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HomeMy WebLinkAbout1976-10-25 402 AD RESOLVE402 _ An Introduced by Councilor Finnisaq October 25, 1976 , CITY OF BANGOR (TITLE.)¢$O�11C�_ApProszug..xznpaaed..C.sanGxa:SWx..S.ale...rz£._Land_In the Kendu k aq Strea U b Rene 1Pro�ect,.M R] Parcel B-11 By Cky CoaadlaFUw a4tafBangor. RESOLVW, THAT, WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for sale of Parcel B-11 in the Kenduskeag Stream Urban Renewal Project with Ralph A. Dyer, II; and WHEREAS, the said Ralph A. Dyer, II has offered to pay the sui of One Hundred Eighty Thousand Dollars ($180,000.00) for said parcel, said price being the minimum approved price for said parcel as established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development; and WHEREAS, under the provisions of Chapter 168 Of the Private and Special Laws of Maine,. 1957, as amended, City Council approval of all contracts for the sale of land within the Project Area is required; and WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract with Ralph A. Dyer, II in the office of the City Clerk; NOW, THEREFORE, HE IT RESOLVED: THAT, the proposed contract on file with the City Clerk be and is hereby approved. 402 AD IN CITY CW IL R E s o L v e }� October 25,'1976 cxmr c RECEIVED Approving Proposed contract fox CITY OF BANGOR Sale of Sana in ue xenduakeag St eam CITY CLERKS OFFICE Urban ercel. kN-12Pxo]e<t; Me.k-r. 976 CC! 20 AM 10 55 ya a as va) U.& DEPARTMENT OF MOUNNG AND URBAN DEVELOPMENT URBAN RENEWAL PROGRAM PART I OF STANDARD FORM OF CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT --------------------------------- Part of - CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT By and Between and �A nrWr TT euDi20?1 -111 PART I CONTENTS Section page I Rale: Purchase Price . . . . . . . . . . . 4 2. Conveyance of Property d 4 3, Good Faith Deposit .. r .... . . . 6 4. Time for Commencement and completion of Improvements .c . . . . .. . . . . . . . . .. .. 8 S. Time for Certain Other Action. . . . . . . . . . . 8 6. Period of Duration of Covenant on Use . . . . . . . 9 7. Notices and Demands . . .. . .. . . . 10 8. Special Provisions. . . . .. . .. . . . 10 9. Modifications of Part R . ... . . . . . . . . 10 10. Counterparts ...................... 11 w 0-M CONTRACT FOR SALE OF f.AND FOR PRIVATE REDEVEWPMENT AGREEMENT, consisting of 6his Part I and Part II (Form HUD -62098, 9-69) annexed hereto and made a part hereof (which Part I and Part Il are together hereinafter called "Agreement"). made on or as of the stn day of October , 1916 by and between the Urban Renews 1 A,,♦bnrjF., a public body corporate (which, together with any successor public body or officer hereafter designated by or pursuant to law, is hereinafter called "Agency"). established pursuant to C ten 168 of thevete of tbP sfatn of Maine (195]1 of the State of (hereinafter called "Urban Renewal Act") and having its office aatCity Hall. „ in the city of (hereinafter called "City"). state of . and the -'P — a corporation organized and existing ender the laws of the State of United States of Merica (hereinafter called "Redeveloper") and having an office for the transaction of business at 61 state QP in the city of Banvor , County of and State of Maine . WITNESSETH: WHEREAS, in furtherance of the objectives of the Urban Renewal Act. the Agency has undertaken a program for the clearance and reconstruction or rehabil. itationof alum and blighted areas in the city, and in this connection is engaged in carrying out an urban renewal project known as the I. Kenduskizaa Stream Project" (hereinafter called "Project") in an area (hereinafter called "Project Area") located in the City: and WD6 «a WHEREAS. as of the date of the Agreement there has been prepared and approved by the Agency an urban renewal plan for the Project, consisting of [Insert deacription of the plan, is, for example: "the Urban Renewal Plan. dated may 20 19 64i and approved by the City Council of the City son June 22 , 19_EA by Resolution No. 79—R , as amended by Amendment No., 1 thereof, dated May 19 19_66. and approved by such Council on Tune 13 195Ii. by Reso- lution No.119— 11 (which plan, [ as so • ended, and ] as it may hereafter by [ further ] amended from time to time pursuant to law, and as so constituted from time to time. is, unless otherwise indicated by the context, hereinafter called i'Urban Renewal Plan"); and 1n lieu of B.DeC18Yation Of Restrictions N'HEREAS.gtAARX the e Uzban Renewal Plan AxxWnxtikNs&t�RhexdaARAsf hFA:BetuRsnnt:Fa� been recorded among the land records for the place in wbith the Project Area is situated, namely, Ponnhcr..* Rcoi=t y of nada in Book 2459 of at page 22� anasn Boo ded ob7 vo1.2633, Page 348 at page_, or, it the Urban Renewal Plan is not recordable in the jurfadic- tion, in lieu of the above, change to: "nae been filed in the Office of the Clerk of the City located at narear, Maine in the City;"] and . WHEREAS, in order to enable the Agency to achieve the objectives of the Urban Renewal Plan and particularly to make the land in the Project Area available for redevelopment by private enterprise for redevelopment for and in accordance with the uses specified in the urban Renewal Plan. both the Federal Government and the City have undertaken to provide and have provided substantial -2- 'xVO-tlJll aid and assistance to the Agency through a Contract for [ Loan and3 Capital Grant dated ne embe c , Igdl_4, in the case of die Federal Government and [ a Cooperation Agreement, dated .rely 14 19-1"43 in the case of the City: and WHEREAS. the Agency has offered to sell and the Redeveloper is willing to purchase certain real property located in the Project Area and mare particularly described in Schedule A annexed hereto and made a part hereof (which property as as described is hereinafter called "Property^) and to redevelop the Property for and in accordance with the uses specified in the Urban Renewal Plan and in accordance with the Agreement: and WHEREAS, she Agency believes that the redevelopment of the Property pursuant to the Agreement, and the fulfillment generally of the Agreement, are to the vital and best interests of the City and the health, safety. morale, and welfare of its residents, and in accord with the public purposes and provisions,, of the applicable Federal, State, and local laws and requirements under whichthe Project has been undertaken and is being assisted: NOW, THEREFORE, to consideration of the premises and the mutual oblige- P tions of the parties hereto. each of them does hereby covenant and agree with the other as follows: SEC. 1. SALE: PURCHASE PRICE. Subject to. all the terms. covenants, and conditions of the Agreement. the Agency will sell the Property to the Redevelaper for, and in* Redeveloper will purchase the Property from the Agency and pay therefor. the amount of Dollars ($ 180 000.00 ), hereinafter called "Purchase. Price". to be paid in cash or by certified check simultaneously with the delivery of the deed conveying the Property to the Re- developer. - I- sap- A SEC. 2. CONVEYANCE OF PROPERTY. (a) Form of Deed. The Agency shall convey to the Redeveloper this to the Property by warranty'. dead [deeds]- (hereinafter [collectively 3 called ''Deed"). Such conveyance and title shall, in addition to the condition subsequent provided for ,n Section 704 hereof, and to all other conditions, reversals. aM restrictions set forth or referred to elsewhere in the Agreement. be Subject to: (1) [Here set forth in full detail all easements with respect to the Property which are to be continued or are to be newly created or reserve 121. (3). etc. [Here set forth other reservations, encumbrances, or exceptions if any. There should be included in this Section the customary standard printed exceptions found in atitle policy, as well as the other exceptions noted in a title policy with respect to the particular property (b) Time and Place for Delivery of Dead. The Agency shall deliver the Deed and possession of the Property to the Redeveloper onMeV 1,.::. 1977, or on such earlier date as the parties hereto may mutually agree in writing. Conveyance shall be made at the principal office of the Agency and the Redeveloper shall accept such conveyance and pay the Purchase Price to the Agency at such time and place. (c) Apportionment of Current Taxes. The portion of the current taxes, if any, on the Property which are a lien on the date of delivery of the Deed to the Redeveloper allocable to balldings and other improvements which have been demolished or removed from the Property by the Agency shall be borne by the Agency. and the portion of ouch current taxes allocable to the land shall be apportioned between the Agency and the Redeveloper as of the date of the delivery of the Deed. If the amount ofthe current taxes on the Property is not ascertain- able on Such date, the apportionment between the Agency and the Redeveloper shall be on the basis of the amount of the most recently ascertainable taxes on _4- the Property, but such apportionment shall be subject to final adjustment within (30)days after the date the actual amount of such current taxes is ascertained. (b) Recordation of Deed.. The Redeveloper ahall promptly file the Deed for recordation among the land records of the place in which the Property is situated. The Redeveloper shelf pay all "are (including the coat of the State documentary stamp tax, a any, on the Deed, for which stamps in the proper amount shall be affixed to the Deed by the Redeveloper). for so recording the Deed. (a) atm [There should also be included in this Section any other obligations of the Agency and the Redeveloper, respectively, in regard to the formalities and mechanics cs of conveyance and related obligations. as may be agreed upon on the basis of local c tom or otherwise. For example, Pyi ^ ana` be m necessary or desirable to indicate which party to provide or bear he coat of title insurance other title evidence; what the amount of the title nolicy to be what the nature of the title evidence shallbeich and awho is to `oovervide it (title insuran a ompanies or title attorneys); pxem' pay the state transfer tax, if any, provided lfiat, if the Agency is pt from such transfer tax, the Redevelop¢] shall be obligated to pay it, as well as other miscellaneous coats, etc. SEC. 3. GOOD FAITH DEPOSIT, _ (a) AA mount. The Redeveloper has, prior W or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a good faith , deposit of cash or a certified check satisfactory to the Agency in the amount of - Dollars ($), hereinafter called "Deposit", as security for the performance of the obligations of the Redeveloper to be performed prior to the return of the Deposit to the Redeveloper, or its retention by the Agency as liquidated damages, or its application ad account of the Purchase Price, as she case may be, in accordance with. the Agreement. or, in lieu of cash or certified check, substitute and describe in full either! (i) negotiable bonds or other eunilar obligations of the United States of America in the total principal amount of Ten - - L4 0>n) e ------- gran n n! n Dollars ($19,nnn nn - j, as follows: or Cityof Brocton, Mass, Water Lean @. 