Reversion Clause Sample Clauses

Reversion Clause. The deed conveying the Property shall contain a reversion clause, providing that if the Buyer fails to substantially complete construction of the hotel improvements within twenty-four (24) months of the effective date of the deed, the Seller shall have the right to re-enter and take possession of the Property. Upon such reentry, title to the Property shall revert automatically to the Seller, WDC, who shall immediately transfer title back to the City of Watertown, upon written notice to the Buyer, and without the necessity of further legal action or compensation to the Buyer. ▇▇▇▇▇ acknowledges and agrees that WDC is obligated to transfer title back to the City, if directed to do so by the City. If there is a dispute about whether the deed is appropriate or should have been issued from WDC to the City, AirStay Watertown LLC agrees that the dispute is with the City, not WDC and it shall not involve WDC in such a dispute or litigation.

Reversion Clause. Upon expiration or termination of this Lease, the ownership of the building(s) and other improvements on the Property shall be determined as follows: All improvements on the Property upon termination of this Lease shall become the property of Lessor. Prior to or Immediately upon Lease termination, Lessee shall execute all documents necessary to effectuate the transfer to Lessor of ownership of the improvements on the Property free and clear of all liens and encumbrances. In the alternative, and at ▇▇▇▇▇▇’s sole discretion, Lessor may require demolition and removal, by ▇▇▇▇▇▇ and at ▇▇▇▇▇▇’s expense, of all improvements on the Property. In the event demolition and removal of improvements is required by Lessor, all demolition and removal shall be fully completed by Lease Termination and Lessee shall upon Lease termination peaceably surrender possession of the Premises to Lessor in its pre-improvement condition.

Reversion Clause. Employees with Non-Reversion clause. In accordance with the 1998 AMWU, CEPU Enterprise Bargaining Agreement, Employees engaged on a permanent basis on 12 hour shifts, including secondments in Blow Fill Seal, Tablets Packaging and Central Services prior to signing of the 1998 EBA, to retain non- reversion clause. ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ Employees engaged on a permanent basis on 12-hour shifts including secondments in Blow- Fill Seal, Tablets Packaging and Central Services prior to 1998 to retain non-reversion clause "Transfer to 12 hour shift will be permanent with no reversion to 8 hour shifts, unless the Company can identify or appropriate an agreed position". The names of these employees are listed above. Employees subsequently appointed to 12 hour shifts after 1998 will be subject to a three (3) month notice of reversion to their original shift pattern if such a position is immediately available or to an alternative shift pattern. Reversion will apply to a whole shift or department and not individuals unless agreed by individual and Company. The Site Working Party will be advised of such an arrangement. Three (3) months notice will not apply where individuals fill in for other employees on 12- hour shifts. Fill-ins will receive the higher of the shift loading between their home and fill-in shift. All other employment conditions related to the persons normal shift e.g. annual leave, public holidays, will remain as normal. 8-hour shift personnel will be given due consideration for 12 hours shift positions for which they apply.

Reversion Clause. At the end of the lease period or termination, all buildings with attached permanent equipment revert back to the City of Rockwood as owner.

Reversion Clause. Upon expiration or termination of this Lease, the ownership of the building(s) and other improvements on the Property shall be determined as follows: All improvements on the Property upon expiration or termination of this Lease (as extended) shall be come property of the Lessor. Prior to or immediately upon Lease termination, Lessor and ▇▇▇▇▇▇ shall execute all documents necessary to effectuate the transfer to Lessor of ownership of the improvements on the Property free and clear of all liens and encumbrances. Lessee shall be required to transfer the Property and all improvements in useable condition, normal wear and tear excepted. Should the improvements contain any building materials or components that are deemed hazardous by any governmental authority at the time of transfer, such that the Lessor would be precluded from occupying or releasing the Property without remediating such hazard, the Lessee shall be required to remediate the hazardous materials at the Lessee’s expense.

Reversion Clause. Lessee will have the first right of refusal at the subsequent lease on the Property.

Reversion Clause. If the UU Organization shall cease to function as an active Congregation with property still held by the UUA under this Agreement, after all outstanding debts are paid, and provided that the UUA is an organization described in Section 501(c)(3) of the Internal Revenue Code at such time, the remaining assets shall become the property of the UUA, or its successor, subject to all applicable laws. With the prior written approval of the UUA, the congregation may recommend to the UUA another UU Organization (such as a district, camp, conference center, or congregation) as the recipient of the UU Organization’s assets, which recommendation shall be given strong consideration by the UUA.

Reversion Clause. Unless otherwise agreed by the LESSOR in writing, the Improvements constructed on the leased Premises by LESSEE shall be the property of the LESSEE during the term of the lease. ▇▇▇▇▇▇ shall not remove from said Premises any buildings erected thereon at the end of the Term herein granted, including any renewal or extensions thereof. At the end of the term of this Lease, the Improvements constructed on the leased Premises by LESSEE shall be and become the sole property of the LESSOR.