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IIUD.6209B the ficdevelop~r Lo remedy, end, or abrogate such default, failure, violation~ or other action or in,etlon, within the period and in the manner slated in such subdivisions, the Agenc:y at its option may declare a termination in favor of the. Agency of the title, and of all the rights and interests in and 'to the Property conveyed by thc Deed to the Redeveloper, ~nd %hot such title and all rights ~nd interests of the Redeveloper, ~d ~ny assigns or su~ccesaors in interest to and in the Property, shall revert to the Agency: f .vided, That such condition subsequent and any revestln~ of title as a ] .ult thereof in the Agency . (1) shall always be subject to a~d limited by, and shall not defeat, render invalid, or limit in any way, (i) the lien or'any mortgage authorized by the Agreement, and (ii) any rights or interests provided in the Agreement for the'protection of the holders of such mortgages; and (2) shall not apply to individual parts or parcels of the Property (or, in the case of parts or parcels leased, the leasehold interest) on which the ~mprovements to be constructed thereon' have been completed in a~.cordance with the Agreement and for which a certificate of completion is issued therefor as provided in Section 307 hereof. -In addition to.~nd w~thout in ~y way limiting the ~ASency's r~ght to reen- try aa provided for ~n the preceding sentence, the Agency shall have the .~l~ht to retain the Deposit. as provided in Paragraph (d). Section 3 of Part I hereof, w~thout any deduction, offset or recoupment whatsoever, 'in the event of a default, violation or failure of the Redeveloper as speci- fied in the preceding sentence. SEC. 709. Re~ale of Reacquired. Propert~ Disposition of Proceeds. Upon the revesting in the Agen~:y of title to the Property or any part thereof as provided in Section 702, the Agency shall, pursuant l.o its responsibilities under State la~, use its best efforts to resell the Property 5r par~ thereof (subject to su~h mortgage liens and leasehold interests as in Section 7C~ set forth and provided)as soon and in su[h manner as the Agency shall f~nd feasible and ~:onsisten[ with the objertives of such law and of the Urban Renewal Pla~ to a qualified and responsible party or patti, s (as determined by the Agency) who will assume the obligation of making or completing the Improvements. or such other improvements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for such Property or part thereof in the Urban R newal Plan. Upon such resale of the Property, the proceeds, thereof shall be applied: (a) First, to reimburse thc A~;ency, on its own behalf Or on behalf of the City, for all costs and expenses incurr~d by the Agency, including but not limited to salaries of personnel, in connection with thc recapture, management, and resale of the Property or part thereof (but less any income derived by the Agency from ~he Property or part thereof in connection with such management); all taxes, assessments, and water and sewer charges with respect to the Property or part ~hereof (or, in the evqnt the Property is exemp~ from taxation or assessment or such charges during the - 18 -