Reverter Clause Samples
A reverter clause establishes that ownership of property or rights will automatically return to the original grantor if a specified condition is not met or a certain event occurs. In practice, this means that if the recipient of the property fails to use it for a designated purpose—such as maintaining a public park or operating a school—the property reverts to the original owner without the need for further legal action. The core function of a reverter clause is to ensure that property is used as intended by the grantor, providing a mechanism to reclaim ownership if those intentions are not fulfilled.
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Reverter. Upon termination of this Agreement, all licenses and right granted under this Agreement shall revert to RCT for the benefit of RCT.
Reverter. The Tenant acknowledges that in the event the Lease is terminated subject to sections 2.2 and 8.3, all improvements on the Lease Area, past and present (other than the Tenant’s personal moveable property), shall become the property of Creston.
Reverter. Unless, before the expiration or termination -------- of the Option Period for a given ZSS, NN exercises the RoW Option for such ZSS (pursuant to SECTION 4.2), all Commercialization Rights, in RoW, in all fields, for Products based on Zid Embodiments in such ZSS shall revert to ZGI. Similarly, unless, before the expiration or termination of the Option Period for a given ZSS, NN exercises the BC Option for such ZSS (pursuant to SECTION 4.2), all Commercialization Rights worldwide in the BC Field, for Products based on Zid Embodiments in such ZSS shall revert to ZGI. As of June 16, 2000, after NN's analysis of [*], [*] and TACI, NN has determined that all rights in the ZSSs for [*], [*] and TACI have reverted to ZGI. The following SUBSECTION 4.1.6. shall be added.
Reverter. Developer acknowledges that County claims that title to that portion of the Leased Property which is more particularly described on Exhibit “H” attached hereto and made a part hereof (the “Reverter Property”) reverted to the County in accordance with the terms of the Settlement Agreement (the “County Settlement Agreement”) entered between the County and the City, in Case No. 01-13810 CA 08, in the Eleventh Judicial Circuit in and for Miami-Dade County, Florida (the “County Litigation”). The CRA and the City dispute the claim by the County that title to the Reverter Property reverted to the County and the City and the CRA are contesting such reverter in that case styled City of Miami, et al., Plaintiffs, vs. Miami-Dade County, Defendant, Case No. 07-46851CA 31 pending in the Eleventh Judicial Circuit in and for Miami-Dade County, Florida (the “Reverter Litigation”). The City, the CRA and the County have negotiated a settlement agreement in the form of Exhibit "I" attached hereto, in connection with the Reverter Litigation (the "Reverter Settlement Agreement"). The Reverter Settlement Agreement must be approved by the Board of Commissioners of the City, the Board of Commissioners of the County and the Board of Commissioners of the CRA to be effective. If the Reverter Settlement Agreement is approved by the respective boards and executed by all parties, the CRA covenants and agrees to execute and deliver all documents to be executed and delivered by the CRA in accordance with the Reverter Settlement Agreement within the time frame required under the Reverter Settlement Agreement.
Reverter. In accordance with the Public School Code of 1949, 24 P.S. § 7-707(8), the Deed conveying the Property from NASD to Township shall include a provision whereby the Property will revert to NASD in the event the Property is no longer being used for municipal purposes.
Reverter. Notwithstanding the foregoing, if the Tenant fails to develop, construct and operate the Project in accordance with the provisions of this Lease, then the Landlord may, at its option, terminate this Lease, at which point the entirety of the Leased Premises, including any and all of the Tenant’s rights with respect to the Leased Premises and Project, shall immediately revert to the Landlord. Landlord's rights granted under this Section relating to the Leased Premises shall always be subject and subordinate to and limited by, and shall not defeat, render invalid, impair or limit in any way the lien or property rights of any mortgagee, holders of mortgages, trustees on behalf of bondholders, and any credit enhancers of such bonds, and Landlord shall provide notice and not less than thirty (30) days to cure any such default by Tenant to such mortgage holders, trustees, credit enhancers, and Performance and Payment Bond issuers, if any, as referenced above prior to the exercise of its reversionary interest. This Section does not and will not subordinate the Landlord's fee simple interest in the Leased Premises to any mortgage or lien.
Reverter. Subject to the provisions of Section 4 below, title to all or a portion of the Property shall revert to Grantor or the then assignee of Grantor's rights if the use of this Special Warranty Deed With Reverter is violated (a "Reversion Triggering Event").
Reverter. Unless, before the expiration or termination -------- of the Option Period for a given ZSS, NN exercises the RoW Option for such ZSS (pursuant to SECTION 4.2), all Commercialization Rights, in RoW, in all fields, for Products based on Zid Embodiments in such ZSS shall revert to ZGI. Similarly, unless, before the expiration or termination of the Option Period for a given ZSS, NN exercises the BC Option for such ZSS (pursuant to SECTION 4.2), all Commercialization Rights worldwide in the BC Field, for Products based on Zid Embodiments in such ZSS shall revert to ZGI.
Reverter. The Tenant acknowledges that in the event the Agreement is terminated subject to sections 2.1 (a) and 7.4, all improvements on the Building, past and present, shall become the property of the Regional District.
Reverter. The City shall have the right to reenter and take possession of the Property and to record against the Property in the La Crosse County Register of Deeds office a “Notice of Reverter.” Purchaser agrees that the recording of such Notice of Reverter shall have the effect of delivering and recording a deed from Purchaser to City, and shall automatically terminate all of the Purchaser’s rights, title and interest in and to the Property (and any interest of any successor that has taken title from or through Purchaser, except Permitted Successors) and revest in the City, subject to rights of Permitted Successors, the full estate conveyed by the Deed. If the City exercises its reversionary right as set forth above, City may also retain the good faith deposit.