Common use of Reacquisition Clause in Contracts

Reacquisition. If any part or all the Property is abandoned or surrendered under the provisions of this Section 18, then, unless this Agreement is earlier terminated, neither Participant nor any successor nor Affiliate thereof shall acquire any interest in or a right to acquire that part of the Property for a period of 12 months following the date of such abandonment or surrender. If such Participant reacquires any of the Property in violation of this Subsection 18.2, then the other Participant, its successor or Affiliate as the case may be may elect by notice to the reacquiring Participant within 45 days after it has actual notice of such reacquisition, to have such part of the Property made subject to the terms of this Agreement. In the event such an election is made, the reacquired part of the Property shall thereafter be treated as the Property hereunder, and the costs of reacquisition shall be borne solely by the reacquiring Participant and shall not be included for purposes of calculating the Participants' respective Participating Interests.