Right of Reentry and Revesting Sample Clauses

The Right of Reentry and Revesting clause grants a property owner or grantor the legal authority to reclaim ownership of property if certain conditions or obligations are not met by the current holder. In practice, this means that if a tenant or grantee violates the terms of a lease or deed—such as failing to use the property for a specified purpose or breaching a restriction—the original owner can take back possession of the property. This clause serves to protect the interests of the original owner by ensuring compliance with agreed-upon terms and providing a clear remedy if those terms are violated.
Right of Reentry and Revesting. 1. The Grantor shall have the right at its election to reenter and take possession of the Site hereby conveyed with all improvements thereon and to terminate and revest in the Grantor the Site hereby conveyed to the Grantee if prior to the issuance of a Release of Construction Covenants as to all of the Site, the Grantee (or its successors in interest) shall: (a) Fail to commence the construction of the Required Improvements on the Site as required by the DDA for a period of sixty (60) days subject to Sections 301.1 and 602 of the DDA after written notice thereof from the Grantor; provided, however, with respect to the pad buildings, such sixty (60) day period shall be extended for such time as reasonably necessary for Grantee, exercising due diligence, not to exceed eighteen (18) months, to execute a lease with a tenant for such pad, and for the Grantee or such tenant to commence construction of such pad building; or (b) Abandon or substantially suspend construction of the Required Improvements for a period of ninety (90) days, subject to Sections 301.1 and 602 of the DDA after written notice thereof from the Grantor; or (c) Contrary to the provisions of Section 603 of the DDA, Transfer, or suffer an involuntary Transfer of, the Site, or any part thereof in violation of this Grant Deed and Environmental Restriction. 2. The right to reenter, repossess, terminate and revest shall be subject to and be limited by and shall not defeat, render, invalid, or limit: (a) Any mortgage or deed of trust permitted by this Grant Deed and Environmental Restriction or the DDA; or (b) Any rights or interest provided for the protection of the holders or such mortgages of deeds of trust or other security interests. 3. Upon issuance of a Release of Construction Covenants for the Required Improvements to be constructed upon the Site, the City’s right to reenter, terminate and revest shall terminate. 4. In the event title to the Site or any part thereof is revested in the Grantor as provided in this paragraph 4, Grantor shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Site as soon and in such manner as the Grantor shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the City) who will assume the obligation of making or completing the Required Improvements thereon, or such improvements in t...
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Right of Reentry and Revesting. [to be revised to reference Retail Component or Residential Component only, as applicable] 1. Grantor has the right, at its election, to reenter and take possession of the [insert Retail Property or the Residential Property], with all improvements thereon, and terminate and revest in Grantor the estate conveyed to the Grantee, if after the Closing and prior to the issuance of the Release of Construction Covenants as to one hundred percent (100%) of the [Retail Component or the Residential Component], the Grantee shall: (a) fail to start the construction of the [Retail Component or the Residential Component] as required by this Agreement for a period of sixty (60) days subject to Sections 301.1 and 602, after written notice thereof from Grantor; provided, however, with respect to the pad and any other buildings not leased by the Grantee prior to the Closing, such sixty (60) day period shall be extended for such time as reasonably necessary for Grantee, exercising due diligence, to execute a lease with a tenant for such pad or building location, and for the Grantee or such tenant to commence construction of such pad building; or (b) abandon or substantially suspend construction of the [Retail Component or the Residential Component] required by this Agreement for a period of ninety (90) days, subject to Sections 301.1 and 602, after written notice thereof from Grantor; or (c) contrary to the provisions of Section 603 transfer or suffer any involuntary transfer of [the Retail Property or the Residential Property] in violation of this Agreement. 2. Such right to reenter, terminate and revest shall be subject to and be limited by and shall not defeat, render invalid or limit: 1. Any mortgage or deed of trust permitted by this Agreement; or 2. Any rights or interests provided in this Agreement for the protection of the holders of such mortgages or deeds of trust. Grantor shall have the right as set forth in this Section, under specified circumstances prior to recordation of the Release of Construction Covenants, to reenter and take possession of [the Retail Property or the Residential Property], with all improvements thereon, and to terminate and revest in Grantor the estate conveyed to the Grantee. Upon the revesting in Grantor of title to [the Retail Property or the Residential Property], as provided in this Section, Grantor shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell [the Retail Property or Residential Property...
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Related to Right of Reentry and Revesting

  • Right of Re-Entry Upon the occurrence of a Default, Landlord may elect to terminate this Lease or, without terminating this Lease, terminate Tenant's right to possession of the Premises. Upon any such termination, Tenant shall immediately surrender and vacate the Premises and deliver possession thereof to Landlord. Tenant grants to Landlord the right to enter and repossess the Premises and to expel Tenant and any others who may be occupying the Premises and to remove any and all property therefrom, without being deemed in any manner guilty of trespass and without relinquishing Landlord's rights to Rent or any other right given to Landlord hereunder or by operation of law.

  • Right of Revocation Guarantor understands and agrees that Guarantor may revoke its future obligations under this Guaranty at any time by giving Bank written notice that Guarantor will not be liable hereunder for any indebtedness or obligations of Borrower incurred on or after the effective date of such revocation. Such revocation shall be deemed to be effective on the day following the day Bank receives such notice delivered either by: (a) personal delivery to the address and designated department of Bank identified in subparagraph 1(a) above, or (b) United States mail, registered or certified, return receipt requested, postage prepaid, addressed to Bank at the address shown in subparagraph 1 (a) above. Notwithstanding such revocation, Guarantor shall remain liable on its obligations hereunder until payment in full to Bank of (x) all of the Guaranteed Indebtedness that is outstanding on the effective date of such revocation, and any renewals and extensions thereof, and (y) all loans, advances and other extensions of credit made to or for the account of Borrower on or after the effective date of such revocation pursuant to the obligation of Bank under a commitment or agreement made to or with Borrower prior to the effective date of such revocation. The terms and conditions of this Guaranty, including without limitation the consents and waivers set forth in paragraph 7 hereof, shall remain in effect with respect to the Guaranteed Indebtedness described in the preceding sentence in the same manner as if such revocation had not been made by Guarantor.

  • First Right of Refusal If any Partner shall enter into an agreement to sell their ownership interest in the Partnership with an individual or entity that is not a current Partner, the following parties must be given a first right of refusal before such a transaction can take place:

  • Right of Refusal Vendor has the right not to sell to a TIPS Member under the awarded agreement at Vendor’s discretion unless otherwise required by law.

  • Termination of Right of First Refusal The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded.