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HUD.6~091~
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<br />then the A~reement, and any rights of the Redeveloper, or any assignee or
<br />transferee, in the Agreement, or arising therefrom vita respect to the
<br />A&ency or the Property, shall, at the option of the Agency, be terminated
<br />by the A&ency, in which event, as provided tn Para&raph (d), Section 3 of
<br />Part I hereof, the Deposit shall be retained by the Asoncy as liquidated
<br />dama6es and as its property without any dedu:tion, offset, or recoupment
<br />whatsoever, and neither the Redeveloper (or assignee or .transferee) nor the
<br />Agency shall have any further ri&his against or liability to the other
<br />under the A&reement.
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<br /> 8~C. 70~. Revesting Title in A&ency Upon Happening of Event Subsequent
<br />to Conveyance %o Redeveloper. In the event that subsequent to conveyance
<br />6f the Property or any part thereof Lo the Redeveloper and prior to
<br />completion of the Improvements as certified by the Agency
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<br />(a)
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<br />the Redeveloper (or successor in interest) shall default in or
<br />violate its obligations with respect to the construction of the
<br />Improvements (including the nature and the dates for the beginning
<br />and completion thereof), or shall abandon or' substantially suspend
<br />construction work, and any such default, violation, abandonment,
<br />or suspension shall not be cured, ended, or remedied within three
<br />(3) months (six (6) months, if the default is with respect to the
<br />· date for completion of the Improvements) after ~ritten demand by
<br />the A~ency so to do; or
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<br />· (b) the Redeveloper (.Or successor in interest) shall fail .to pay real
<br /> estate taxes or assessments on the Property or any part thereof
<br /> when due, or shall place thereon any encumbrance or lien
<br /> unauthorized by the Agreement, or shall, suffer'any levy or
<br /> attachment to be made, or any materialmen's or mechanics' lien,
<br /> or any other unauthorized encumbrance or lien to attach, and such
<br /> taxes or assessments shall not have been Paid, or the encumbrance
<br /> .or lien removed or discharged or progision satisfactory to the
<br /> Asency made for such payment, removal, or dischargb, within
<br /> ninety (90) days after written demand by the Agency so to do; or
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<br /> (c) there .is, in violation of the Asreement, any transfer o~ the
<br /> Property or any part thereof, or any change in the o~nership or
<br /> distribution of the stock of the RedevelopeF, or with respect to
<br /> the identity of the parties in control of the Redeveloper or %he
<br /> degree thereof, and such violation shall not be cured within
<br /> sixty (60) days after written demand by the Ase~cy to the
<br /> Redeveloper,
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<br />'then the Agency ~hnll have th,.~ right to re-enter and take possession of the
<br />ProperLy find Lo terminate (ri. Od revest in the Agency) the estnLe conveyed by
<br />the Deed t.o the Redeveloper, it being the Intent of this provision, together
<br />with other provb;lon:~ of the Agreement, that the convey~ce of the Property
<br />to the Redeveloper sha~l be made upon, ~d that the ~ed ohail coat.la, a
<br />condition suba~quent Lo the effect that In the event of ~y default, fallure~,
<br />violation, or.other ~etlon or inaction by the Redeveloper specified in
<br />aubdivision~ (a)~ (b), and (e) o~ this Section 70h, failure on the p~t of
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