2 3/41 Due May mu 1978' Certificate Nos. 39 6 40 (if), "a surety bond in the penal a dN. 01 .Dollars ($ ),• in - form and substance satisfactory to the Agency, in which the Agency is - the obligee, issued by a surety company regularly engaged in the issuance of ouch undertakings and on the list of surety companies approved by the United States Treasury for at least such amount." The Deposit. if cash or certified check, shall be deposited in an account of the Agency in a bank or trust company selected by it. (b) Interest. The Agency shall be under no obligation to pay or earn • _ interest on the Deposit, but if interest is payable thereon such interest when received by the Agency shall be promptly paid to the Redeveloper. - (c) Application to Purchase. Price. In the event the Redeveloper is other - me entitled to return of the Deposit pursuant to paragraph (e) of this Section, upon written request of the Redeveloper the amount of the Deposit if paid in cash' or by certified check shall be applied on account of the Purchase Price at the - time payment of the Purchase Price is made. (d) Retention by Agency. Upon termination of the Agreement as provided in Sections 703 and 704 hereof, the Deposit or the proceeds of the Deposit, if not theretofore returned to the Redeveloper pursuant to paragraph (e) of this Section, including all interest payable on such Deposit or the proceeds thereof after after such termination, shell be retained by the Agency as provided in Sections 703 and 704 hereof. (e) Return to Redeveloper. 'Upon termination of the. Agreement as provided in Section 702 hereof, the Deposit shall be returned to the Redeveloper by the 6 r»r, Agency as provided in Section 702 hereof. If the Agreement shall not have been theretofore terminated and if nocausefor termination then exists, the Agency shall return the Deposit to the Redeveloper upon receipt by the Agency of the following: li)A copy of the commitment or commitments obtained by the Redeveloper for the mortgage loan or loam to assist in financing the construction of the Improvements (as defined in Section 301 hereof), certified by the Redeveloper to be a true and correct copy or copies thereof; - (if) Evidence satisfactory to the Agency that the interim mortgage loan to assist in financing the construction of the Improvements has been initially closed; (iii) A copy of the contract between the RWeveloper and the general contyac- for for the construction of the Improvements, certified by the Redevel- oper to be a true and correct copy thereof, and (iv) A copy of the contract bond provided by the general contractor in can- pension with the aforesaid construction contract which bond shall be in a penal cum equal to not less Nm ten percent 1109) of the contract price under said construction contract certified by the Redeveloper to be a true and correct copy thereof. SEC. 4. TIME FOR COMMENCEMENT AND COMPLETION Or IMPROVE- MENTS. The construction Of the Improvements referred to in Section 301 hereof shall be commenced in any event within three 1 3 1 months after the date of the Deed. and, except as otherwise provided in the Agreement. shall be completed four within t'(24) months after such date. Provided, That if a mortgage scenting money loaned to finance the Improvements, or any part thereof. is insured by the Secretary of Housing and Urban Development, then the aforesaid completion time shall not apply, but instead the construction of the Improvements, .]- e -.mea or any part thereof, shall be completed within the time specified in the applicable Building Loan Agreement approved by the Secretary of Housing and Urban Aevelop- menti �.. SEC. I. TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plane.. The time within which Ne Redeveloper shall submit its "Construction Plane" (as defined in Section 301 hereof) to the Agency in any event,, pursue= to Section 301 hereof, shall be not later Nan one hu ndvcd al gbty a ( 1Spdays from the date of the Agreement. (b) Time for Submission of Corrected Construction Plane. Except as pro- vided in Paragraph (c) = this Section 5. the time within which the Redeveloper shall submit any new or corrected Construction Plans as provided for in Section 301 hereof shall be not later than forty-five (45) days after the date the Rede- veloper receives writtennotice from the Agency of the Agency's rejection of the Construction Plana referred to in she latest such notice. (c) Maximum Time for Approved Construction Plane. In any event, the time within which the Redeveloper shall submit Construction Plans which conform to the requirements of Section 301 hereof and are approved by the Agency shall be not later than £ovty-f ive (45) days after the date the Redeveloper receives written notice from the Agency of the Agency's first rejection of, the original Con- struction Plane submitted to it by the Redeveloper. (d) Time for Agency Action on Chane in Construction Plana. The time c'ithin which the Agency may reject any change in the Construction Plane. as provided In Section 302 hereof. shall be thi rty (30 ) days after the date of the Agency'1 receipt of notice of mch change. (e) Time for Submission of Evidenceof Equity Capital and Mortgage Financing. The time within which the Redeveloper shall submit to the Agency. in any event, D 209% evidence as to equity capital and any commitment necessary for mortgage finane. ing, an provided in Section 303 hereof, shall be not later than forty-five (45 ) days after the date of written notice do the Redeveloper of approval of the Construc- tion Plane by the Agency, or,if the Construction Plane shall be deemed on have been approved as provided in Section 301 hereof, atter the expiration of thirty (30) days following the date of receipt by the Agency of the Construction Plane so deemed approved. SEC. 6. PERIOD OF DURATION OF COVENANT ON USE. The covemmoVpertaining to the use of the Property, set forth in Section 401 hereof, shall remain in effect from the dale of the Deed until e 22 1911, the period specified or referred to in the Urban Renewal Plan, or until such dace thereafter to which it may be extended by proper amendment -of the Urban Renewal Plan, on which date. as the case may be, such covenant shall terminate. ' SEC. ]. NGTIGES AND DEMANDS. ' A notice,demand, orother communication under the Agreement by either party to the other shall be sufficiently given or delivered if it is dispatched by y registered or certified mail, postage Prepaid, return receipt requested, or delivered ner;mully. and (i) in the cane of the Redeveloper, ,s addressed to or delivered personally to the Redeveloper at Al State Street Ranoor. Maine and (L) in the ease of the Agency, is addressed to or delivered personally to the Agency at r! D, v'll a..gnr Ruin, or at such other other address with respect to either such party as that party may, -9- j `. UD-1aee •, from time to time, designate in writing and forward to the other as provided in this Section. SEC. 9. SPECIAL PROVISIONS. • See Attached [Add other special provisions, if any, to cover various situations which are sot already covered in Part I of Part D.] SEC. 9., MODIFICATIONS OF PART D. The following amendments and modifications are hereby made in the terms, covenants, and conditions forming Part If hereef; Delete Section 404 (added by former LPA Letter No. 319, Supplement No. 2), Insert after subsection 401(b) the following subsection: (c) All advertising (including signs)for sate and/or rental of the whole or any part of the Property shall include the legend, "An Open Occupancy Building" in type or lettering of easily legible size and design. The word "Project" or "Development" may be substituted for the word "Building" where circumstances require such -substitution. SEC. 10. COUNTERPARTS. The Agreement is executed in three (3) counterparts, each of which shall constitute one and the same instrument. IN WITNESS WHEREOF, the Agency has caused the Agreement to be duly executed in its name and behalf by its Executive Director and its seal to be hereunto duly affixed seal attested by its qlcrptary and the Redeveloper has caused the Agreement to be duly executed in its name and behalf by its President and its corporate seal to be ]o - hereunto duly affixed and attestai,by its Secretary, on or as of the day first above written. Bangor Urban Renewal Authority /neenevl _. By_ Attest: lseneugj Attest: C Qe owl SCHEDULE A Description of Property All that certain parcel or parcels of land located in the City of Rangor '. County of Penobscot State of Main more particularly described as follows. Parcel B-11, %endvskeag Stream Project, No. Me, A-7 See attached [together with -1g- Sec. 8. Section 703 of Part II is deleted and replaced by the following: If Ralph Dyer terminates this Contract for any reason, prior to the conveyance of title, the deposit will be returned to him, lose negotiated expenses. The Agency will make no expenditures on behalf of the developer, before May 1, 1977, unless first negotiated with Ralph Dyer. Developer will not be assessed Real Estate Taxes on said Parcel until April 1, 1978. No state documentary stamp tax is required. B-11 Beginning at an iron rod at the intersection of the easterly right-of-way line of Exchange Street and the southerly right -o£ -way line. of York Street, said iron rod having coordinates North 353013.90, East 430125.84 based on the Maine State Coordinate System, East Zone; thence North 710 49' 41" East for a distance of 400.33 feet along the southerly right-of-way line of York Street to an iron rod; thence southeasterly on a curve to the right having a radius of 22.00 feet for 34.47 feet to an iron rod, said iron rod being 11.00 feet west- erly of the westerly right-of-way line of Oak Street measuring at right angles to the same; thence South 180 25' 31" East for 256.65 feet along a line 11.00 feet westerly of the right-of-way line of Oak Street measuring at right angles to the same.to an iron rod; thence southwesterly along a curve to the right having a radius of 22.00 feet for 34.58 feet to an iron rod on the northerly right-of-way line of Hancock Street; thence South 710 37' 28" West for 400.24 feet to an iron red at the intersection of the northerly right-of- way line of Hancock Street and the easterly right-of-way line of Exchange Street; thence North 180 25' 31" West for 301.84 feet along said Exchange Street right-of-way line to the point of begin- ning. Meaning and intending to describe a parcel of land containing 126,978 square feet. All bearings are referenced to the grid North based on said Maine State Coordinate System. Io7 mm -6209B (4-66) TERMS Apo COINTTIOWS Pert II of COpTi FOR SALE OF L FOR PIQ M RBOBFELOPM W BY and Beth en Urban Renewal Authority eva RalOh A. DveY II PART II CONTENTS Section 1 RU0.62ogB ARTICLE I. PREPARATION OF PROPERTY FOR R®EvetpPR®fT 101. York To Be Performed by Agency 1 102. Expenses, Income, and salvage 1 103. Agencyls Responsibilities for Certain Other Actions 2 104. Waiver of Claim dead Joining in Petitions by Redeveloper 3 ' ARTICLE II. METE OF ACCESS TO PROPERBT 201. Right of Entry for Utility service 3 202. Redeveloper Not To Construct Over Utility Easements 3 203. Access to Property 3 ARTICLE III. CONSTRUCTION PLANS; CONSTRUCTION OF INPROVE16BT8; CERTIFICATE OF COMPLETION 301.. Plane for Construction of Improvements 4 302. Clunges in Construction Plane 5 303• Evidence of Epuity Capital end Mortgage Financing - 5 304. Approvalsof Construction Plane and Evidence of Financing 