Right of Reentry and Revesting. 1. The Grantor shall have the right at its election to reenter and take possession of the Site hereby conveyed with all improvements thereon and to terminate and revest in the Grantor the Site hereby conveyed to the Grantee if prior to the issuance of a Release of Construction Covenants as to all of the Site, the Grantee (or its successors in interest) shall: (a) Fail to commence the construction of the Required Improvements on the Site as required by the DDA for a period of sixty (60) days subject to Sections 301.1 and 602 of the DDA after written notice thereof from the Grantor; provided, however, with respect to the pad buildings, such sixty (60) day period shall be extended for such time as reasonably necessary for Grantee, exercising due diligence, not to exceed eighteen (18) months, to execute a lease with a tenant for such pad, and for the Grantee or such tenant to commence construction of such pad building; or (b) Abandon or substantially suspend construction of the Required Improvements for a period of ninety (90) days, subject to Sections 301.1 and 602 of the DDA after written notice thereof from the Grantor; or (c) Contrary to the provisions of Section 603 of the DDA, Transfer, or suffer an involuntary Transfer of, the Site, or any part thereof in violation of this Grant Deed and Environmental Restriction. 2. The right to reenter, repossess, terminate and revest shall be subject to and be limited by and shall not defeat, render, invalid, or limit: (a) Any mortgage or deed of trust permitted by this Grant Deed and Environmental Restriction or the DDA; or (b) Any rights or interest provided for the protection of the holders or such mortgages of deeds of trust or other security interests. 3. Upon issuance of a Release of Construction Covenants for the Required Improvements to be constructed upon the Site, the City’s right to reenter, terminate and revest shall terminate. 4. In the event title to the Site or any part thereof is revested in the Grantor as provided in this paragraph 4, Grantor shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Site as soon and in such manner as the Grantor shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the City) who will assume the obligation of making or completing the Required Improvements thereon, or such improvements in their stead as shall be satisfactory to the Grantor and in accordance with the uses specified for such Site or part thereof in the Redevelopment Plan. The Grantee acknowledges that there may be substantial delays experienced by the Grantor if the Grantor must remarket the Site following the revesting of the Site in the Grantor. Upon such resale of the Site, the net proceeds thereof after repayment of any mortgage or deed of trust encumbering the Site which is permitted by this Agreement, shall be applied: (a) First, to reimburse the Grantor, on its own behalf or on behalf of the City, all reasonable costs and expenses incurred by the Grantor, excluding staff costs, but specifically, including, without limitation, any expenditures by the Grantor or the City, in connection with the recapture, management and resale of the Site or part thereof (but less any income derived by the Grantor from the Site or part thereof in connection with such management); all taxes, assessments and water or sewer charges with respect to the Site or part thereof which the Grantee has not paid, any payments made or necessary to be made to discharge any encumbrances or liens existing on the Site or part thereof at the time or revesting of title thereto in the Grantor, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Grantee, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Required Improvements or any part thereof on the Site, or part thereof; and any amounts otherwise owing the Grantor, and in the event additional proceeds are thereafter available, then (b) Second, to reimburse the Grantee, its successor or transferee, up to the amount equal to the sum of (a) all costs and expenses incurred for the acquisition of the Site (including without limitation architectural fees, engineering fees, environmental reports and studies, loan fees, legal fees, and consultant fees), plus (b) Grantee’s Costs, less (c) any gains or income withdrawn or made by the Grantee from the Site or the improvements thereon. (c) Any balance remaining after such reimbursements shall be retained by the Grantor as its property. 5. To the extent that this right of reverter involves a forfeiture, it must be strictly interpreted against the Grantor, the party for whose benefit it is created. This right is to be interpreted in light of the fact that the Grantor hereby conveys the Site to the Grantee for development and operation of a commercial retail shopping complex, and not for speculation in land. I. The Grantee herein covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the Grantee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The Grantee shall refrain from restricting the rental, sale or lease of the applicable portion of the Site or the Project on the basis of race, color, creed, religion, sex, marital status, national origin or ancestry of any person. All such deeds, leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses: 1. In deeds: “The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land.” 2. In leases: “The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: “There shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees, subtenants or vendees in the premises herein leased.” 3. In contracts: “There shall be no discrimination against or segregation of any person, or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin, in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises.” The foregoing covenants regarding discrimination shall run with the land and shall remain in effect in perpetuity. J. