Conveyance Subject to Right of Re-entry Sample Clauses

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Conveyance Subject to Right of Re-entry. As of the date of this Agreement, the City owns the Property. If a Contract is executed within the terms of this Agreement, the City will convey title to and possession of the Property to the EDA, and the EDA will simultaneously convey title to and possession of the Property to the Developer, subject to all the terms and conditions of the Contract. The EDA’s conveyance of the EDA Property to the Developer pursuant to the Contract will be made in the form of a quit claim deed (the “Deed”). The Deed will include a right of re-entry for breach of a condition subsequent in favor of the EDA (the “Right of Re-entry”) for the Development. The condition(s) subsequent will be determined by the EDA in accordance with Minnesota Statutes Section 469.105 and set forth in the Deed conveying the EDA Property to the Developer in the form attached to the Contract. If the Developer breaches such condition(s) subsequent with respect to the Development, the Developer shall re-convey the Property back to the EDA. If the Developer fails to re-convey the Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in Lyon County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the Property or the value of any improvements the Developer has made to the Property. The Developer must record any certificate of completion or certificate of release of the Right of Re-entry in the proper County land records at its expense.
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Conveyance Subject to Right of Re-entry. The Seller’s conveyance of the Property to the Buyer pursuant to this Agreement shall be made in the form of a quit claim deed (the “Deed”), in substantially the form set forth in Exhibit A. The Deed shall include a right of re-entry for breach of a condition subsequent in favor of the Seller (the “Right of Re-entry”). The condition subsequent is that the Buyer shall have commenced construction of the foundation by November 1, 2025. If the Buyer breaches such condition subsequent, the Buyer shall re-convey the Property back to the Seller, subject to matters then of record. If the Buyer fails to re-convey the Property to the Seller, the Seller may elect to exercise its right of reentry by commencing an action in Itasca County District Court to establish the breach of the condition subsequent. If the Seller establishes a breach of the condition subsequent, title to and the right to possession of the Property and title to all improvements located thereon revert to the Seller, and the Buyer is not entitled to any compensation from the Seller for the Property or the value of any improvements the Buyer has made to the Property. The Buyer must record any certificate of completion or certificate of release of the Right of Re-entry in the proper County land records at its expense.
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Conveyance Subject to Right of Re-entry. The EDA’s conveyance of the EDA Property to the Developer pursuant to this Agreement will be made subject to a right of re- entry for breach of a condition subsequent in favor of the EDA. The condition subsequent is that, barring any Unavoidable Delays, the Developer shall have completed, not later than 12 months after the Closing Date, demolition of the existing buildings and construction of foundations of the Project on the Development Property in accordance with permits issued by the City. If Developer breaches such condition subsequent, the Developer shall re-convey the EDA Property back to the EDA. If the Developer fails to re-convey the EDA Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in ▇▇▇▇▇▇ County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the EDA Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the value of any improvements the Developer has made to the EDA Property. The Developer must record the Certificate of Completion in the proper County land records at its expense.
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Conveyance Subject to Right of Re-entry. The EDA’s conveyance of the Development Property to the Developer pursuant to this Agreement will be made subject to a right of re-entry for breach of a condition subsequent in favor of the EDA. The condition subsequent shall be determined by the EDA in accordance with Minn. Stat. § 469.105 and set forth in the Deed conveying the Development Property to the Developer. If Developer breaches such condition subsequent, the Developer shall re-convey the Development Property back to the EDA. If the Developer fails to re-convey the Development Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in ▇▇▇▇▇▇ County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the Development Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the value of any improvements the Developer has made to the Development Property. The Developer must record any certificate of completion or certificate of release of the right of re-entry in the proper County land records at its expense.