5 As Conditions Precedent to Conveyance 305. Commencement and Completion of Construction of 5 Improvementa 306. Progress Reports 6 307. Certificate of Completion 6 1 RU0.62ogB Section MORTGAOEE9 Pam_ 601. NSICLE IV. RESTRICTIONS UPON USE OF PROPERTY 12 401. Restrictions on Use 7 402. Covenants; Binding Upon Successors in Interest; Period of 7 604. Duration 13 403, Agency and United States Nights To Enforce 8 606. ARTICLE V. PROHIBITIONS AGAINST ASSIGMAKHT AND 15- 607. TRANSFER f. 501. Representations As to Redevelopment 8 SO2. Prohibition Against Transfer of Shares of Stock; Binding 9 Upon Stockholders Individually 503. Prohibition Against Transfer o1 Property and Assignment of 10 Agreement 504. Information As to Stockholders' 12 ARTICLE VI. NOMADS FINANCING; RIGHTS OF ARTICLE VII. R&'k.DIES 701. In General 15 702. Termdantion by Redeveloper Prior to Conveyance 15 703. Termination by Agency Prior to Conveyeace 16 EUD-62098 if MORTGAOEE9 601. Limitation Upon Encumbrance of Property 12 602. mortgagee Not Obligated To Construct 13 603• Copy of Notice of Default to mortgagee 13 604. Mortgagee's Option To Cure Defaults 13 605. Agency's Option To Pay Mortgage Debt or Purchase Property 14 606. Agency's Option To Core Mortgage Default 15- 607. Mortgage and Molder 15 ARTICLE VII. R&'k.DIES 701. In General 15 702. Termdantion by Redeveloper Prior to Conveyance 15 703. Termination by Agency Prior to Conveyeace 16 EUD-62098 if Section Pape 706. Revesting Title in Agency Upon Happening of Event Subsequent 17 to Conveyance to Redeveloper 70$. Resale of Reacquired property; Disposition of Proceeds 18 706. Other Rights and Remedies a Agency{ Ho Waiver by Delay 19 701. Enforced Delay in Performance for Causes Beyond Control of 19 Party 708. Rights end Bedside Cumulative 20 709. Party in Position of Surety With Respect to obligations 20 6f� ¢]a��{{��] 801. Conflict of Interests; Agency Representatives Not Individually 21 Liable 802. Equal Employment Opportunity 21 803. Provisions Not Merged With Deed 22 806. Titles of Articles and Sections 22 i11 HUD -62098 g4 i SEC. 101. Work To Be Performed by Agency. The Agency shall, prior to conveyance of the Property and without expense to the Redeveloper, prepare the Property for redevelopment by the Redeveloper in accordance. with the Urban Renewal Plan and the Agreement. Such preparation of the Property shall consist of the follonng (unless the Agency and the Redeveloper hereafter agree in writing that any of such preparation shall rick be done, or that It shall be dove subsequent to the conveyance of the Property): (a) Demolition and Removal. The demolition and removal to the surface eleva��oinlag ground of all existing buildings, other structures and Improvements o the Property, Including the removal of all tricks, lumber, pipes, equipment and other. material, and All debris And rubbish resulting from such denolition, except such material and debris as may be used for any filling required by this Section. - (b) Reduction a Walls. The reduction of all walls, including foundation valla, to the surface elevation a the "Joining ground. (c) Snaking Up Basement Plows. The breaking up a all basement or cellar lto permit proper drainage. (d) R�emovalof Pann . The removal by the Agency or by the app:o 1 c body of all paving (Including catch handed, curbs, gutters, drives, end sidewalks) within or on the Property. (e) Removal of Public Utilit Ideas. The removal or abandonment by M44 Agency of y k appropriate PUDlIc Doay or public utility company of all public utility lines, installations, facilities, And related equipment within or on the Property. Fill (f) landmigut not Ineand Gradcludingutopsoillor landscaping) anenll permitM proper drainage and place the Property in a safe, clean, sanitary, and nophasaraos condition. (g) Pilling wterials. The filling of all basements or other excavations exposed as a result a the vork performed by the Agency pursuant to this Section, with noncombustible materials to a level twelve (12) Inches brow the surface a the Adjoining ground o all aides thereof. SEC. 102. Expenses. Tricots, and 9elvege. All expenses, Including current taxes, if any, relating to buildings or other structures demoldahea or to be demolished In accordance with Section dol hereof shall be borne by, end all Income or salvage recrivea an a result of the demolition of such buildings or structures shell belong to, the Agency. - i - BUD -62098 SEC. 103. Agency's Responsibilities for Certain Other Actions. ITh Agency, without expense to the Redeveloper sment or cla�alnst the Property and prior to completion of the Improvements (or at such earlier time or times as the Redeveloper and the Agency my Agree in writing), shell, In accordance with the Uctun penewl, Plan, provide or secure or cause to be provided or secured, the following: (s) Vacation of Streets Etc. The closing and vacation of all al existing streets, tiers; and other public rlghte-of-way, within or abutting on the Property.. (D) Replotting. pesubdivieion, or leasing. The replatting, esubdlvlsiov or zon3ug of the Property, 11 necessary for the cmVeyance thereof to the Redeveloper. (c) Improvements of Exist - The improvement (by the Agency Or by the ppropriete pvbllc body) by resurfacing, rebuilding, o new construction, in accordance with the technical specifications, standards, and practices of the City, of the existing streets, alleys, or other public rights-of-way (including catch basins, curbs and gutters, drive and curb cuts, and drives between the property line of the Property and the public rights-of-way) shutting on the Property. (d) construction and Dedication of New Streets. The construction (by the Agency or by the appropriate public body), in accordance with the technical specifications, standards, and practices of the City, end the dedication of all new streets, alleys, and other public rights-of-way (Including catch basins, curbs, and gutters) abutting on the Property. (e) Installation of Sidewalks. The iostallatlon (by the Agency or by the appropriate public body), in accordance with the technical specifications, standards, and practices of the City, of public sidewalks along the frontage of the public streets abutting on the property or within the rights-of-way lines of such public streets, together with wedding or seeding of any, such public area between such sidewalks or the curb lines of such public streets. (f) Street Llypting, SSgvA and }Ire Hydrants. The installation (by the Agency or by the appropriate public body), in accordance with the technical specifications, standards, and practices by the City, of street lighting, signs, and fire hydrants In connection with all new streets abutting on the property and to be constructed pursuant to this Section. (g) Installation a Public Utilities. The installation or relocation by the Agency or by the appropriate public body or public utility company) of an& sewers, drains, water and gas distribution lives, electric telephoneand telegraph lines, and all other public utility linea, installations, and facilities as =-62ogB - 2 - are wary, to be installed or relocated an or in connection with the Property by reason of the redevelopment cantemplated by the Urban Renewal Plan and the development of the Property: Provided, That the Agency shall not m responsible for, nor beer myportion of the cost of, installing the necessary utility connections within the boundaries of the Property between the Improvements to be constructed M the property by the Redeveloper and the water, smitmy never, and storm drain main or other public utility lines owed by the City or by any public utility company within or without such boundaries, or electric, gas, telephone, or other public utility lime owed by any public utility conpery within or without such boundaries, and the ledavelopae shall secure any permits required for Any such installation without coat or expense to the Agency. SEC. 104. waiver M Claims and Soinin 1n Petitions D Redevel e The Redeveloper Gerey waives ae the yuTchesex Of Property Ode[ too r Agreement and as the ower after the conveyance of the Property provided for in the Agreement) any and all claims to awards of damages, if any, to compensate for the closing, vacation, or change of grade of Any street, alley, or other public right-of-way within or fronting or abutting on, or adjacent to, the Property Mich, pursuant to subdivision (a) of Section 103 hereof, is to be closed or vacated, or the grade a MSCL Is to be changed, and shall upon the request a the Agency subscribe to, And join with, the Agency In Any, petition or proceeding required for such vacation, dedication, change of grade, and, to the extent necessary, rescuing, and execute Any waiver or other docssent in respect thereof. AETICIE II. SI0M OF ACCESS To PROPERTY SEC, 201. Night a Entry for Utility Service. The Agency reserves for itself, the City, sod any public utility company, as may be appropriate, the unImlified right to aster upon the Property at all reasonable time for the purpose of reconstructing, saintaining, repairing, or servicing the public utilities located within the Property boundary lines anal provided for in the a sements described or referred to in Paragraph (a), Section 2 of Part I hereof. SEC. 202. Eedevelover Not To Construct Over Utility Easements. The Redeveloper shell not construct any building or other structure or dnprovesent ca, over, or within the boundary lima a any easement for public utilities described or referred to in Paragraph (a), Section 2 a Part I hereof, unless Such construction Is provided for In such menaced; or bas been approved by the City. If approval for such construction is requested by the Redeveloper, the Agency shall use its beet efforts to segue that such approval Shall sot be withheld unreasonably. SEC. 203• Access to Perty. prior to the conveyance of the Property by the Agency to L.Ee-Fedevelopei, the Agency oball permit representatives of the Realevelopar to have access to my pert of the Property As to M1cD the Agency holds title, at All reasonable times fm the purpose of obtaining data - 3 . HUD -62098 and making various tests concerning the Property necessary to carry Out the Agreement. After the conveyance of the Property by the Agency to the Redeveloper, the Redeveloper shall permit the representatives of the Agency, the City, and the United States of America access to the Property at all reasonable times vh1ch any of them deems necessary for the purposes of the Agreement, the Cooperation Agreemeat, or the Contract for Loan and Capital Grant, including, but not limited to, inspection of all work being perforned in connection vita the construction of the Improvements. No Compensation shall be payable nor shall any charge be male in any form by any party for the access provided for in this Section. ARTICIS III. COMBTRCCTION PLANS; CORSTRUCPIOE OF II@RJIgMEgT$; CERTIFICATE OF COMPLRPIOR SEC. 301. Plans for Construction of Improvements. Plans and specificatims alto respect to the redevelopment of the Property and the construction of Improvemeuts thereon shell be in conformity with the Urban Renewal PLM, tax Agreement, and all applicable State and local leve soul regulations. As p tly as possible after the date of the Agreement, and, in any event, no later tb n the time specified therefor in Paragraph (a), Section 5 of Par. I