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed and Environmental Restriction shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by this Grant Deed and Environmental Restriction or the DDA; provided, however, that any subsequent owner of the Site shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner’s title was acquired by foreclosure, deed in lieu of foreclosure, trustee’s sale or otherwise. K. All of the terms, covenants and conditions of this Grant Deed and Environmental Restriction shall be binding upon the Grantee and its successors and assigns. Whenever the term “Grantee” is used in this Grant Deed and Environmental Restriction, such term shall include any other successors and assigns as herein provided. L. All covenants without regard to technical classification or designation shall be binding for the benefit of the Grantor, and their respective successors and assigns. Such covenants shall be covenants running with the land in favor of the Grantor, and their respective successors and assigns for the entire period during which such covenants shall be in force and effect, without regard to whether the Grantor is or remains an owner of any land or interest therein to which such covenants relate. The Grantor, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach.
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Right of Reentry and Revesting. 1. The Grantor shall have the right at its election to reenter and take possession of the Site hereby conveyed with all improvements Improvements thereon and to terminate and revest in the Grantor the Site hereby conveyed to the Grantee if prior to the issuance of a Release of Construction Covenants as to all of the Site, the Grantee (or its successors in interest) shall:
(a) Fail to commence the construction of the Required Improvements on the Site as required by the DDA for a period of sixty (60) days subject to Sections 301.1 and 602 of the DDA after written notice thereof from the Grantor; provided, however, with respect to the pad buildings, such sixty (60) day period shall be extended for such time as reasonably necessary for Grantee, exercising due diligence, not to exceed eighteen (18) months, to execute a lease with a tenant for such pad, and for the Grantee or such tenant to commence construction of such pad building; or
(b) Abandon or substantially suspend construction of the Required Applicable Improvements for a period of ninety (90) days, subject to Sections 301.1 and 602 of the DDA after written notice thereof from the Grantor; or
(c) Contrary to the provisions of Section 603 of the DDA, Transfer, or suffer an involuntary Transfer of, the Site, or any part thereof in violation of this Grant Deed and Environmental Restriction.
2. The right to reenter, repossess, terminate and revest shall be subject to and be limited by and shall not defeat, render, invalid, or limit:
(a) Any mortgage or deed of trust permitted by this Grant Deed and Environmental Restriction or the DDA; or
(b) Any rights or interest provided for the protection of the holders or such mortgages of deeds of trust or other security interests.
3. Upon issuance of a Release of Construction Covenants for the Required Improvements to be constructed upon the Site, the CitySuccessor Agency’s right to reenter, terminate and revest shall terminate.
4. In the event title to the Site or any part thereof is revested in the Grantor as provided in this paragraph 4, Grantor shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Site as soon and in such manner as the Grantor shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the CitySuccessor Agency) who will assume the obligation of making or completing the Required Improvements thereon, or such improvements in their stead as shall be satisfactory to the Grantor and in accordance with the uses specified for such Site or part thereof in the Redevelopment Plan. The Grantee acknowledges that there may be substantial delays experienced by the Grantor if the Grantor must remarket the Site following the revesting of the Site in the Grantor. Upon such resale of the Site, the net proceeds thereof after repayment of any mortgage or deed of trust encumbering the Site which is permitted by this Agreement, shall be applied:
(a) First, to reimburse the Grantor, on its own behalf or on behalf of the City, all reasonable costs and expenses incurred by the Grantor, excluding staff costs, but specifically, including, without limitation, any expenditures by the Grantor or the City, in connection with the recapture, management and resale of the Site or part thereof (but less any income derived by the Grantor from the Site or part thereof in connection with such management); all taxes, assessments and water or sewer charges with respect to the Site or part thereof which the Grantee has not paid, any payments made or necessary to be made to discharge any encumbrances or liens existing on the Site or part thereof at the time or revesting of title thereto in the Grantor, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Grantee, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Required Improvements improvements or any part thereof on the Site, or part thereof; and any amounts otherwise owing the Grantor, and in the event additional proceeds are thereafter available, then
(b) Second, to reimburse the Grantee, its successor or transferee, up to the amount equal to the sum of (a) all costs and expenses incurred for the acquisition of the Site (including without limitation architectural fees, engineering fees, environmental reports and studies, loan fees, legal fees, and consultant fees), plus (b) GranteeDeveloper’s Costs, less (c) any gains or income withdrawn or made by the Grantee from the Site or the improvements thereon.
