Right of Reverter Sample Clauses
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Right of Reverter. The Agency shall have the additional right, at its option, to reenter and take, possession of the Site with all improvements thereon and revest in the Agency the estate theretofore conveyed to the Redeveloper, if after conveyance of title to the Site and prior to recordation of the Certificate of Completion, the Redeveloper shall:
1. Fail to proceed with the construction of the improvements as required by this Agreement for a period of six (6) months after written notice thereof from the Agency., provided that the Redeveloper shall not have obtained an extension or postponement to which the Redeveloper may be entitled pursuant to Section 604 hereof; or
2. Abandon or subsequently suspend construction of the improvements for a period of three (3) months after written notice of such abandonment or suspension from the Agency, provided that the Disposition and Development Agreement No. 93-001 Page 31 Redeveloper shall not have obtained an extension or postponement to which the Redeveloper may be entitled pursuant to Section 604 hereof; or
3. Transfer or suffer any involuntary transfer of the Site or any part thereof in violation of this Agreement. Such right to reenter, repossess and revest to the extent provided in this Agreement shall be subordinate and subject to and be limited by and shall not defeat, render invalid or limit:
1. Any mortgage, deed of trust or other security instrument permitted by this Agreement; or
2. Any rights or interest provided in this Agreement for the protection of the holder of such mortgages, deeds of trust or other security instruments. The deed shall contain appropriate reference and provision to give effect to the Agency's right, as set forth in this Section under specified circumstances prior to the recordation of the Certificate of Completion, to reenter and take possession of the Site with all improvements thereon and to terminate and revest in the Agency the estate conveyed to the Redeveloper. Upon the revesting in the Agency of title to the Site or any part thereto as provided in this Section, the Agency shall, pursuant to its responsibilities under state law, use its best efforts to resell the Site or part thereof as soon as, and in such a manner as the Agency shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan to a qualified and reasonable party or parties (as determined by the Agency) who will assume the obligation of making or completing the improvements, or such other impro...
Right of Reverter. (a) In the event that, following Close of Escrow, there is an Event of Default and such Event of Default occurs prior to issuance of a Certificate of Completion for the Improvements, then the County has the right to reenter and take possession of the Property and all improvements thereon and to revest in the County the estate of Developer in the Property. ▇▇▇▇▇▇▇▇▇ agrees to execute such documents as reasonably necessary to cause ▇▇▇▇▇▇▇▇▇'s interest in the Property to revert and revest in the County.
(b) Upon vesting or revesting in the County of title to the Property, the County will use its best efforts to resell the Property consistent with the County's obligations under applicable laws. Upon sale the proceeds will be applied as follows:
(1) First, to reimburse the County for any costs it incurs in managing or selling the Property (after exercising its right of reverter), including but not limited to amounts to discharge or prevent liens or encumbrances arising from any acts or omissions of Developer;
(2) Second, to reimburse the County for damages to which it is entitled under this Agreement by reason of Developer's default;
(3) Third to the County, to repay the Loan;
(4) Fourth, to Developer in the amount of the reasonable cost of the improvements Developer has placed on the Property that were not financed by the County; and
(5) Fifth, any balance to the County.
Right of Reverter. In the event that the Property is no longer used for the intended purpose of a park, the Property will revert back to the Grantor. ELM CREEK: Grantee covenants and agrees that it will not allow any condition on the Property, nor permit any activity on the Property, which shall materially or adversely affect the development, improvement, operation, or maintenance of the Lake ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Reservoir, reservation, and facilities or the West Elm Creek Reservation, future reservoir, and facilities.
Right of Reverter. Sycamore Terrace DDA 978949.doc The City shall have the additional right, at its option, to reenter and take possession of the Site with all improvements and revest in the City the estate conveyed to the Developer, if after conveyance of the Site to Developer and prior to issuance of the Certificate of Compliance, the Developer shall:
Right of Reverter. The deed for this parcel contracted for within this Agreement for the Sale of Real Estate shall be a fee simple determinable with a Right of Reverter to the City of Gladstone. The terms of the Right of Reverter are that the Grantee, Choice Propane, shall substantially complete improvements described the attached site plan. These improvements shall be considered in a site plan to be submitted to the City of Gladstone Planning Commission which site plan shall be submitted within 30 days from the date of this contract. The site plan improvements to the existing property must be completed within 18 months of the date of the deed contemplated by this Agreement for the Sale of Real Estate. Failure to substantially complete the improvements (by 80%) shall automatically revert the property to the City of Gladstone without consideration.
Right of Reverter. Grantor and Grantee are parties to the Option Agreement dated November 21, 2011 (the “Agreement”), which requires Grantee to construct on the Property and adjacent property at least a two story structure pre-approved by Grantor (“Project”). The Agreement, as amended, requires Grantee to Commence Construction of the Project by the sooner of six (6) months from the Effective Date of this Amended Quitclaim Deed or September 1, 2020, and to Complete Construction of the Project by April 26, 2021. The terms “Commence Construction” and “
Right of Reverter. If this Agreement is terminated pursuant to Section
(1) First, to reimburse the City, for any reasonable costs it incurs in managing or selling the Project Site, or in connection with the completion of the construction of the Improvements, including but not limited to amounts to discharge, or to prevent liens or encumbrances arising from any acts or omissions of Developer;
(2) Second, to the City up to the amount that the City has expended in connection with the Development and to reimburse the City for damages to which it is entitled under this Agreement by reasons of the Developer's default;
(3) Third, to the Developer in the amount of the reasonable costs of the Developer (excluding any other payment by the City) in undertaking the construction of the Improvements on the Project Site; and
(4) Any balance to the City. The right of reverter contained in this Section 13.01 was set forth in the grant deed transferring the Project Site from the Successor Agency to Developer.
Right of Reverter. If after conveyance of the Property, Developer fails to meet the Schedule of Performance within the time required under Section 4.2 of this Agreement, provided that Developer has not obtained an extension or postponement to which the Developer may be entitled pursuant to this Agreement, upon recordation of a notice of exercise of reverter, title shall automatically revest in the Authority and the Authority may reenter and take possession of the Property or any portion thereof with all improvements thereon and terminate any estate the Developer may have in the Property.
Right of Reverter. 26 Section 7.6 Option to Repurchase, Reenter and Repossess. 27
Right of Reverter. This Assignment Agreement with Contingent Right of Reverter (hereafter the “Agreement”) is made effective as of August 10, 2002 (the “Effective Date”) by and between Alchemy Ventures, Ltd., a British Columbia, Canada corporation (“ALY”), and Idaho Industrial Minerals, LLC., and Idaho limited liability company (“IIM”), Northwest Kaolin, Inc., an Idaho corporation (“NWK”). (Collectively, referred to hereinafter as the “Parties.”)