hereof, the Redeveloper shall submit to the Agency, for approval by the Agency, plane, drawings, specifications, and related documents, and the proposed construction schedule (,which plans, drawings, specifications, related documents, and Progreso schedule, together with ary, and all changes therein that may thereafter be ame and submitted to the Agency as Mrsin provided, areexcept as otherwise Clearly indicated by the context, hereinafter collectively called "Construction Plane") with respect to the improvements to be constructed by the Redeveloper on the Property, in sufficient completeness and detail to mov Cast such dmpecrementh and construction thereof will be in accordance with the provisions of the Urban Renewal Plan soul the Agreement. The Agency shall, if the Construction Pima originally submitted conform to the provisions of the Urban Rmewal Plan and the Agreement, approve In wilting such Construction Plane and he further filing by the Redeveloper or approval by the Agency thereof shall be required except vith respect to any arterial charge. Such C®etructim Pima shall, In my event, be deemed approved unless rejection thereof In writing by the Agency, In whole or in part, setting forth in detail the reasons therefor, Shall be made within thirty (30) days after the date of their receipt by the Agency. If the Agency so rejects the Construction Plana In whole m to part as not being In conformity with the Urban Reneval Plan m the Agreement, the Redeveloper shall submit nen m corrected Construction Plane which ere in cmforodty with the Urban Renewal Plan and the Agreement, within the tim specified therefor in Paragraph (b), Section 5 a Part I hereof, after written notification to the Redeveloper of the rejection. The provisions of this Sectim relating to approval, rejection, loud resubmdesim a corrected Construction Plana herelmbove provided with respect is the Original Construction Pima shell continue to apply until the Constructim Plans have been approved by the Agency: Provided, That in my event the Redeveloper shall submit Construction Plana which are in conformity with the requirements of the Urban Renewal Alm sod the Agreement, as determined by the Agency, no later than the time specified therefor to Paragraph (c), Section 5 of Part I RUO -62098 - 4 - hereof. All work with respect to the isprovements to be constructed or provided by the Redeveloper on the Property shell be in conformity with the Construction plass as approved by the Agency. The term 'Improvements", a used in this Agreement, shell be deemed m have reference to the Improvements as provided and specified to the Construction plans as e0 approved. M. 302. Cheoges iv Cmetmetion Plass. If the Redeveloper denims to make any counts Iv tsetse Cmeter their approval by the Agency, the Redeveloper shall submit the proposed change to the Agency for its approval. If the Construction Pierre, as modified by the proposed change, conform to the requlmments of Seetlm 301 heme with respect to such previously approved Construction Plane, the Agency shall approve the proposed change and notify the Redeveloper In writing of its approval. Such change in the Construction Plans sbsll, in say event, be deemed approved by the Agency unless rejection theme, in whole or in pert, by written notice thereof by the Agency t0 the Radeveloper, setting forth In detail the reasons therefor, stall be ®de within the period specified therefor in Paragraph (d), Section 5 of Part I hereof. SM. 303. Eliaence of Eouity Cwltal end Mortgage Financing. N promptly an possible after approval Dy .heagency of the Construction Plane, and, in say event, no later than the time specified therefor in Paragraph (e), Section 5 Of Pert I hereof, the Redeveloper 811011 submit to the Agency evidence satisfactory to the Agency that the Redeveloper has the equity capital and co®itments for mortgage financing necessary for the construction of the Improvements. SW. 304. Amrovale of CovstmeLI= Plana eau Evidence a Financing As Conditions Precedent to Cmveyemce. The sutimlesion Of Construction Plane and their approval by the Agency as provided In Section 301 hereof, and the submieeion of evidence a equity capital and c®ttaemts for mortgage financing as provided In Sectim 303 hereof, are conditions precedent to the Obligation of the Agency to covey the Property t0 the Redeveloper. SEC. 305. ComencemevL and Cmoletim Of Construction of Improvements. The Redeveloper egress for itself, its s same and aselQos, end every success= in interest on the property` Or any part thereof, and the needeshell sweaty covenants on the part of the Redeveloper for itself sued such successors add assigns, that the Redeveloper, awl Such sue m$ and assigns, shall promptly begin and diligently prosecute to completion the redevelopment of therty through the construction Of the Improvements therein, and beat such onstm aim shall in my event be began within the period specified In Section 4 o1 Pert I berve and be empleted vlthln the period specified In such Sectlm 4. It Is intended and agreed, and the Reed shall so expressly provide, east su8h agreemnts and covenants shall be covenants rumivg With the land and that they shall, in any event, end without regard to technical classification or designation, legal or othervise, MUNI except only m Othemise specifically provided In the Agreemnt Itself, he, to the fallout extent permitted by lav and equity, binding for the benefit of the comity and the Agency and enforceable by the Agency against the Redeveloper and its successors and assigns to or of the property or any part thereof or any, interest them". - 5 - ESO-62o9R SSC. 306. Pro arts. Subsequent to conveyance of the Property, or any, part thereof, to the Sedeveloper, and until construction of the improvements hes been completed, the Redeveloper shall mate reports, in such detail and at such times as may, reasonably be requested by the Agency, as to the actual progress of the Redeveloper An respect to such construction. SEC. 307. Certificate of Completion. (a) Promptly after completion of the improvements in accordance with those provisions of the Agreement relating solely to the obligations of the Releand coompletieloper ton thereof) the AAggeencyeAll famishthe the P dawiope:ovitthh�an appropriate dnstriwent so certifying. Such certification by the Agency shall be (and It shall be so provided in the Deed and in the certification itself) aconclusive determination of satisfaction and termlmatim of the agreements and covenants In the Agreement and in the Deed vlth respect to the obligations of the Redeveloper, and its successors and assigns, to construct the Improvements and the dates for the beginning and completion thereof: Provided, That if them is upon the Property a mortgage Insured, or held Or owned, by the Federal Housing Administration and the Federal Housing Administration Shall have determined that all buildings constituting a part of the Improvements Som covered by such mortgage are, in fact, substantially completed in accordance with the Construction Plane and are ready foe occupancy, then, In such event, the Agency and the Weveloper Shall accept the determination of the Federal Housing Administration an to such completion of the construction of the improvements In accordance with the Construction Plana, and, If the other agreements and covenevts in the Agreement obligating the Redeveloper in respect of the construction and completion of the Improvements have been fully satisfied, the Agency shall forthwith issue Its certification provided for In this Section. Such certification and such determination shall not constitute evidence of complimce with or satisfaction of my obligation of the Redeveloper to any holder a a mortgage, or May insurer Of a mortgage, securing money loaned to finance the Improvements, or any part thereof. (b) With respect to such individual parts or parcels of the Property which, if so provided In Part I hereof, the Redeveloper my convoy or lease as the Improvements to be constructed themm art completed, the Agency All also, upon proper completion of the Improvements relating to any Such pmt or parcel, certify to the Redeveloper that such Improvements Dave been ease In accordance with the preAsione of the Agreement. Such certification 82011 mem and provide, and the Deed Shall a0 state, (1) that any party purchasing or leasing such Individual part or parcel pursuant to the authorization herein contained shall not (because of such purchase or lease) incur any, obligation with respect to the construction of the Improvements relating to Such part or parcel or to any, other part = parcel of the Property; end (2) that neither the Agency nor any, other party shall thereafter base or be entitled to exercise with respect to any such individual part or parcel so Sold (or, in the case of lease, with respect to the lessebold Internet) May rights or remedies or controls that It nay HDD-62o3H - 6 - otheralse have or be entitled to exercise with respect to the Property As result of a default In or breach of any pr0vislom of the Agreement or the Deed by the Redeveloper or my successor in Interest or assign, unless (1) such default or breach be by the purchaser or lessee, or eny, successor in interest to or assign of such Individual part or parcel with respect to the covenants contained and referred to In Section 401 hereof, and (11) the right, remedy, or control relates to such default or breach. (c) Each certification provided for fa this Section 307 awl be In such form m will enable it to be recorded in the proper office for the recordation a deeds and other instruments pertaining to the Property, including the deed. If the Agency. Wall refuse or fail to provide any certification in accordance with the provisions of this Section, the Agency shall, within thirty (30) days after written request by the Redeveloper, provide the Redeveloper vith a written statement, Indicating in adequate detail in what respects the Redeveloper has fallen to complete the Improvements in accordance with the Provisions of the Agreement, W is othervLe in defmlt, and what measures or acts It will be necessary, in the opinion of the Agency, for the Redeveloper to take or perform in order to obtain such certification. ARTICLE W. RESTRICTIONS UPON USE OR PROPERTY SEC. 401. Nestrictions on Use. The Redeveloper agrees for itself, and its successons apd aesigm, sod every successor in interest to the Property, or and, part thereof, and the Deed shall contain covenants on the part of the Redeveloper for itself, and such successors m and slgna, that the Redeveloper, and such successors and "signs, awl: (a) Devote the Property to, and only to and In accordance vitt, the uses specified in the Urban Renewal Plan; and (b) Not discriminate upon the basis of face, color, creed, or national origin in the sale, lease, or rental or In the u or occupancy of the Property or any, improveacnts exected or to be erected thereon, or my part thereof. SDC. 402. Coverts; Binding Upon Successors in Interests Period of Duration. It Sa Intended and agreed, and the Deed ehgo ssly provide, that the agreements and covenants provided So Section 401 hereof shall be coverts running alto the land and that they shell, in my event, and without regard to technical classification or designation, legal. or otbexvise, and except only m otherwise