(c) Any balance remaining after such reimbursements shall be retained by the Grantor as its property.
5. To the extent that this right of reverter involves a forfeiture, it must be strictly interpreted against the Grantor, the party for whose benefit it is created. This right is to be interpreted in light of the fact that the Grantor hereby conveys the Site to the Grantee for development and operation of a commercial retail shopping complex, and not for speculation in land.
I. The Grantee herein covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the Grantee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The Grantee shall refrain from restricting the rental, sale or lease of the applicable portion of the Site or the Project on the basis of race, color, creed, religion, sex, marital status, national origin or ancestry of any person. All such deeds, leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses:
1. In deeds: “The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land.”
2. In leases: “The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: “There shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees, subtenants or vendees in the premises herein leased.”
3. In contracts: “There shall be no discrimination against or segregation of any person, or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin, in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises.” The foregoing covenants regarding discrimination shall run with the land and shall remain in effect in perpetuity.
J. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed and Environmental Restriction shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by this Grant Deed and Environmental Restriction or the DDA; provided, however, that any subsequent owner of the Site shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner’s title was acquired by foreclosure, deed in lieu of foreclosure, trustee’s sale or otherwise.
K. All of the terms, covenants and conditions of this Grant Deed and Environmental Restriction shall be binding upon the Grantee and its successors and assigns. Whenever the term “Grantee” is used in this Grant Deed and Environmental Restriction, such term shall include any other successors and assigns as herein provided.
L. All covenants without regard to technical classification or designation shall be binding for the benefit of the Grantor, and their respective successors and assigns. Such covenants shall be covenants running with the land in favor of the Grantor, and their respective successors and assigns for the entire period during which such covenants shall be in force and effect, without regard to whether the Grantor is or remains an owner of any land or interest therein to which such covenants relate. The Grantor, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach.
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Right of Reentry and Revesting. 1. The Grantor shall have the right at its election to reenter and take possession of the Site hereby conveyed with all improvements thereon and to terminate and revest in the Grantor the Site hereby conveyed to the Grantee if prior to the issuance of a Release of Construction Covenants as to all of the Site, the Grantee (or its successors in interest) shall:
(a) Fail to commence the construction of the Required Improvements on the Site Project as required by the DDA for a period of sixty (60) days subject to Sections 301.1 and 602 of the DDA after written notice thereof from the Grantor; provided, however, with respect to the pad buildings, such sixty (60) day period shall be extended for such time as reasonably necessary for Grantee, exercising due diligence, not to exceed eighteen (18) months, to execute a lease with a tenant for such pad, and for the Grantee or such tenant to commence construction of such pad building; or
(b) Abandon or substantially suspend construction of the Required Improvements Project for a period of ninety (90) days, subject to Sections 301.1 and 602 of the DDA after written notice thereof from the Grantor; or
(c) Contrary to the provisions of Section 603 of the DDA, Transfer, or suffer an involuntary Transfer of, the Site, or any part thereof in violation of this Grant Deed and Environmental Restriction.
2. The right to reenter, repossess, terminate and revest shall be subject to and be limited by and shall not defeat, render, invalid, or limit:
(a) Any mortgage or deed of trust permitted by this Grant Deed and Environmental Restriction or the DDA; or
(b) Any rights or interest provided for the protection of the holders or such mortgages of deeds of trust or other security interests.
