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I . the Developer (or successor in interest) shall default in or violate its
<br />obligations with respect to the construction of the Project, including the
<br />nature and the dates for the beginning and completion thereof, or shall
<br />abandon or substantially suspend construction work, and any such default,
<br />violation, abandonment, or suspension shall not be cured, ended, or remedied
<br />within three (3) months [six (6) months, if the default is with respect to the
<br />date of completion of the construction] after written demand by the
<br />Commission so to do; or
<br />2. the Developer (or successor in interest) shall fail to pay real estate taxes or
<br />assessments on the Property when due, or shall place thereon any
<br />encumbrance or lien unauthorized by the Contract, or shall cause any levy or
<br />attachment to be made, or any materialmen's or mechanic's lien, or any other
<br />unauthorized encumbrance or lien to attach, and such taxes or assessments
<br />are not paid, or the encumbrance or lien removed or discharged or provision
<br />reasonably satisfactory to the Commission made for such payment, removal,
<br />or discharge, within ninety (90) days after written demand by the
<br />Commission so to do; or
<br />3. there is, in violation of the Contract, any transfer of any part of the Property,
<br />or any change in the ownership or distribution of the stock of the Developer,
<br />or with respect to the identity of the parties in control of the Developer or the
<br />degree thereof as provided in Section VII, and such violation shall not be
<br />cured within sixty (60) days after written demand by the Commission to the
<br />Developer,
<br />then the Commission shall have the right to re -enter and take possession of the Property and to
<br />terminate and revest in the Commission the estate conveyed by the Deed to the Developer. The
<br />intent of this provision, together with other provisions of the Contract, is that the conveyance of the
<br />Property to the Developer shall be made upon, and that the Deed shall contain, a condition
<br />subsequent to the effect that the event of any default, failure, violation, or other action or inaction by
<br />the Developer specified in this Subsection D the Developer's failure to remedy, end, or abrogate
<br />such default, failure, violation, or other action or inaction, within the period and in the manner stated
<br />in 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 />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 Contract,
<br />and (ii) any rights or interests provided in the Contract for the protection of
<br />the holders of such mortgages; and
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