specifically provided in the Agreement, be binding, to the fullest extent peratitted by lav and equity, for the benefit and in favor af, and enforceable by, the Agency, Its successors and assigns, the City and any successor in Internet to the Property, or any part thereof, and the ower of any other land (or of my Interest In such Ism) in the Project Area which is subject to the land use requirecents and restrictions a the Urban Renewal Plan, and the United 7 -. RUD-62ogB States (in the case of the covenant provided In subdivision (b) of Sectim 401 hereof), against the Redeveloper, its successors sod assigns sed every successor In interest to the Property, o my part thereof or my interest thereisand my party in possession or occupancy of the Property or my par. thereof. It is further intended and agreed that the agreement and covenant provided In subdivision (a) a Section 401 hereof shall remain in effect for the period of time, or until the date, specified or referred to in Section 6 of Pmt I hereof (at which time such ag[emant and covenant shall termimte) and that the agreements send covenants provided In subdivision (b) of Section 401 hereof shall rebaiv in effect without limttatlon as to tire: Provided, That such agreements and covenants shall be binding en the Redeveloper itself, each successor In interest to the Property, sod every part thereof, and each party in possemim or occupancy, respectively, only for Such period as such successor or party shall have title to, o r m interest in, or possession ooccupancy of, the Property or part thereof. The term "uses specified in the Urban Nsneval Plan" and "land use" referring to provisions of the Urbm Samuel Plan, Or sinilar language, In the AsmamIt shin Include the land and all building, housing, and other requirements or restrictions of the Urban Renewal Plan pertaining to such land. SBC. 403. Agency and United States Rights To EnPo[ce. In ampllficatiov, and not iv restriction of, the provSsiove of the preceding Section, It is Intended and agreed that the Agency and its ea and assigns aball be deemed beneficiaries of the agreements and covenants Provided ID Section 401 hereof, and the United States shall be deemed a beneficiary of the cove ant provided in subdivision (b) of Section 401 hereof, both for and In their or its ow right and also for the purposes of protecting the Interests of the coamenity and other parties, public o private, in whose favor or for whose benefit such agreemnts and covenants have been provided. Such agreerents and covenants shall (and the Deed shall so state) run in Pavan Of the Agency and the United States, for the entire period during which such sgreements and covenants shall be in force and effect, without regard to whether the Agency or the United States has at my time been, re ssim, or is m Owner Of my land or interest therein to or In favor of which such agreements and covenants relate. The Agency shall have the right, in the event of any breach of my such agreement or cant, sod the United States shall have the right In the event of my breach of the covenant provided in subdivision (b) of Section 401 hereof, to atrcise all the rnights and redies, and to maintain any actions or suits anlav or in equity or other proper proceedings to enforce the curing of such breach Of anrement o covenant, to which it or my other beneficiaries of such agreesent or covenmay be entitled. ARTIC48 V. PRO®PIIONS AGAIAST ASSIONNeNT AND TRANSFER SM. 501. Repres tet3one As to [ledeveloprent. The Redeveloper represents ma agrees that Ste pu party, and Its other Undertakings pursuant to the Agreement, are, sed will be used, for the gun-62ope - 8 - purpose of redevelopment of the Property and not for speculation in land holding. The Redeveloper further recognizes that, in view of (a) the importance of the redevelopment of the Property to the general welfare of the community; (b) the substantial financing and other public aide that have been made available by lav aM by the Federal and local Governments for the purpose of making such redevelopment possible; and (c) the fact that a transfer of the stock 1n the Redeveloper or of substantial part thereof, or any other act or transaction Involving or resulting in a significant change in the Ownership or distribution of such stock or with respect to the identity of the parties in control of the Redeveloper or the degree thereof, is for practical purposes a transfer or disposition of the Property then owned by the Redeveloper, the qualifications anal identity of the Redeveloper, and its stockholders, are of particular concern to the community and the Agency. The Redeveloper further recognizes that It 1s because of such qualifications and identity that. the Agency Is entering into the Agreement with the Redeveloper, and, in so doing, Is further willing to accept and rely on the obligations of the Redeveloper for the faithful performance of all undertakings and covenants hereby by it to be performed without requiring in addition a surety bond or similar undertaking for such performance of all undertakings had covenants in the Agreement. SEC. 502. Prohibition Against Transfer of Shares of Stock: Binding Upon Stockholders individually. For the foregoing reasons, the Redeveloper represents and agrees for itself, its stockholders, and any successor in interest of itself em its stockholders, respectively, that: Prior to completion of the Improvements as certified by the Agency, and without the prior written approval of the Agency, (a) there shell be no transfer by any party owning 10 percent or core of the stock in the Redeveloper (which term shall be deemed for the purposes of this and related provisions to include successors in interest of such stock or any pert thereof or Internet therein), (b) nor mall any such owner suffer my such transfer to be made, (c) nor shall there be or be suffered to be by the Redeveloper, or by any owner of 10 percent or more of the stock therein, any other similarly significant change in the ownership of such stock or in the relative distribution thereof, or with respect to the identity of the parties in control of the Redeveloper or the degree thereof, by any other method o whether by increased capitalization, merger with another corporation, corporate or other amomm nts, issuance of additional orw stock or classification of stock, o otherwise. With respect to this provision, the Redeveloper and the parties signing the Agreement on behalf of the Redeveloper represent that they have the authority of all of its existing stockholders to agree to this provision on their behalf and to bind them with respect thereto. 9 - sun -62098 SBC. 503. Prphlbition Ageinat Transfer of Property and Aesignmevt of AgrceNPnt. N60, fw t e POregOing Tea6Ws the Bedeve open represehis eM agrees for itself, and 116 successors end ensigns, that: (a) Except Only (1) by way of security for, and only for, (1) the purpose of Obtaining financing necessary to enable the Redeveloper or any successor ssor in interest to the Property, o my part thereof, to perYOrm Its obligations with respect to making the Improvements under the Agreement, and (ii) my other purpose authorized by the Agreement, and (2) as to my individual parts Or parcels of the Property on which the Mapromaents to be constructed thereon have been completed, and vhicb, by the terms of the Agreement, the Redeveloper is autborized to convey or lease as such Improvemeats are completed, the Pedeveloper (except as so authorized) ban ant made or created, and that it will net, prior to the proper completion of the laprovements as certified by the Agency, make on create, or suffer to be made or created, my total or partial sale, assignment conveyance, or lease, or any trust Or power, or transfer in my other mode or form of or with respect t0 the Agreement or the property, onany part thereof or any interest therein, or my contract or agreement to do any of the sane, without the prior written approval of the Agency: provided, That, prior to the issuance by the Agency of the certificatepravriTed for in Section 307 hereof as to completion of construction of the Improvements, the Redeveloper may enter Into any agreement to sell, lease, Or Otherwise transfer, after the issuance of such certificate, the Property or any part thereof or interest therein, which agreement shall not provide for paynent of or on account of the purchase price or rent for the Property, or the part thereof or the interest therein t0 be m transferred, prior to the issuance of such certificate. (b) The Agency shall be entitled to require, except as otherwise provided in the Agreement, as conditions t0 any such approval that: (1) Any proposed transferee shall have the qualifications and financial responsibility, as determined by the Agency, eweary, and adequate to fulfill the obligations undertaken in the Agreement by Use Pedeveloper (or, in the event the transfer is a or relates to part of the Property, such obligations t0 the extent that they relate to such part). (2) Any proposed transferee, by ivstnwent In writing satisfactory to the Agency and in form recordable among the lend records, shall, for itself and its successors and ansigns, and expressly for the benefit of the Agency, have expressly assumed all of the obligations of tM Redeveloper MD -6209R - 10 - under the Agreemat mN agreed to be subject to all the conditions and restrictions to which the Redeveloper is subject (or, in the event the transfer is of or relates to part of the Property, such obligations, conditions, and restrictions to the extent that they relate to such part): Provided, That the fact that my transferee of, or my, other successor in interest whatsoever to, the Property, or any pert thereof, shell, whatever the reasm, not have mstoed such obligations or so agreed, shall not (unless and only to the extent otherwise specifically provided In the ,lgrement or spread to in writing by the Agency) relieve or except such transferee orof or from h sucobligations, conditions, or restrictions, or deprive r Batt the Agency of or with respect to any rights o medies or controls with respect to the Property or the construction of the lnprovenents; it Ming the Intent of this, together with other provisions a the Agreement, that (to the fullest extent permitted by lav and equity sod excepting only in the meaner and to the extent specifically provided otherwise in the Agre melt) n transfer a, or change with respect to, ownership In the Property or my part thereof, or any interest therein, however consumated or occurring, and whether voluntary, or Involuntary, shall operate, legally or practically, to deprive or limit the Agency of or with respect to any rights or remedies or controls provided in or resulting from the Agreemat with respect to the property and the construction of the pnprovesents that the Agency would have had, had there Men no such transfer or change. (3) Tare shell be submitted to the Agency for review ell imtrunmts end other legal doctorate involved in effecting transfer; mI If approved by the Agency, Its approval mall be indicated to the Redeveloper in writing. (4) The comlderation payable for the transfer by the transferee or m its Mbalf shell not exceed an wourt representing the actual wet (including carrying chargee) to the Redeveloper of the Property (or allocable to the part