Reversionary Interest Sample Clauses

Reversionary Interest. At the Closing the Church shall convey to Presbytery a reversionary interest in the Real Property for a period of ten (10) years from the Closing Date (the “Reversionary Interest”). At the Closing the Church shall execute and deliver to Presbytery a quitclaim deed in the form of Exhibit “D” (the “Reversionary Deed”). The Reversionary Interest shall be as follows: If any substantial portion of the Real Property ceases to be used regularly for a period of ninety (90) days as a school, a place of worship, a place of religious study, a place of fellowship, a place of residence all in furtherance of the Church's Christian ministry as a Reformed Christian Church within ten (10) years after the Closing such Real Property shall revert to Presbytery and the Church shall forfeit all its right, title or interest in the same. During said ten (10) year period, if any portion of the real Property is sold, leased, exchanged or otherwise transferred or otherwise utilized for any purpose contrary to the terms hereof without the written consent of Presbytery, such portion shall revert to Presbytery and the Church shall lose its right, title, or interest in such portion of Real Property. Notwithstanding the immediately preceding sentence, the granting of a deed of trust on any or all of the Real Property to a commercial financial institution to cause the Real Property to serve as security of all the Real Property for a loan which will be used exclusively to maintain and/or improve the Real Property shall not cause a reversion to Presbytery. If any of the Real Property reverts hereunder the Church shall quitclaim such portion of the Real Property to Presbytery without payment of any amount by Presbytery or the transfer of any other consideration to the Church from Presbytery. Presbytery shall have the right, at any time, to come upon the Real Property to inspect the same and to review the books and records of the Church to assure that the Real Property is being used in accordance with the terms hereof. The terms hereof including, but not limited to, the terms of the Reversionary Interest, are specifically enforceable by Presbytery. Provided further, Presbytery shall be entitled to an injunction to prohibit any violation of the terms hereof.

Reversionary Interest. Upon the occurrence of "payout," as such term is hereinafter defined, there shall revert and revest in Seller an undivided one-half (50%) of all of the right, title and interest conveyed to Purchaser by Seller under and pursuant to the terms of this Agreement. The term "payout" as used herein shall mean that point in time when the proceeds received by Purchaser for the revenue share acquired by Purchaser under and pursuant to this Agreement of all of the oil and gas produced, saved and sold from the Well▇, ▇▇d from well▇ ▇▇▇ch may be hereafter drilled on the Leases, or on lands pooled with the Leases, equals the sum of the following: (i) the sum of One Million Four Hundred and Fifty Thousand Dollars ($1,450,000), and (ii) all of the costs and expenses incurred by Purchaser during the payout period for the drilling, completing, recompleting, equipping, reworking, or plugging and abandoning, of any well▇ ▇▇▇ated on the Leases or on lands pooled therewith, including any well▇ ▇▇▇d for salt water disposal and well▇ ▇▇▇d for injection and pressure maintenance, and (iii) all of the costs and expenses incurred by Purchaser during the payout period for operations conducted on the Well▇, ▇▇ on any other well▇ ▇▇▇ated on the Leases or on lands pooled therewith, and (iv) all ad valorem, property, production, severance, excise and similar taxes and assessments based on or measured by Purchaser's ownership of the Property, or Purchaser's share of Production from the Property or receipt of proceeds therefrom, which have become due and payable during the payout period, including any portion which may be prorated to the payout period, and (v) all losses, damages and expenses sustained by Purchaser arising out of, or resulting from,

Reversionary Interest. The Buyer acknowledges and agrees that the Deed into Buyer shall contain a reversionary clause that provides that the property will revert back to the Seller in the event the property ever ceases to be used for public purposes or in the event Buyer attempts to offer it for sale.

Reversionary Interest. The conveyance of the Property to Developer shall be subject to a "Reversionary Interest" (under which City is referred to as "Grantor" and Developer is referred to as "Grantee") in substantially the following form: Grantor hereby reserves and retains unto itself a reversionary interest and the rights of reentry and reversion as provided in that certain Land Transfer and Development Agreement between Grantor and Grantee dated as of November 6, 2020 (the "Agreement"). Grantee, for itself and its successors, assigns, and successors in title, covenants and agrees that if Grantee shall fail to commence construction of Phase 1 of the Project (as such terms are defined in the Agreement) within twelve (12) calendar months after the date of this Deed (by which date all building permits for such Phase have been issued), or fails to complete construction of the shell of the building (as evidenced by a certificate of occupancy as to such building shell) on or before that date which is twenty-four (24) calendar months after the date of this Deed (by which date all building permits for such Phase have been issued), subject only to Force Majeure (as defined in the Agreement) and the cure period provisions set forth in Section 7.01 of the Agreement, then Grantor shall have the right of reentry and title to the Property, at Grantor's option, shall revert back to Grantor. Upon satisfaction of such requirement as to each Phase of the Project, the City will execute a release of such Reversionary Interest in recordable form as mutually agreed to by Grantor and Grantee. The Agreement is incorporated herein by this reference and notice is hereby given of the Agreement and all of its terms, covenants, and conditions to the same extent as if the Agreement were fully set forth herein. The foregoing does not purport to show all of the terms and provisions of the Agreement and is not a complete summary of the Agreement or the obligations of the parties with respect thereto. The provisions of this instrument shall not be construed to interpret, vary or modify the terms, covenants, conditions and provisions of the Agreement and in the event of any conflict between the terms hereof and the terms of the Agreement, the terms of the Agreement shall be exclusively controlling. The Reversionary Interest may be included in the Deed or in a separate instrument filed of record against the Property, as City and Developer may hereafter agree (provided, that in the failure of such agreement, it s...

