Right of Reversion Sample Clauses
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Right of Reversion. Notwithstanding anything herein to the contrary, and as security for BUYER’S obligation to develop the Property as provided in the preceding paragraph, the Quit Claim Deed conveying the Property to BUYER shall contain a right of reversion which may be exercised by SELLER, in its reasonable discretion, if BUYER fails to develop the Property pursuant to the terms of this Agreement. To exercise SELLER’S right of reversion, SELLER shall issue BUYER a written notice to cure providing SELLER thirty (30) days in which to complete the required development. Should BUYER fail to comply with ▇▇▇▇▇▇’s written notice to cure, ▇▇▇▇▇ agrees to execute and deliver to SELLER, within thirty (30) days of the expiration of BUYER’S period to cure, a Quit Claim Deed and any other documents necessary to convey title to the Property to SELLER. ▇▇▇▇▇ further agrees to take all reasonable steps to ensure SELLER acquires marketable title to the Property, including without limitation satisfying any lien, mortgage, or other similar debt obligation encumbering the Property. BUYER acknowledges and understands the exercise of SELLER’S right of reversion shall entitle SELLER to ownership of the Property, as improved by BUYER, including all improvements and betterments, including fixtures attached to the Property, with no remuneration to BUYER. Further, SELLER reserves the right to enforce the terms of this Agreement, including the right of reversion, by instituting a legal action for specific performance and/or to quiet title in SELLER. SELLER shall be entitled to compensation for reasonable attorney fees and court costs in such an action. SELLER’S reversionary right with respect to the Property shall terminate and be of no further force or effect the earlier of when BUYER (or its permitted successors, assigns, or transferees) completes development of the Property, as herein required, or thirty (30) months from the date the deed conveying the Property from SELLER to BUYER is filed with the Marshall County Recorder, in which event SELLER agrees to execute any documents reasonably requested by BUYER to evidence termination of the City’s reversionary right as set forth herein.
Right of Reversion. An employee shall have the ability to return to their former position within one year of being appointed to an out of scope position and shall have all seniority restored. She shall receive her former rate of pay, subject to any increments she would have earned had she remained in her former position
Right of Reversion. Should Tenant or its assigns fail or refuse to exercise its option to purchase as herein described, and the term of the Lease or any extensions thereof end, then the title and ownership of the Improvements (including the building), Fixtures and Personal Property related to (*ADDRESS CONFIDENTIAL*) and the Leased Premises shall revert back to the Landlord. At the expiration of the Term, Tenant, if requested by Landlord, shall execute any and all documents necessary to evidence that ownership and title to the aforementioned Improvements (including the building), Fixtures and Personal Property is in Landlord and to extinguish and remove any cloud or potential cloud on the title to the Premises and/or the Improvements
Right of Reversion. (A) Without prejudice to any other rights or remedies of the City hereunder, it is agreed and understood that if, after conveyance of the Property to the Developer, the Developer shall fail to carry out the Developer Improvements in accordance with the Project Schedule on or prior to the Projects Completion Date (as the same may be extended from time to time pursuant to this Agreement) then the City may, in the exercise of the City’s sole and absolute discretion, exercise its Right of Reversion, in which event the Developer shall (if so demanded by the City) execute such deeds or other documentation as may reasonably be required to effect such Right of Reversion provided that such Right of Reversion shall be subject to the rights of any Mortgagee described in Section 3.15 below, and provided further that if the City exercises its Right of Reversion prior to the Developer's completion of the Environmental Remediation Work, the City shall complete the Environmental Remediation Work in accordance with the RAP, at the City's sole cost and expense, subject to Developer assigning all of its rights, title and interests to the City under the Developer’s DECD Brownfields Grant Agreement and/or any other agreement Developer has entered for funding obtained from the State, as well as any and all permits, approvals or other related documentation or agreements necessary for the City to complete the Environmental Remediation Work . In addition, if the City’s exercise of its Right of Reversion triggers the CT Transfer Act (CGS 22a-134, et seq.), the City shall file a Form III as the “certifying party” and shall be responsible for all filings, fees and costs of investigation and remediation at its sole cost and expense.
(B) In the event that the City shall exercise its Right of Reversion, then, to the extent required, the Developer shall cooperate with the City in the City’s exercise of its rights under the Assistance Agreement (as described in the Memorandum of Understanding) to obtain the remaining funds thereunder in order to complete the Environmental Remediation Work which shall include the execution and delivery of such documentation as may be reasonably deemed necessary or desirable and the preparation and delivery of appropriate project records.
(C) The Right of Reversion shall terminate upon the issuance of the Certificate of Completion with respect the Developer Improvements, and thereafter, the City shall have no Right of Reversion with respect thereto. Notwith...