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Conveyance Subject to Right of Re-entry. The Seller’s conveyance of the Phase 1 Property to the Buyer pursuant to this Agreement shall be made in the form of a quit claim deed (the “Deed”). The Deed shall include a right of re-entry for breach of a condition subsequent in favor of the Seller (the “Right of Re-entry”). The condition subsequent shall be determined by the Seller in accordance with Minn. Stat. §469.105 and set forth in the Deed conveying the Property to the Buyer in the form attached to the Development Agreement (as defined below). If Buyer breaches such condition subsequent, the Buyer shall re-convey the Property back to the Seller. If the Buyer fails to re-convey the Property to the Seller, the Seller may elect to exercise its right of reentry by commencing an action in Hennepin County District Court to establish the breach of the condition subsequent. If the Seller establishes a breach of the condition subsequent, title to and the right to possession of the Property and title to all improvements located thereon reverts to the Seller, and the Buyer is not entitled to any compensation from the Seller for the Phase 1 Property or the value of any improvements the Buyer has made to the Phase 1 Property. The Buyer must record any certificate of completion or certificate of release of the Right of Re-entry in the proper County land records at its expense.
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Conveyance Subject to Right of Re-entry. The City’s conveyance of the City Property to the Developer pursuant to this Agreement will be made subject to a right of re- entry for breach of a condition subsequent in favor of the City. The condition subsequent is that, barring any Unavoidable Delays, the Developer shall have commenced construction of the foundation of the Project on the City Property in accordance with an approved Site Plan within 12 months after the Closing Date. If Developer breaches such condition subsequent, the Developer shall re-convey the City Property back to the City. If the Developer fails to re-convey the City Property to the City, the City may elect to exercise its right of reentry by commencing an action in ▇▇▇▇▇▇ County District Court to establish the breach of the condition subsequent. If the City establishes a breach of the condition subsequent, title to and the right to possession of the City Property and title to all improvements located thereon reverts to the City, and the Developer is not entitled to any compensation from the City for the value of any improvements the Developer has made to the City Property. The Developer shall notify the City when construction of the foundation of the Project has commenced. The City shall, within 7 days after such notification, inspect the Project in order to determine whether construction of the foundation of the Project has been commenced. If the City determines that construction of the foundation of the Project has commenced, the City shall furnish to the Developer a Certificate of Release in the form attached to the Deed as Exhibit
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Conveyance Subject to Right of Re-entry. (1) The Deed from the HRA conveying the Development Property provides that the HRA’s conveyance of the Development Property to the Developer is subject to a right of re-entry for breach of the following condition subsequent in favor of the HRA. The condition subsequent is that the Developer shall have substantially completed within twelve (12) months of the proposed date for substantial completion of each Phase set forth in Section 3.7 of this Agreement, as follows: by December 31, 2024 for the Phase I Residential, by December 31, 2025 for the Phase II Residential/Commercial, and by December 31, 2026 for the Phase III Residential/Commercial, in accordance with permits issued by the City. (2) If the Developer breaches the condition subsequent, and does not cure such breach within the period and in the manner provided in this Agreement, the Developer shall re- convey the undeveloped portion of the Development Property to the HRA. If the Developer fails to re-convey the such portion of the Development Property to the HRA, the HRA may elect to exercise its right of re-entry by commencing an action in Lyon County District Court to establish the breach of the condition subsequent. If the HRA exercises its right of re-entry and establishes a breach of the condition subsequent, title to and the right to possession of such portion of the Development Property and title to all improvements located thereon reverts to the HRA, and the Developer is not entitled to any compensation from the HRA or the City for the value of such portion of Development Property or any improvements the Developer has made thereto except as provided herein. (3) The Developer shall notify the HRA when the Developer has substantially completed construction of each Phase, in accordance with permits issued by the City. The HRA shall, within 14 days after such notification, inspect the Development Property in order to determine whether the Developer has substantially completed construction of such Phase in accordance with permits issued by the City. If the HRA determines the Developer has substantially completed construction of the Phase in accordance with permits issued by the City, the HRA will furnish to the Developer a Certificate of Release, releasing such portion of the Development Property from the right-of-re-entry. The Developer must record each Certificate of Release in the proper County land records.
