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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: 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 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 reverting in the Commission of title to the Property or any part thereof as provided in Subsection D, above, the Commission shall, pursuant to its responsibilities under State law, use its best efforts to resell the Property or part thereof (subject to such mortgage liens and other interests as set forth in Subsection D above) as soon and in such manner as the Commission shall find feasible and consistent with the objectives of State law and of the Plan to a qualified and responsible party or parties (as determined by the Commission) who will assume the obligation of making or completing the construction of the Project in its stead or of another project as shall be satisfactory to the Commission and in accordance with the uses specified for such Property or part thereof in the Plan. Upon such resale of the Property, the proceeds shall be applied: Fi rst, to reimburse the Commission, on its own behalfor on behalf ofthe City of South Bend, Indiana, for all costs and expenses incurred by the Commission, including but not limited to: a. salaries of personnel, in connection with the recapture, management, and resale of the Property or part thereof, but less any income derived by the Commission from the Property or part thereof in connection with recapture such management or resale; L]