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<br />~ ----- -c--------------,--______ __ _~ _______ ____________ _~________,______. _____ <br /> <br />shall be satisfactory to the City and in accordance with the uses specified for such Parcel or part <br />thereof in the Project Plan. Upon such resale of the Parcel, the proceeds thereof shall be applied: <br /> <br />(a) First, to reimburse the City, on its own behalf or on behalf of the City, for the <br />City's investment in the Parcel, and for all costs and expenses incurred by the City, including but <br />not limited to salaries of personnel, in connection with the recapture, management, and resale of <br />the Parcel or part thereof (but less any income derived by the CitY from the property or part <br />thereof in connection with such management); all taxes, assessments, and water and sewer <br />charges with respect to the Parcel or part thereof (or, in the event the Parcel is exempt from <br />taxation or assessment or such charge during the period of ownership thereof by the City, an <br />amount, if paid, equal to such taxes, assessments, or charges (as determined by the City assessing <br />official) as would have been payable if the Redevelopment Property were not so exempt); any <br />payments made or necessary to be made to discharge any encumbrances or liens existing on the <br />Parcel or part thereof at the time of revesting of title thereto in the City or to discharge or prevent <br />from attaching or being made any subsequent encumbrances or liens due to obligations, defaults <br />or acts of the Developer, its successors or transferees; any expenditures made or obligations <br />incurred with respect to the making or completion of the Sub-Phase or any part thereof on the <br />Parcel or part thereof; and any amounts otherwise owing the City by the Developer and its <br />successor or transferee; and <br /> <br />(b) Second, to reimburse the Developer, its assigns or transferees, up to the amount <br />equal to the sum of the purchase price paid by it for the Parcel (or allocable to the part thereof) <br />and the cash actually invested by it in making any of the Sub-Phase on the Parcel or part thereof. <br /> <br />Any balance remaining after such reimbursements shall be the property of the City. <br /> <br />Section 9.5. City Events of Default and Developer Remedies. <br /> <br />(a) City Events of Default. Anyone or more of the following shall be an "Event of <br />Default" by the City under this Agreement: <br /> <br />(i) Subject to Unavoidable Delays, failure by the City to cause the <br />construction of the Public Improvements to be commenced and completed pursuant to the <br />terms, conditions and limitations of this Agreement. <br /> <br />(ii) Subject to Unavoidable Delays, failure by the City to substantially observe <br />or perform any other material covenant, condition, obligation or agreement on its part to <br />be observed or performed under this Agreement. <br /> <br />(b) Develoner Remedies on City Default. Whenever any Event of Default by the City <br />referred to in this Section 9.3 occurs and is continuing, the Developer may immediately suspend <br />its performance under this Agreement and may take anyone or more of the following actions <br />after the giving of one hundred eighty (180) days' written notice to the City of the Event of <br />Default by the Developer, but only if the Event of Default cannot be cured within said one <br />hundred eighty (180) days, or if the Event of Default cannot be cured within one hundred eighty <br /> <br />28 <br />