Right of Reversion. As security for Developer’s progress toward completion of the Lease Purchase Improvements, the deed to the Development Property to Developer shall contain a right of reversion (“Reversionary Right”), which may be exercised by the City, in its sole discretion, upon any Event of Default by Developer which is not cured within the time period allowed by Section XII (a “Reversion Event”). Upon a Reversion Event, the City may exercise the Reversionary Right to reacquire title to the Development Property. Developer shall allow no mortgages or liens (including, but not limited to, mechanic’s liens) to encumber the Development Property while the City holds its Reversionary Right. To exercise the City’s Reversionary Right described herein, the City must deliver written notice to Developer (or its permitted successors, assigns or transferees) within ninety (90) days of the Reversion Event, and record such notice with the County Recorder of deeds, in which case the title to the Development Property shall automatically revert to the City, subject only to the Permitted Encumbrances as of the date of the recording of the notice. Upon request from the City, Developer shall take all reasonable steps to ensure the City acquires marketable title the Development Property through its exercise of its rights under this Section within 60 days of the City’s demand, including without limitation, the execution of appropriate deeds and other documents. This provision shall survive the Closing. If a Reversion Event has not occurred prior to the recording of a construction mortgage evidencing Developer’s Financing, then the Reversionary Right to the Development Property shall terminate and be of no further force and effect. The City agrees to execute and record, at is expense, any documents reasonably requested by Developer or its lender to evidence any termination of the Reversionary Right as set forth herein.
Right of Reversion. A permanent employee who fails probation or requests, during probation, to revert to their former position, shall be able to revert to their former position.
Right of Reversion. A full time employee permitted to perform their duties on a part time basis for an agreed period may, if circumstances alter before the expiry of the agreed period, revert to full time duties as soon as practicable, but no later than the expiry of the period.
Right of Reversion. 12.1 All Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products may transfer and revert to Isis and upon the assignment described in Section 12.3, all Program Technology and Program Know-how comprised of such pharmaceutical composition and/or use of ASOs and/or Products shall be deemed Isis Confidential Information, upon the earliest occurrence of any of the following events (“Reversion Trigger Events”):
(a) Upon termination of the Research Agreement by Pfizer pursuant to Section 9.2(c) or 9.2(d) of the Research Agreement,
(b) Upon termination of the Research Agreement by Isis pursuant to Section 9.3 (a) of the Research Agreement,
(c) Upon termination of this Agreement by Pfizer pursuant to Section 10.2(c) of this Agreement.
12.2 Isis must provide written notice to Pfizer within [***] ([***]) days of any Reversion Trigger Event to inform Pfizer of its election to exercise the right of reversion.
12.3 Upon receipt of written notice by Isis to exercise its right of reversion, Pfizer shall promptly assign all Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products to Isis and thereafter Isis will have the exclusive right, but not the obligation, to prepare, file, prosecute, maintain and/or defend such Patent Rights.
12.4 Upon Pfizer’s assignment of any Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products to Isis and any transfer or reversion of Program Know-how to Isis, Isis will grant Pfizer and its agents a non-exclusive, non-transferable, irrevocable, worldwide, royalty-free, perpetual license, to make and use such Patent Rights and Program Know-how for all research purposes.
12.5 Upon receipt of Isis’ election to exercise its right of reversion, Pfizer shall promptly make available to and transfer one copy or assign to Isis the following: [***]. Both parties shall have the right to use such information as they see fit in the research, development and commercialization of products. [***]. Pfizer will also participate in a technical transfer meeting of no more than two days duration between the appropriate technical teams at Isis and Pfizer. Isis shall indemnify and hold Pfizer (and all officers, directors, employees, and agents of Pfizer) harmless for any and all damages, settlements, costs, legal fees and other expenses incurred in connection with a claim by a third party based on any action or omission of Isis, its agents, employees, or officers, relate...
Right of Reversion. The warranty deed from the County to the State shall contain a right of reversion provision if the Property ceases to be used as a State Patrol Post Headquarters and Barracks.
Right of Reversion. Notwithstanding anything herein to the contrary, and as consideration for the transfer by City to Buyers of Property, Buyers agree to perform the following improvements to Property within twelve (12) months of the transfer of Property by City to Buyer, to wit:
a. Installation of new roof on home and other structures on Property
b. Repair or replacement of soffit and fascia on home and structures on Property
c. Installation of new siding on home and structures on Property
d. Replacement of windows on home and structures on Property as needed, where repair is not possible/feasible.
e. Replacement of front entry stairs and repair front porch to code compliance
f. Sealing and necessary repairs to the northeast foundation corner of home
g. Replacement of electric meter and exterior disconnect
h. Replacement of all lead, galvanized, and/or steel plumbing lines with PEX or Copper All of the above repairs and/or replacements to be permitted and finished in a code compliant fashion, with all necessary inspections and approvals, and a Certificate of Occupancy issued by the City within said twelve (12) month period.