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Property as described in the Redevelopment Property Deed and subject to the rights of the holder of any mortgage granted to secure financing for construction of the Minimum Improvements. Section 7.3. Resale of Reac uired Pro er • Disposition of Proceeds. Upon the revesting in the City o tit a to and or possession o the edeve opment Property or any part thereof as provided in the Redevelopment Property Deed, the City shall, pursuant to its responsibilities under law, use its best effort to sell the Redevelopment Property or part thereof as soon and in such manner as the City shall find feasible and consistent with the objectives of such law and of the Program to a qualified and responsible party or parties (as determined by the City) who will assume the obligation of making or completing the Minimum Improvements or such other improvements in their stead as shall be satisfactory to the City and in accordance with the uses specified for such Redevelopment Property or part thereof in the Program. Upon such resale of the Redevelopment Property, the proceeds thereof shall be applied: (a) First, to pay all unpaid real estate taxes which have or shall become due and payable with respect to the Redevelopment Property and improvements thereon in the calendar year in which the Redevelopment Property is resold, and to pay any and all delinquent real estate the date o� resale ofthe edevelopment Proany interest and perty; accrued thereon, unpaid upon (b) Second, to pay the principal and interest on any mortgage(s) created on the Redevelopment Property, or any portion thereof, or any improvements thereon, pursuant to Article VIIL If more than one mortgage on the Redevelopment Property, or any portion thereof, or any improvements thereon, is created pursuant to Article VII4 and insufficient proceeds cf the resale exist to pay the principal of, and interest on, each such mortgage in full, then such proceeds of the resale as are available shall be used to pay the principal of and interest on each such mortgage in their order of priority, or by mutual agreement of all contending parties including the Redeveloper, or by operation of law; (c) Third, to reimburse the City, for all allocable costs and expenses incurred by the City, including but not limited to salaries of personnel, in connection with the recapture, management and resale of the Redevelopment Property or part thereof (but less any income derived by the City from the property or part thereof in connection with such management); any payments made or necessary to be made to discharge any encumbrances or liens (except for mortgages) existing on the Redevelopment Property or part thereof at the time of revesting of title thereto in the City or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Redeveloper, its successors or transferees (except with respect to mortgages); any expenditures made or obligations incurred with respect to the making or completion of the Minimum Improvements or any part thereof on the Redevelopment Property or part thereof; and any amounts otherwise owing to the City (including water and sewer charges) by the Redeveloper and its successors or transferees; and (d) Fourth, to reimburse the Redeveloper up to the amount equal to (i) the sum of the Purchase Price paid to the City by the Redeveloper for the Redevelopment Property (or allocable to the part thereof) and the cash actually invested by the Redeveloper in making any of the Minimum Improvements on the 17