in the Property, and the revesting of title in the Commission. Any delay by the Commission <br />in instituting or prosecuting any such actions or proceedings or otherwise asserting its rights under <br />
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