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. 85.15 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. (a) Seller shall have a right (a “Right of Reversion”) permitting Seller, at its option, to regain ownership of the Reversion Assets subject to the limitations and restrictions set forth in this Section 2.6, in the event that:
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. 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 XXXXXX’s written notice to cure, XXXXX 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. XXXXX 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. A permanent employee who fails probation or requests, during probation, to revert to her former position, shall be able to revert to her former position.
Right of Reversion. 11.1 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 11.3, 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”):
Right of Reversion. If, for whatever reason, Buyer is in Default (as that term is defined in the Development Agreement) under Section 7.2 of the Development Agreement or the Development Agreement is terminated pursuant to Section 8.1 thereof, Seller shall thereafter be entitled to provide written notice to Buyer requiring Buyer to Transfer the Land Rights to Seller, subject only to: (i) the Permitted Liens; and (ii) any applicable approvals that may be required from FERC, NYISO and any other applicable Governmental Authority of competent jurisdiction (“Reconveyance Approvals”), which shall be obtained at Buyer’s sole cost and expense; provided Seller pays to Buyer an amount equal to the Land Rights Purchase Price less any damages suffered by Seller arising directly from any such Default under and/or termination of the Development Agreement. All reasonable and documented costs and expenses incurred by Buyer after Buyer obtains the Reconveyance Approvals and prior to closing shall be reimbursed by Seller. Notwithstanding the above, if the 115 kV Sugarloaf Switching Station (as defined in the EM&CP) has been placed into service by Buyer as part of the RTS Project, and at such time there has been no Default under the Development Agreement or termination of the Development Agreement, unless otherwise directed by NYISO, the 115 kV Sugarloaf Switching Station shall continue to be owned by Buyer and the Land Rights shall continue to be owned by Buyer notwithstanding any later such Default or termination.
Right of Reversion. Without limiting Flames’s obligations under this Agreement (including Section 2.4), or any other rights or remedies of Lilly under this Agreement, at any time prior to Flame’s (or its Affiliate’s or its or their Sublicensee’s) receipt of Regulatory Approval for the Licensed Product, in the event that Flame (or its Affiliate or its or their sublicensee) has not conducted any material development activities with respect to the Licensed Compound or Licensed Product for a period of (***) consecutive months; provided, that such (***) month period shall be tolled for a period equal to the time that Flame (or its Affiliate or its or their Sublicensee) is prohibited from undertaking development activities due to a clinical hold mandated by a Regulatory Authority, Flame will notify Lilly in writing of the same and the Parties will discuss in good faith the reasons for such lack of development and potential resolution(s) thereof; provided that in the event that Flame does not commence any material development activities within (***) months of such written notice to Xxxxx, Xxxxx shall have the right to terminate this Agreement and have the rights to the Licensed Compound revert to Lilly, subject to Xxxxx’x payment of the Alternate Royalty Rate for Net Sales in accordance with Section 9.5(c) upon delivery of at least (***) days’ prior written notice to Flame
Right of Reversion. The County shall have a right of reversion, and fee simple title to the Property shall revert back to the County, as if the Property were never transferred pursuant to this Agreement, if the State, by and through the State Properties Commission, ceases use of the Property as a DDS facility. If any new capital improvements are constructed on the Property by the State after the conveyance contemplated by this Agreement, the County will acquire the improvements for fair market value at the time of the reversion. The County’s right of reversion shall be appropriately referenced in the limited warranty deed.