3. Upon issuance of a Release of Construction Covenants for the Required Improvements Project to be constructed upon the Site, the CityAgency’s right to reenter, terminate and revest shall terminate.
4. In the event title to the Site or any part thereof is revested in the Grantor as provided in this paragraph 4, Grantor shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Site as soon and in such manner as the Grantor shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the CityAgency) who will assume the obligation of making or completing the Required Improvements thereonProject, or such improvements in their stead as shall be satisfactory to the Grantor and in accordance with the uses specified for such Site or part thereof in the Redevelopment Plan. The Grantee acknowledges that there may be substantial delays experienced by the Grantor if the Grantor must remarket the Site following the revesting of the Site in the Grantor. Upon such resale of the Site, the net proceeds thereof after repayment of any mortgage or deed of trust encumbering the Site which is permitted by this Agreement, shall be applied:
(a) First, to reimburse the Grantor, on its own behalf or on behalf of the City, all reasonable costs and expenses incurred by the Grantor, excluding staff costs, but specifically, including, without limitation, any expenditures by the Grantor or the City, in connection with the recapture, management and resale of the Site or part thereof (but less any income derived by the Grantor from the Site or part thereof in connection with such management); all taxes, assessments and water or sewer charges with respect to the Site or part thereof which the Grantee has not paid, any payments made or necessary to be made to discharge any encumbrances or liens existing on the Site or part thereof at the time or revesting of title thereto in the Grantor, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Grantee, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the Required Improvements improvements or any part thereof on the Site, or part thereof; and any amounts otherwise owing the Grantor, and in the event additional proceeds are thereafter available, then
(b) Second, to reimburse the Grantee, its successor or transferee, up to the amount equal to the sum of (a) all costs and expenses incurred for the acquisition of the Site (including without limitation architectural fees, engineering fees, environmental reports and studies, loan fees, legal fees, and consultant fees), plus (b) GranteeDeveloper’s Costs, less (c) any gains or income withdrawn or made by the Grantee from the Site or the improvements thereon.
(c) Any balance remaining after such reimbursements shall be retained by the Grantor as its property.
5. To the extent that this right of reverter involves a forfeiture, it must be strictly interpreted against the Grantor, the party for whose benefit it is created. This right is to be interpreted in light of the fact that the Grantor hereby conveys the Site to the Grantee for development and operation of a commercial retail shopping complex, and not for speculation in land.
I. The Grantee herein covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the Grantee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The Grantee shall refrain from restricting the rental, sale or lease of the applicable portion of the Site or the Project on the basis of race, color, creed, religion, sex, marital status, national origin or ancestry of any person. All such deeds, leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses:
1. In deeds: “The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land.”
2. In leases: “The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: “There shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin in the leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sublessees, subtenants or vendees in the premises herein leased.”
3. In contracts: “There shall be no discrimination against or segregation of any person, or group of persons on account of race, color, creed, religion, sex, marital status, ancestry or national origin, in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises.” The foregoing covenants regarding discrimination shall run with the land and shall remain in effect in perpetuity.
J. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed and Environmental Restriction shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by this Grant Deed and Environmental Restriction or the DDA; provided, however, that any subsequent owner of the Site shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner’s title was acquired by foreclosure, deed in lieu of foreclosure, trustee’s sale or otherwise.
K. All of the terms, covenants and conditions of this Grant Deed and Environmental Restriction shall be binding upon the Grantee and its successors and assigns. Whenever the term “Grantee” is used in this Grant Deed and Environmental Restriction, such term shall include any other successors and assigns as herein provided.
L. All covenants without regard to technical classification or designation shall be binding for the benefit of the Grantor, and their respective successors and assigns. Such covenants shall be covenants running with the land in favor of the Grantor, and their respective successors and assigns for the entire period during which such covenants shall be in force and effect, without regard to whether the Grantor is or remains an owner of any land or interest therein to which such covenants relate. The Grantor, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach.
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