Common use of Conveyance Subject to Right of Re-entry Clause in Contracts

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.