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Attachment A <br />498 <br />499 <br /> (c) Exercise its right under Section 8.3; <br />500 <br />501 <br /> (d) Draw the full amount of the Letter of Credit or withdraw all funds in the escrow <br />502 <br />account established in Section 5.1; <br />503 <br />504 <br /> (e) Withhold the Certificate of Completion; or <br />505 <br />506 <br />(f) Take whatever action at law or in equity may appear necessary or desirable to the <br />507 <br />Authority to enforce performance and observance of any obligation, agreement, or covenant of <br />508 <br />the Developer under this Agreement; provided, however, that any exercise by the Authority of its <br />509 <br />rights or remedies hereunder shall always be subject to and limited by, and shall not defeat, <br />510 <br />render invalid or limit in any way (a) the lien of any Mortgage authorized by this Agreement and <br />511 <br />(b) any rights or interest provided in this Agreement for the protection of the holders of a <br />512 <br />Mortgage; and provided further that should any holder of a Mortgage succeed by foreclosure of <br />513 <br />the Mortgage or deed in lieu thereof to the Developer’s interest in the Property, it shall, <br />514 <br />notwithstanding the foregoing, be obligated to perform the obligations of the Developer under <br />515 <br />this Agreement to the extent that the same have not therefore been performed by the Developer. <br />516 <br />517 Section 8.3. Revesting Interest in Authority Upon Happening of Event of Default <br />518 Subsequent to Conveyance of Property to Developer <br />. In the event that subsequent to the <br />519 <br />closing or the sale of the Property to the Developer and prior to the issuance of the Certificate of <br />520 <br />Completion: <br />521 <br />522 <br /> (a) The Developer fails to begin construction of the Improvements in conformity with <br />523 <br />this Agreement, and such failure is not due to Unavoidable Delays; <br />524 <br />525 <br /> (b) The Developer, after commencement of the construction of the Improvements, <br />526 <br />defaults in or violates obligations with respect to the construction of the Improvements, <br />527 <br />including the nature and the date for the completion thereof, or abandons or substantially <br />528 <br />suspends construction work, and such act or actions is not due to Unavoidable Delays; <br />529 <br />530 <br /> (c) The Developer or successor in interest fails to pay real estate taxes or assessments <br />531 <br />on the Property or any part thereof when due, or places thereon any encumbrance or lien <br />532 <br />unauthorized by this Agreement, or suffers any levy or attachment to be made, or any supplier’s <br />533 <br />or mechanic’s lien, or any other unauthorized encumbrance or lien to attach; <br />534 <br />535 <br /> (d) There is, in violation of Article VII of this Agreement, any transfer of the <br />536 <br />Property or any part thereof; or <br />537 <br />538 <br /> (e) The Developer fails to comply with any of its covenants under this Agreement, <br />539 <br />540 <br />then the Authority shall have the right upon 30 days’ written notice to Developer and the <br />541 <br />Developer’s failure to cure within such 30 days period, to re-enter and take possession of the <br />542 <br />Property and to terminate and revest in the Authority the interest of the Developer in the <br />543 <br />Property; provided, however, that such revestiture of title shall be subject to the lien of any prior <br />11 <br />498768v2 MNI RS275-12 <br /> <br />