thereof or interest therein transferred) and the Improvements, if soy, theretofore meds thereon by it; it being the intent of this provision to preclude ansignaent of the Agreement or transfer of the Property (or any parts thereof other then these referred to In subdivision (2), Paragraph (a) of this Section 503) for profit prior to the completion of the Improvements and to provide that in the event any such assignment or transfer is meds (end is not canceled), the Agency shell be entitled to Increase the Purchase price to the Redeveloper by the amount that the consideration payable for the assigamnt or transfer in In excess of the amount tat may be authorlmd pursuant to this subdivision (4), and such conslderetion shall., to the extent it is in excess of the amount so eutarized, belong to and forthwith be paid to the Agency. - 11 - M-62096 (5) The Redeveloper and Its transferee shall comply with such other conditions as the Agency may find desirable in order to achieve and safeguerd the purposes of the Urban Renewal Act and the Urban Renewal Plan. provided, Mast in the absence of specific written agreement by the Agency to the contrary, o such transfer or approval by the agency thereof shall be deemed to relieve the Redeveloper, or any other party bound in any way by the Agreement or othenwlne with respect to the construction of the Improvements, from any of its obligations with respect thereto. SEC. 500. Information As to Stockholders. In order to waist in the effectuation of the porposea of thle'Artic e V and the statutory objectives generally, the Redeveloper agrees that during the period between execution of the Agreement nod completion of the Improvements an certified by the Agency, (a) the Redeveloper will promptly notify the Agency of any and all changes whatsoever in the ownership of stock, legal or beneficial, orof any other act or transaction involving or resulting In aqv change in the ownership of such stock or in the relative distribution thereof, or with respect to the identity a the parties In control of the Redeveloper or. the degree thereof, of which It or why of Its officers have been notified or otherwise have knowledge or inmwmatlm{ and (b) the Redeveloper shall, at such time or times an the Agency may, request, furnish the Agency with a complete statement, subscribed and sworn to by the president or other executive officer of the Redeveloper, setting forth all of the stockholders a the Redeveloper and the extent of their respective holdings, and in the vent any other parties have a beneficial Interest in such stock their names and the extent a such interest, all as determined Or indicated by the records of the Redeveloper, by specific inquiry made by any such officer, of all parties wits an the main a such reeoLda am 10 percent or re of the stock in the Redeveloper, and by such other knowledge or Infatuation an such officer shall have. Such lists, data, and information shall in any event be furnished the Agency Immediately prior to the delivery a the Deed to the Redeveloper and as a condition precedent thereto, and annually thereafter on the anniversary of the date of the Deed until the Issuance a a certificate of completion for all the Property. ARTICLE VI. MORTGAGE FLVARCIMo; MRS OF M MAOEgs SEC. 601. Limitation Upon EumaIn oce of property. Prior to the completion of the Improvements, as certified by the Agency, neither the Redeveloper nor any successor in Internet to the Property or any part thereof ahall engage in any financing or any other transaction creating my mortgage r other encumbrance or lien upon the Property, whether by express agreement r operation of tae, o suffer encumbrance or lien to be made m or attach to the Property, my, except for the purposes a obtaining (a) funds Only is the extent necessary for making the Improvements and (b) such additiomal funds, If any, in m amount rot to exceed the Furebaee Price paid by the Redeveloper to the Agency. The Radeveloper (oraor in interest) shall notify the Agency In advance of my financing, secured by mortgage or other RUD-62o9B - 12 - similar lien instrument, it proposes to enter into with respect to the Property, or any part thereof, and N my event It shall promptly notify the Agency of my encumbrance or lien that has been created an or attached to the Property, whether by voluntary act or the Redeveloper or otherwise. For the purposes of such aortgage financing as may be made pursuant to the Agreement, the property may, at the option of the Redeveloper (or successor In interest), be divided into several parte or parcels, provided that such subdivision, in the opinion of the Agency, is Out inconsistent with the purposes of the Urban Renewal Plus and the Agreement and is approved Is writing by the Agency. SRC. 602. Mortgagee Not Obligated To Construct. Notwithstanding my of the provisions of the Agreement, including but not limited to those Mich are or are Intended to be covenantsmessing; with the land, the holder of any mortgage authorized by the Agreement (including my such holder who obtaina title to the Property or my pant tbereof m a result of foreclosure proceedings, or action In lieu thereof, but not including (a) say, other party who thereafter obtains title to the Property or such part from or through such holder or (b) my other purchaser at foreclosure sale other than the holder of the mortgage Itself) Mall in no sloe be obligated by the provisions of the Agreement to construct or complete the laprovemen's or to guarantee such construction or Cmpletionj nor mall my covernat or my other provision in the peed be construed to mo obligate such holder: Provided, That nothing in this Section or soy other Section or provision of the Agreement mall be deemed or construed to permit or authorize my such holder to devote the Property or and, part thereof to my uses, or to construct my Sngerovenents s thereon, other thm those a oren lmprovemte provided or permitted in the Urban Renewal Plan and in the Agreement. BBC. 603. Copy of Motice of Default to Mortgagee, whenever the Agency shall deliver my antic, of demand to the Redeveloper with respect to my breach or default by the Redeveloper in its obligations or covenants under the Agreement, the Agency shall at the same time forward a copy of such notice or demand to each holder of my, mortgage authorized by the Agreement at the Sant address of such holder show In the records of the Agency. an. 6ca. Mort6a sere Option To Cure Defaults. After my breach or aelmut referred to gectian o3 hereof, ea rv. holder shall (insofar as the rights of the Agency are concerned) have the right, at Its option, to curt Or remedy such breach or default (or such breach or default to the extent that it relates to the part of the Property covered by its mortgage) nand to add the cost thereof to the mortgage debt and the lien of it3 mortgage; Provided, That if the breach or default is with zmpeot to structin of the Improvements,r nothing contained in this Section any omther Section of the Agreeem ment shall he deed to permit or authorize such holder, either Were or after foreclosure or action in lieu thereof, to undertshe or cautious the construction m conpletion of the Improvenente (beyond the extent mcessary to conserve or protect Improvements or construction already made) without first having expressly assumed the obligation to the Agency, by written agreement satisfactory to the Agency, to complete, in the manner provided M the Agreement, the Improvements an 13 - 1 -6209B the Property or the part thereof to which the lien or title of such holder relates. Any such holder who shall properly complete the Improvements relating to the Property or applicable part thereof shell be entitled, upon written request vide to the Agency, to a certification or certifications by the Agency to such effect in the meaner provided in Section 307 of the Agredamt, and any such certification shell, if so requested by such holder, an and provide that any, remedles or rights with respect to recapture of or version or revesting of title to the Property that the Agency shell have or be entitled to because of failure of the Redeveloper or any successor in interest to the property, or soy, part thereof, to cure or remedy any default with respect to the construction of the Improvements on other parts or payrcels of the Property, or because of another default in or breach of the Agreement by the Redeveloper or such successor, shall not apply to the part or parcel of the Property to vhich such certification relates. SEC. 605. Agency• Option db Pay Nortgage Debt or Purchase Property. Iv any cage, wbem, subsequent to default or breech by the Redeveloper or successor In Interest) under the Agreement, the holder of any mortgage on the Property or part thereof (a) has, but aces not exercise, the option to construct or complete the Improvements relating to the Property or pert thereof covered by Its mortgage or to which It hoe obtained tltle, and such failure continues for a period a sixty (CO) days after the holder has base notified or informed of the default or breach] or (b) undertakes construction or completion of the Isprovemants but does not complete such construction within the period as agreed upon by the Agency and such holder (vhlch period shall in any event be at least as long as the period prescribed for such construction or completion In the Agreement), and such default shall not have been cured within sixty (60) Gaye after vritten demaed by the Agency so to do, the Agency shall (end every mortgage instrument made prior to conpletlon of the Isprovementa vlth respect to the Property by the Redeveloper or successor In interest shall so provide) have the option of paying to the holder the ®Duet of the mortgage debt and securing an assignment a the mortgage end the debt secured thereby, or, in the event assembly a the Property (or pact thereof) hoe vested to such holder by way, of foreclosure or action in lieu thereof, the Agency shall be entitled, at Its option, to conveyance to it of the Property or part thereof (as the c may be) upon payment to such holder of an grant; equal am the aof; (I) the mortgage debt at the time of foreclosure or action in lieu thereof (lees all appropriate credits, Including those resulting it= collection and application of rentals and other Income received during foreclosure proceedings); (IS) all expenses with respect to the foreclosure; (113) the net expense, if any, (exclusive of general overhand), incurred by such holder in and an e direct result of the subsequent management of the Property; (iv) the costa of any I"maeneats made by such holder; and (v) an amount equivalent to the Interest that vould have accrued on the RUM -62M - 14 - Aggregate a such anoants hadallsock amounts becoce part of the mortgage debt and such deet had continued In existence. SEC. 606. Agency Is Option To Cvre Mortgage Default. Iv the event of e default or breach prior to the completion oe the Improvements by the Redeveloper, or my successor m nor in Interest, in or of y of its obligations under, and to the holder of, any mortgage or other Instrument creating an cumbrance or lien upon the Property or part thereof, the Agency may at Its option cum such default or breach, In which case the Agency shell be entitled, in addition to and without limitation upon any other rights or remedies to