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No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters
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No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters
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10/18/2012 1:33:20 PM
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2. shall not apply to individual parts of the Properly, if any, (or in the case of <br />parts leased, the leasehold interest) on which the construction thereon has <br />been completed under the Contract and for which a Project 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 Commission shall have the right to retain the Deposit, as provided <br />in Section III hereof, without any deduction, offset or recoupment whatsoever, in the event of a <br />default, violation or failure of the Developer as specified in the 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 />1. 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 />b. all taxes, assessments, and water and sewer charges with respect to <br />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 />
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