Common use of Procedure for Revocation Clause in Contracts

Procedure for Revocation. The City shall undertake the following procedures for revocation: (A) If the City believes that Grantee has breached any material provision of this Agreement and the City intends to pursue revocation of this Agreement, the City shall notify Grantee in writing, stating with reasonable specificity the nature of the alleged default. Grantee shall have thirty (30) days from the receipt of such notice to: 1. Respond to the City, contesting the City’s assertion that a default has occurred, and requesting a hearing in accordance with subsection (B), below; or 2. Cure the default; or 3. Notify the City that Grantee cannot cure the default within the thirty (30) days, because of the nature of the default. In the event the default cannot be cured within thirty (30) days, Grantee shall promptly take all reasonable steps to cure the default and notify the City in writing and in detail as to the exact steps that will be taken and the projected completion date. In such case, the City may set a hearing in accordance with subsection (B) below to determine whether additional time beyond the thirty (30) days specified above is indeed needed, and whether Grantee’s proposed completion schedule and steps are reasonable. Upon five (5) business days’ prior written notice, either the City or Grantee may call an informal meeting to discuss the alleged default. (B) If Grantee does not cure the alleged default within the cure period stated above, or by the projected completion date under subsection (A)(3), or denies the default and requests a hearing in accordance with subsection (A)(1), or the City orders a hearing in accordance with subsection (A)(3), the City Council shall set a public hearing to investigate said issues or the existence of the alleged default. The City shall notify Grantee of the hearing in writing and such hearing shall take place no sooner than fourteen (14) days after Grantee’s receipt of notice of the hearing. At the hearing, Grantee shall be provided an opportunity to be heard and to present evidence in its defense. The City Council’s determination as to whether a default or a material breach of this Agreement has occurred shall be subject to judicial review in a court of competent jurisdiction. (C) If, after the public hearing, the City Council determines that a default or material breach still exists, the City shall order Grantee to correct or remedy the default or breach within seven (7) business days or within such other longer time frame as the City shall determine. In the event Grantee does not cure within such time to the City’s reasonable satisfaction, the City may revoke this Agreement.

Procedure for Revocation. CANCELLATION OF REIT SCHEME AND DISTRIBUTION OF LIQUIDATION PROCEEDS 27.1 The City shall undertake REIT Scheme may be extinguished by the occurrence of any one or combination of the following procedures for revocationevents: (Aa) If the City believes that Grantee REIT Scheme has breached any material provision reached end of this Agreement its life as specified in the Deed; (b) where the Unit Holders pass a special resolution as defined in the Act, demanding revocation of the Trust; (c) where the RMC goes into liquidation, becomes bankrupt or has a liquidator appointed over its assets, or its license has been cancelled or does not hold valid license unless the management rights have been transferred in conformity with the Regulations; (d) in the opinion of the RMC, the REIT Scheme is not commercially viable or the purpose of the Scheme cannot be accomplished or its objective cannot be achieved and the City intends Unit Holders have consented to pursue such an action through a special resolution as defined in the Act: Provided that the RMC shall not vote as such meetings and their presence shall not be counted towards requisite voting for special resolution; (e) in the opinion of the Trustee and on occurrence of any event or circumstances which, as per the Deed, triggers conditions that require the REIT Scheme to be revoked; or (f) where the Commission deems it necessary to revoke the REIT Scheme and directs so to the Trustee or the RMC in the interest of the Unit Holders. 27.2 Where a REIT scheme is to be revoked, the Trustee shall immediately apply to the Commission and upon approval by Commission shall give notice to the RMC and in two newspapers having circulation all over Pakistan disclosing the circumstances leading to the revocation of this Agreementthe REIT Scheme. 27.3 On the date of publication of the notice under Clause 27.2, the City affairs of and all information relating to the Scheme shall notify Grantee in writing, stating with reasonable specificity be transferred to the nature Trustee till the completion of the alleged default. Grantee final settlement of the affairs of the Scheme. 27.4 The RMC, Trustee or any other party as deemed appropriate by the Commission shall have thirty (30) days be authorized to dispose off the assets of the REIT Scheme in the best interest of the Unit Holders and any sale, settlement or arrangement executed by the Trustee in pursuance of revocation of the REIT Scheme shall be binding on the RMC and the unit holders of the REIT Scheme. 27.5 The Trustee upon the commencement of revocation process shall also submit, in addition to specified statutory reports, quarterly reports to the Commission providing details of the various steps taken by it to finalise settlement of the affairs of the Trust. 27.6 The proceeds from the sale of the Asset of the REIT Scheme shall be first utilized towards discharge of such liabilities as are due and payable by the REIT Scheme and after making appropriate provision for meeting the expenses connected with such revocation and the balance amount shall be paid to the Unit Holders in proportion to their 27.7 From the date of publication of the notice, the Units shall be delisted, with approval of the Commission, from the Stock Exchange and REIT Scheme shall seize to carry on its business, except so far as may be required for the beneficial revocation thereof. 27.8 On the completion of the revocation process the Trustee shall forward to the Commission and the Unit Holders a report on the revocation process containing particulars such as circumstances leading to the revocation, the steps taken for disposal of assets of the REIT Scheme before revocation, expenses of the fund for revocation, net assets available for distribution to the Unit Holders and a certificate from the auditors of the REIT Scheme. 27.9 After the receipt of such notice to: 1. Respond to revocation report if the City, contesting the City’s assertion Commission is satisfied that a default has occurred, and requesting a hearing in accordance with subsection (B), below; or 2. Cure the default; or 3. Notify the City that Grantee cannot cure the default within the thirty (30) days, because all measures for revocation of the nature REIT Scheme have been complied with, the Commission shall cancel the registration of the default. In the event the default cannot be cured within thirty (30) days, Grantee shall promptly take all reasonable steps to cure the default and notify the City in writing and in detail as to the exact steps that will be taken an REIT Scheme and the projected completion date. In such case, the City may set a hearing in accordance with subsection (B) below REIT Scheme shall cease to determine whether additional time beyond the thirty (30) days specified above is indeed needed, exist and whether Grantee’s proposed completion schedule and steps are reasonable. Upon five (5) business days’ prior written notice, either the City or Grantee may call an informal meeting to discuss the alleged default. (B) If Grantee does not cure the alleged default within the cure period stated above, or by the projected completion date under subsection (A)(3), or denies the default and requests a hearing in accordance with subsection (A)(1), or the City orders a hearing in accordance with subsection (A)(3), the City Council shall set a public hearing to investigate said issues or the existence of the alleged default. The City shall notify Grantee of the hearing in writing and such hearing shall take place no sooner than fourteen (14) days after Grantee’s receipt of notice of the hearing. At the hearing, Grantee Trust shall be provided an opportunity to be heard and to present evidence in its defense. The City Council’s determination extinguished as to whether a default or a material breach of this Agreement has occurred shall be subject to judicial review in a court of competent jurisdictionper applicable laws. (C) If, after the public hearing, the City Council determines that a default or material breach still exists, the City shall order Grantee to correct or remedy the default or breach within seven (7) business days or within such other longer time frame as the City shall determine. In the event Grantee does not cure within such time to the City’s reasonable satisfaction, the City may revoke this Agreement.