which it shell be entitled by the Agreement, operation of lav, or othemise, to reineurseaent fron the Redeveloper or successor in interest of all costa and expenses Incurred by the Agency in curing such default or breach and to a lieu upon the Property (or the part thereof to which the mortgage, encumbrance, or lien relates) for such reimbursement: Frovided, That my such lien shell be subject always to the lien of (Includinge lien contemplated, because of advances yet to be made, by) soy than existing mortgages on the property authorized by the Agreement. SEC. W. Mortgage and Holder. For the purposm of the Agreement; The tens "amugage mall include a deed of trust or other instrument creating an meumbrance or lien upon the Property, or any part thereof, as security for a loan. The term "holder" In reference to a mortgage shall Include ary, insurer or guarantor of my obligation or condition secured by such mortgage or deed of trust, Including, but not limited to, the Federal Housing Comissioner, the Administrator of Veterans Affairs, and any successor in Office of either ouch official. ARTIME M. REMEDIEs SEC. 701. TO General. Except as otberrise provlped in the Agreement, in the event of any eft In or breach of the Agreement, or my of Its terms or maLltions, by either party hereto, or any successor to such party, successor) party (or ecessor) shall, upon written notice front other, proceed ianediately to cu many each def suit or breach, end, in Any awent, within dirty (60) days after receipt of such notice. Inc such ction is not taken or not diligently pursued, or the default or breach shall not be cored or remedied within a reasonable time, the aggrieved party may institute anon proceedings as may be necessary or desirable in Its opinion to cure and remedy, such default or breach, including, but not United to, proceedings to compel specific performance by the party in default of branch of its obligations. M. 7G¢. Terminmtlon by Redeveloper Prior to Conveymce. In the event tat (a) the Agency does not tender coaveyance of the Property, o possession thereof, in the maser and condition, and by the date, provided in the Agreemt, and any such failure shall hot 15 - gtg-6 09R be cured within thirty (30) days atter the date of written demand by the Redeveloper; or (b) the Redeveloper .bail, after preparation of Construction Plane satisfactory to the Agency, furnish evidence satisfactory, to the Agency that it hes been unable, after and despite diligent effort for a period of sixty (60) days after approval by the. Agency of the Construction Plans, to obtain mortgage finaecing for the construction of the Improvemente ou a basls and on terms that would generally be considered satisfactory by builders or contractors for leprovements of the nature and type provided in such Construction Plans, and the Redeveloper shall .after having submitted such evidence and SP so requested by the Agency, continue to make diligent efforts to obtain such financing for a period of sixty (60)days after such request,(. but vithwt success, then the Agreement shall, at the option of the Redeveloper, be terminated by writtem notice thereof. to the Agency, and, except With respect to the return of the Deposit as provided in Paragraph (e), Section 3 of Pant I hereof, neither the Agency nor the Redeveloper shall here guy, further rights against or liability to Ube other under the Agreement. M. 703. Tcrmlmatioe by Agency Prior to Conveyance. Im tbe event that (a (a) prior to coawyance of the Property t0 the Redeveloper and in violation of the Agreement (1) the. Redeveloper (or any successor in interest) assigns Or atteapts to ensign the Agreement or any rights therein, or in the Property, or '(Si) there is any cheane In the Ownership or distribution of the stock Of the Redeveloper Or with respect to the identity of the parties is control of the Redeveloperor the degree thereof; nr (b) the Redeveloper does not submit Construction. Plane, as required by the Agreement, Or (except As excused under subdivision (b) of Section Ice hereof) evidence that it her the neceassry equity capital and mortgage financing, in satisfactory form and In the memosr end by the dates respectively provided in the Agreement therefor; or (c) the Redeveloper does not pay the Purchase Price andtake title to the Property upon tender of conveyance by the Agency pursuant to the Agreement, and if any default or failure referred to in subdivision. (b) and (c) of this Section 703 shall mot be cured Within thirty (30) days after the data of written desand by the Agency, m-62098 - 16 - then the Agreement, and any rights of the Redeveloper, or any assignee or transferee, in the Agreement, or arising therefrom with respect to the Agency or the Property, shall, at the option of the Agency, be terainated by the Agency, In Mich event, as provided In Paragraph (d), Section 3 of Part I hereof, the Deposit shall be retained by the Agency as liquidated Assuages and as Its property without any deduction, offset, or recoupaunt whatsoever, and neither the Redeveloper (or assignee or transferee) nor the Agency shell have any further rights against or liability to the Other under the Agreement. BRC. 7W. Revesting Title in Agency Upon ft p wing a Event Subsequent to Conveyance to evelopex.n the event teat subsequent me conveyance e Piope�tDemen to the Redeveloper and prior to completion of the Improveaeats as certified by the Agency (a) the Redeveloper (or successor in Interest) shell default in or violate its obligations with respect to the construction of the Improvements (Including the nature and the dates for the beginning body conpletlon thereof), or shell abandon or substantially suspend construction seek, and any, such default, violation, abandonment, or suspension shall not be cured, ended, or remedied within "me (3) months fair (6) months, if the default is with respect to the date for completion of the Improvements) after written demand by the Agency so to do: or (b) the Redeveloper (ox successor in Interest) shall fail to pay real estate tares o events w the Property or any part thereof when due, or ahbllspace thereon any es nmbamce or lien ureuthorired by the Agreement, or shall suffer any ley or attachment t0 be mode, or any materlalnen'a or mecban3ce' lien, or any other unauthorized encusbrauce or lien to attach, and such taus or assessucarts shall not have been paid, or the encanbrance or lien removed or discharged or provision satisfactory to the Agency mete for such payment, removal, or tisebarge, within ninety (90) Asys after written assured by the Agency so to do; or (c) there 3s, in violation of the Agreement, any transfer a the Property or any Part thereof, or any change in the ownership or distribution of the stock of the Redeveloper, or with respect to the identity a the parties in control a the Rndeveloper or the degree thereof, and such violation shall not be curd within sixty (60) days after written demmd by the Agency to the Redeveloper, than the Agency shall have the right to re-enter and take possession a the property ana to terddeste (dud sevest in the Agency) the estate conveyed by the Deed to the Redeveloper, It Ming the intent of this provision, together with other provielons of the Agreezent, that the conveyance of the Property to the Redeveloper shall be ends upon, sad that the Deed shall contain, a condition subsequent to the effect that in the event a any default, failure, violation, or other action or Inaction by the Redeveloper specified in subdivisions (e), (b), and (C) of this Rection T04, failure on the Part of - 17 - Ron -6209R the Redeveloper to needy, sued, or abrogate such default, failure, violation, or Other action or inaction, vlthin the period and in the masher stated in such medlvtsions, the Agency 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 the Red to the Redeveloper, and that such title and all rights and interests Of the Redeveloper, and my assigns or ucceeaors in interest t0 sued In the Property, shall revert to the Agency: Provided, That such condition subsequent and aav reveeting of title as a result thereof in the Agency (1) shall always he subject to and united by, and shell not defeat, reader invalid, Or limit In any ny, (1) the lien of Any mortgage authorized by the Agreement, end (ii) my rights or interests provided in the Agreement for the protection of the holden of such mortgages; and (2) sha11 not apply to individual parte or parcels of the Property (or, .in the case Of parte Or parcels leased, the leasehold Interest) an which the Improvements to be constructed thereon have here completed in accordance with the Agreement and for which a certificate of conpletion is issued therefor as provided In Section 307 hereof. SBC. 705. Resale of Reac ulred Property; Disposition a Proceeds. Upon the nvesti� M y bf titleto the Property or any part thereof as provided Io Section 704, the Agency shall, purment t0 Its responsibilities under State lav, use its beet efforts to resell the Property or part thereof (subject to such mortgage liars and lemmoold interests an in Section 706 net forth and provided) ma sash and in such manner ss the Agency shall find feasible and consistent vlth the objectives a such Saw and a the Urban Renewal Plan to a qualified and responsible party or parties (as determined by the Agency) who will assume the obligation of ending Or cmpleting the laprovewente or uncle other improvements is their stead as shall be satiefantoty, to the Agency sued In accordance with the uses specified for such Property or part thereof in the Urban Renewal Plan. Upon such renals a the Property, the proceeds thereof shall be applied: (9) Pint, to reimburse the Agency, on its ow behalf m an behalf of the City, for all costs and expenses Incurred by the Agency, Including but not limited to salaries a personnel, In connection with the menturep management, and resale of the Property or part thereof (but lees any income derived by the Agency from the Property or pert thereof in Connection with such management); all taxes, amemsents, and enter end serer chargee with respect to the Property or part tlsereof (or, in the event the Property is exempt from taxetioe or amemment or such charges during the period of ownership thereof by the Agency, an amount, if paid, equal to such Sexes, asseesmanta, or charges (an detaimimd by the City assessing official) an would have been payable if the Property ware not so exmpt); soy payments made or necesmary to be made to discharge way mu=brmces or lime existing m the mm-62o9B - 18 - Property or part thereof at the tine of revesting of title thereto in the Agency or to discharge or prevent from attaching or being made any subsequent encankgrances or liens due to obllgstlghs, defaults, or acts of the Redeveloper, its r transferees; any, expenditures gods or obligations Incusuccessors Incurred with respect to the making or consolation of the Improvenents cr any part thereof m the Property or part thereof; and any Acu en otherwise owing the Agency by the Redeveloper and its successor or transferee; and (b) Second, to reimburse the Redeveloper, Its successor or If transferee, up to the sought equal to (1) them= a the purchase price paid by it for the Property (or allocable to the c. pmt thereof) and the cash actually Invested by It in making any t Of the Improveaents w the property or part thereof, leas (2) say, gains or Iacoue withdraw or made by It frea the F Agreement or the Property. Any balance remaining after such reimbursements shell be retained by the Agency%s its property. 