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Conveyance Subject to Right of Re-entry. The HRA’s conveyance of the Development Property to the Developer pursuant to the Purchase Agreement will be made subject to a right of re-entry for breach of a condition subsequent in favor of the HRA. The condition subsequent is that the Developer shall have substantially completed within twelve (12) months of the proposed date for substantial completion of each Phase set forth in Section 3.7 of this Development Agreement as follows by December 31, 2024 for the Phase I Residential, by December 31, 2025 for the Phase II Residential/Commercial, and by December 31, 2026 for the Phase III Residential/Commercial), in accordance with permits issued by the City. If Developer breaches such condition subsequent, the HRA shall give notice to Developer thereof and Developer shall have 30 days from receipt of said notice to comply with the condition. If the Developer fails to comply within said 30 days, the Developer shall re-convey any undeveloped Phase of the Development Property back to the HRA. If the Developer fails to re-convey such portion of the Development Property to the HRA, the HRA may elect to exercise its right of reentry by commencing an action in Lyon County District Court to establish the breach of the condition subsequent. If the HRA establishes a breach of the condition subsequent, title to and the right to possession of such portion of the Development Property and title to all improvements located thereon reverts to the HRA, and the Developer is not entitled to any compensation from the HRA for the value of any improvements the Developer has made to the Development Property.
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Related to Conveyance Subject to Right of Re-entry

  • Indemnification with Respect to Certain Taxes and Loss of REMIC Status In the event that any REMIC under which any of the Mortgage Loans are held from time to time fails to qualify as a REMIC, loses its status as a REMIC, or incurs federal, state or local taxes as a result of a prohibited transaction or prohibited contribution under the REMIC Provisions due to the negligent performance by the Servicer of its duties and obligations set forth herein, the Servicer shall indemnify the Reconstitution Parties against any and all losses, claims, damages, liabilities or expenses ("Losses") resulting from such negligence; provided, however, that the Servicer shall not be liable for any such Losses attributable to the action or inaction of the Reconstitution Parties, nor for any such Losses resulting from misinformation provided by the Reconstitution Parties on which the Servicer has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of the Reconstitution Parties now or hereafter existing at law or in equity or otherwise. Notwithstanding the foregoing, however, in no event shall the Servicer have any liability (1) for any action or omission that is taken in accordance with and in compliance with the express terms of, or which is expressly permitted by the terms of, this Agreement, (2) for any Losses other than arising out of a negligent performance by the Servicer of its duties and obligations set forth herein, and (3) for any special or consequential damages.

  • Proceedings with Respect to Certain Assets and Liabilities (a) In connection with any investigation, proceeding or other matter with respect to any asset or liability of the Failed Bank retained by the Receiver, or any asset of the Failed Bank acquired by the Receiver pursuant to this Agreement, the Assuming Institution shall cooperate to the extent reasonably required by the Receiver. (b) In addition to its obligations under Section 6.4, the Assuming Institution shall provide representatives of the Receiver access at reasonable times and locations without other limitation or qualification to (i) its directors, officers, employees and agents and those of the Subsidiaries acquired by the Assuming Institution, and (ii) its books and records, the books and records of such Subsidiaries and all Credit Files, and copies thereof. Copies of books, records and Credit Files shall be provided by the Assuming Institution as requested by the Receiver and the costs of duplication thereof shall be borne by the Receiver. (c) Not later than ten (10) days after the Put Notice pursuant to Section 3.4 or the date of the notice of transfer of any Loan by the Assuming Institution to the Receiver pursuant to Section 3.6, the Assuming Institution shall deliver to the Receiver such documents with respect to such Loan as the Receiver may request, including without limitation the following: (i) all related Credit Documents (other than certificates, notices and other ancillary documents), (ii) a certificate setting forth the principal amount on the date of the transfer and the amount of interest, fees and other charges then accrued and unpaid thereon, and any restrictions on transfer to which any such Loan is subject, and (iii) all Credit Files, and all documents, microfiche, microfilm and computer records (including but not limited to magnetic tape, disc storage, card forms and printed copy) maintained by, owned by, or in the possession of the Assuming Institution or any Affiliate of the Assuming Institution relating to the transferred Loan.