Reversionary Interest. At all convenient hours in the daytime on twenty-four hours Notice being given to permit all prospective Purchasers or Dealers in the reversionary interests of the Landlord by order in writing of the Landlord or its agents to view the Demised Premises without interruption but so that no undue interference is caused to the business of the Tenant. RE-LETTING SIGN

Reversionary Interest. 4.25.1 At all reasonable times during the Term and upon Due Notice to permit all persons authorised by the Landlord to view the Premises and the Roof Terrace in accordance with the applicable provisions of clause 4.9.5. 4.25.2 Not at any time to object to any sale notice on the exterior of the Building in relation to the reversionary interest of the Landlord or of any Superior Landlord and/or to any site notice relating to any application for planning permission being fixed and retained on any suitable part or parts of the exterior of the Building.

Reversionary Interest. It is the intent of the parties to have the Memorial Hall parking lot, legally described on Exhibit A, revert back to the City in the event construction of the Joplin Arts & Entertainment Center is not undertaken by a specific date. Connect2Culture agrees that if it fails to successfully complete the fundraising campaign or complete the construction of the Joplin Arts and Entertainment Center on or before the sixth (6th) anniversary of the execution of this Agreement, then upon written notice by the City to Connect2Culture, electing to exercise its rights pursuant to this Section 5, title to the Property shall revert back to the City and said reversionary interest shall not be subject to any reservations, conveyances, easements, options, leaseholds, or other matters affecting such portion of the Property which were made or created after the date of this Agreement. If construction is in progress on the sixth anniversary date, the parties agree to extend the anniversary date to coincide with the expected completion date of the Center by a written, signed extension agreement. In the event Connect2Culture does complete construction of the Joplin Arts and Entertainment Center on the Property and commences operation thereof within such time period, then upon Connect2Culture’s request, the City shall execute an instrument, in recordable form reasonably acceptable to the parties, acknowledging the satisfaction of said condition and the termination of City’s reversionary interest in the Property.

Reversionary Interest. No Financing Encumbrance shall encumber or in any other way affect Irvine's reversionary interest in the Leased Premises, or in any Cable or any portion of the Conduit, or limit or restrict Irvine's rights and remedies under this Agreement except as expressly provided in this Agreement.

Reversionary Interest. Depomed shall be entitled to receive an amount equal to 50% of the Royalty Payments, net of any reasonable and documented out-of-pocket costs and expenses incurred by the Purchaser in connection with this Royalty Purchase and Sale Agreement (including costs and expenses associated with audits, defending any DM Intellectual Property Rights and enforcing the License Agreement or any of the Transaction Documents and any other costs and expenses borne by the Purchaser hereunder), once the Purchaser has received aggregate payments (excluding any amounts previously paid to the Purchaser that are subject to return by the Purchaser but including the amount of any taxes withheld for the benefit of Purchaser on such payments) in respect of Royalty Payments under this Royalty Purchase and Sale Agreement in an amount equal to the Reversionary Interest Threshold (Depomed’s right to such Royalty Payments, the “Reversionary Interest,” and the date that such Reversionary Interest Threshold has been met, the “Reversionary Interest Commencement Date”). Following the Reversionary Interest Commencement Date, within 5 Business Days of Purchaser’s receipt of a Distribution Report, the Purchaser shall provide to the Selling Parties a report showing in reasonable detail the calculation of the payments in respect of the Reversionary Interest for the applicable calendar quarter and pay to Depomed the Reversionary Interest with respect to Royalty Payments received during such calendar quarter. At the request of Depomed, Purchaser shall provide supporting documentation with respect to any costs and expenses deducted from the Royalty Payments for purposes of calculating payments in respect of the Reversionary Interest. For so long as Depomed is entitled to receive payments in respect of the Reversionary Interest hereunder and for a period of three years thereafter, upon prior written notice to the Purchaser, the Selling Parties have the right to require an audit of such books and records to verify the accuracy of the calculation of payments in respect of the Reversionary Interest on the same terms, mutatis mutandis, as the audit rights of the Purchaser under Section 5.1(c).