96C. 706. Other Plgbta and Penediee of Agency No Waiver by MLey. The Agency shell have the [Sght to Institute such actions Or proceedings as it any deem desirable for effectuating the purposes of this Article VII, Including also the right to execute and record or file among the public land re'ecnds In the office in which the Reed is recorded a written declaration of the termination a all the right, title, and interest of the Redeveloper, and (except for such Individual parte or parcels upon which constructing of that part of the Inprovegonts required to be, constructed thereon has been completed, In accordance with the Agreement, and for which certificate of coopletion as provided In Section 307 hereof is to be delivered, and subject to such mortgage liens wool leasehold interests as provided in Section 701 he[ea) its successors in interest and assigns, in the Property, sod the revesting of title thereto in the Agency: Provided, That any delay by the Agency In Instituting or prosecuting any such Actions or proceedings or otherwise asserting its rights under this Article VII shall not operate an a waiver of such rights or to deprive it of or lialt such rights In any way (it Ming the intent a this provielw that the Agency should not be constrained (so ae to avoid the risk of being deprived of or lialted in the exercise of the remedy provided in this Section because of concepts of waiver, laches, or otherwise) to exercise such remedy, at a tine when it any still hope otherwise to resolve the problems created by the default involved);r shell any waiver in fact made by the Agency with respect t0 soy, specificdefaultby the Redeveloper under this Section be considered or treated as a waiver of the rights of the Agency with respect to was other defaults by the Redeveloper under this Section or with respect to the particular default except to the extent specifically waived in writing. SEC. 707, d Ikley 3 Pere ce for Causes Beyond Control of Party. For the purposes of any oY the ptovleiOns of [M Agreement, neither the Agency nor the Redeveloper, as the Case may be, nor any successor In - 19 - Ru0-6209B Interest, shall be considered In breach Of, or default in, its obligations with respect to the preparation of the Property for redevelops at, or the beginning and completion of construction of the Improvements, or progress in respect thereto, in the event of enforced delay in the performance Of such obligations due to uvforeumable causes burned its control and without its fault or negligence, including, but not restricted to, acts of God, acts of the public enema, vete Of the federal Gover®ent, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, freight, embargoes, and unusually severe weather or delays of subcontractors due to such causes; it being the purpose sued intent of this provision that in the event of the cocurrence of any such enforced delay, the time or time for performance of the obligations of the Agency with respect to the preparation of the Property for rredevelopaent or of the Redeveloper with respect to instruction of the Isprowements, as the came may be, shall be extended for the period of the enforced delay as determined by the Agency: Provided, That the party Beaking the bmefft of the provisions of this Sect ell, within can (10) days after now beginning of my such mforced delay, hive first notified the other party thereof in writing, end of the cse or causes thereof, and requested an extension for the period of theenforced delay. M. 709. Rights and Remedies Cmulative. The rights and remedies of the parties tot Agreemev� t, whether provided by lav or by the Agreement, shall be cumulative, and the exercise by either party of my one or =re of such remedies mall not preclude the exercise by it, at the seen or different times, of my other such remedies for the same default or branch r of Any, oP Its remedies for my other default or branch by the other party. No walver mde by either such party with respect to the performance, or sooner or time thereof, or my obligation of the other party or ary condition t0 its own obligation under the Agreeamt shall be considered a waiver oP Any rights of the party asking the waiver with respect to the particular obligation of the other party or condition to its own obligation beyond thew expressly waived in writing and to the extent thereof, or a walver In any, respect in regard to my other rights of the party asking the waiver or say other obligations of the other party. SRC. 709. Part Sv POBSCim of Snort Mith Re ct to OD11 trona. The Redeveloper, fm Itself and Its aut«eeore m me gm, and for all other persona who are or who shall becme, vhsther by express or implied assumption or otherwise, liable upon or subject t0 my obligation or burden under the Agreement, hereby vaires, to the fullest extent permitted by lav and equity, any Audi all claim or defames otherwise available on the ground of its (Or their) being or having become a person in the position of a surety, whether real, personal, or otherwise or whether by agreement or operation of law, including, without ldmdtatlon on the generality of the foregoing, any and all claims sued defenses eased upon extension of true, indulgence, or notification of terms of contract. w-6209[ - 20 - ARTICLE VIII. NISCELLAREMS W. 801. Conflict of Interests; Agency Aepreeentatives Not Ihalvlduelly Liab a No member, official, Or employee of me Agency shall have coy personal Interest, direct or indirect, in the Agreement, nor shall any such mmber, official, or employee participate in any decision relating to the Agreement which effects his personal interests or the interests of any corporation, partnership, or association in which m is, directly or indirectly, interested. No amber, official, or employee -of the Agency shall be personally liable to the Redeveloper, or my auamor In interest, 1n the event of my default or breach by the Agency or for any amount which may become due to the Redeveloper or successor or an my obligations under the terms a the Agreement. 3 M. SM. Equal Emplalaent OpportuN<y. The Redeveloper, for itself and its sv score and assn agrees that during the crostructim of the Improvements provided for in the Agreement: (a) The Redeveloper will not discriminate against any employee o applicant for employment because of r reed, color, or national origin. rhe Redeveloper will take affirmativeaaction to ensure that applicants are employed, and that employme are treated during employment, without regard to their run creed, color, or national origin. Such action shall include, Out not be Limited to, the following: employment, upgrading, demotion, or transfer; recruitment or ry recicesnt advertising; layoff or termination; rates of pay or other formaof compensation; and selection for training, including apprenticeship. The Redeveloper agrees to poet in conspicuous places, available to employees and applicants for employment, notices to be provided by the Agency setting forth the provisions a this nmdiscrimlnation clause. (b) The Redeveloper will, in all solicitations or advertisements for employees placed by or on behalf of the Redeveloper, state that all qualified applicants will receive consideration for employment without regard to race, creed, color, or national origin. (c) The Redeveloper will send to each labor union or representative of workers with which the Redeveloper hon a collective bargaining agreement or other contract or understanding, a notice, to be provided, advising the labor union or workers' representativeof the Redeveloper's commitments under Section 2ce of Executive Order 11246 of Septemer 24, 1965, and shall post copies of the =tics in conspicuous places available to employees and applicants for employment. (d) The Redeveloper will comply with all provisions of Executive Order 11246 of September 24, 1965, and of the rules, regulations, and relevant orders of the Secretary of Labor. 21 - HM -6209B (e) The Redeveloper will furnish all information and reports required by Executive Order 11246 of September 24, 1965, and by the rules, regulations, and orders of the Secretary of Labor or the Secretary of Housing and Urban Developecut pursuant thereto, and will permit access to the Redeveloper's books, records, and accounts by the Agency, the Secretary of Housing and Urban Development, and the Secretary of Labor for purposes of Investigation to ascertain compliance with such rules, regulations, and orders. (f) In the event of the Redeveloper's noncompliance with the madiscrimtnatlm clauses of this Section, or with aav of the said rules, regulations, or orders, the Agreement may be canceled, terminated, or suapanded in whole or In past and the Redeveloper may he declared ineligible for further Government contracts or federally assisted construction contracts in accordance with procedures authorized in Executive Order 11246 of September 24, 1965, and such other sanctions my he imposed mad remedies invaed as provided In Executive Order 11246 of September 24, 1965, or by rule, regulation, = order of the Secretary Of Labor, or as otherwise prmided by law. (g) The Redeveloper will Include the provisions of Paragraphs (a) through (g) of this Section in every contract or purchase order, and will require the Inclusion of these praclsions In every subcontract entered into by any of its contractors, unless exempted by rules, regulations, or orders of the Secretary of labor issued pursuant to Section 204 of Executive Order 11246 of September 24, 1965, so that such provisions will be binding upon each such contractor, subcontractor, or vendor, as the case may be. The Redeveloper will take such action with respect to Any construction contract, subcontract, or purchase order as the Agency or the Department of Rousing and Urhm Development any direct as a mans of enforcing such provisions, Including sanctions for noncompliance: Provided, however, That in the event the Redeveloper becomes involved in, or Ts— threatened with, litigation with a subcontractor or vendor as a result of such direction by the Agency or the Department of Hoeing and Urhm Development, the Redeveloper my request the United States to enter Into such litigation to protect the interests of the United States. For the purpose Of Including such provisions In my construction contract, subcontract, or purchase order, as required hereby, the first three lines Of this Section shall be changed to reed "During the performance of this Contract, the Contractor agrees m follows:", and the term "Redeveloper" shall be changed to "Contractor". 380. NON Provisions Not Merged With Deed. Noce of the provisions of the Agreement are Intended to or shall be merged by ream= of any deed transferring title to the Property from the Agency to the Redeveloper or any, successor in interest, and my such deed stall net be deemed to affect or impair the provisions and coremmte of the Agreement. SEC. 804. Titles of Articles axed Sections. Amy titles of the several parte, Articles, and Sections of the Agreement are inaerted for convenience a reference holy and shell be disregarded in construing or interpreting my of its provisions. HUD -62099 - a