Reverter. In accordance with the Public School Code of 1949, 24 P.S. § 7-707(8), the Deed conveying the Property from NASD to Township shall include a provision whereby the Property will revert to NASD in the event the Property is no longer being used for municipal purposes.
Reverter. Subject to the provisions of Section 2 below, title to all the Property shall revert to Grantor or the then assignee of Grantor's rights hereunder upon the first to occur of the following (each, a "Reversion Triggering Event"):
Reverter. Unless, before the expiration or termination -------- of the Option Period for a given ZSS, NN exercises the RoW Option for such ZSS (pursuant to SECTION 4.2), all Commercialization Rights, in RoW, in all fields, for Products based on Zid Embodiments in such ZSS shall revert to ZGI. Similarly, unless, before the expiration or termination of the Option Period for a given ZSS, NN exercises the BC Option for such ZSS (pursuant to SECTION 4.2), all Commercialization Rights worldwide in the BC Field, for Products based on Zid Embodiments in such ZSS shall revert to ZGI.
Reverter. Unless, before the expiration or termination -------- of the Option Period for a given ZSS, NN exercises the RoW Option for such ZSS (pursuant to SECTION 4.2), all Commercialization Rights, in RoW, in all fields, for Products based on Zid Embodiments in such ZSS shall revert to ZGI. Similarly, unless, before the expiration or termination of the Option Period for a given ZSS, NN exercises the BC Option for such ZSS (pursuant to SECTION 4.2), all Commercialization Rights worldwide in the BC Field, for Products based on Zid Embodiments in such ZSS shall revert to ZGI. As of June 16, 2000, after NN's analysis of [*], [*] and TACI, NN has determined that all rights in the ZSSs for [*], [*] and TACI have reverted to ZGI. The following SUBSECTION 4.1.6. shall be added.
Reverter. Upon termination of this Agreement, all licenses and right granted under this Agreement shall revert to RCT for the benefit of RCT.
Reverter. Notwithstanding the foregoing, if the Tenant fails to develop, construct and operate the Project in accordance with the provisions of this Lease, then the Landlord may, at its option, terminate this Lease, at which point the entirety of the Leased Premises, including any and all of the Tenant’s rights with respect to the Leased Premises and Project, shall immediately revert to the Landlord. Landlord's rights granted under this Section relating to the Leased Premises shall always be subject and subordinate to and limited by, and shall not defeat, render invalid, impair or limit in any way the lien or property rights of any mortgagee, holders of mortgages, trustees on behalf of bondholders, and any credit enhancers of such bonds, and Landlord shall provide notice and not less than thirty (30) days to cure any such default by Tenant to such mortgage holders, trustees, credit enhancers, and Performance and Payment Bond issuers, if any, as referenced above prior to the exercise of its reversionary interest. This Section does not and will not subordinate the Landlord's fee simple interest in the Leased Premises to any mortgage or lien.
Reverter. In the event Buyer fails to meet any of the following three obligations, the Seller shall have the absolute right, but not the obligation, to cause title to the Property to revert to Seller, unless Xxxxx’s failure to meet the obligation was caused by a riot, war on American soil, national emergency, strike, flood, hurricane, fire, act of God, or other Force Majeure event as provided in STANDARD W, such that Buyer is unable by reasonable diligence to avoid the delay and under such circumstances the deadline shall be extended by the Seller in writing by such reasonable time as necessary and equitable: 1) Buyer shall enter into a Development Agreement with Seller in accordance with Section 6(a) of this Contract prior to issuance of any City of Gainesville building permits for the Property; 2) Buyer shall obtain all necessary permits and commence construction (construction is defined as above ground, vertical improvements) of the Development on or before 24 36 months after the Closing Date; and 3) Buyer (or applicable Surety or Mortgagee) shall complete construction of the Development (defined as receiving a Final Certificate of Occupancy from the City of Gainesville) on or before 48 60 months after the Closing Date. The preceding three obligation deadlines shall be collectively called the “Reverter Deadlines.” Xxxxx and Seller agree that by mutual agreement the Reverter Deadlines provided herein may be extended. To exercise its right of reverter upon Xxxxx’s failure to meet any of the Reverter Deadlines, Seller shall record an Affidavit to that effect in the public records of Alachua County, Florida, on or before 48 60 months after Closing Date plus any extensions as provided herein. Within a reasonable time after such recording, Xxxxx and Seller shall close on the transfer of the Property back to the Seller. At the Closing, Xxxxx shall execute a deed to Seller, Seller will return to Buyer the Purchase Price, less the Deposits which shall be retained by Seller as liquidated damages. The Buyer shall provide title insurance to the Seller and shall convey the Property back to the Seller free and clear of all encumbrances. Upon the occurrence of the earlier of the following two occurrences: 1) Buyer has met all three reverter obligations concluding with the Development receiving a Final Certificate of Occupancy; or 2) Seller has not recorded a reverter Affidavit on or before 48 60 months after Closing Date plus any extensions as provided herein, then the right of...
Reverter. City has right (not obligation) to exercise reverter. If exercised, City has obligation to then resell property with proceeds going to City for costs, then Developer to recover costs and balance to City. Trigger events: failure to timely (i) obtain entitlements, (ii) commence construction, (iii) continuously perform construction, (iv) pay notes when due and no later than six (6) years from Closing (Event No. 4) City Manager shall have the right to grant extensions of any of the above deadlines up to 180 days, but greater extensions shall require Council approval. BRICKYARD COVE ROADWAY REHABILITATION AND TRANSFER PLAN AND NEIGHBORHOOD MITIGATION REQUIREMENTS
Reverter. Developer acknowledges that County claims that title to that portion of the Leased Property which is more particularly described on Exhibit “H” attached hereto and made a part hereof (the “Reverter Property”) reverted to the County in accordance with the terms of the Settlement Agreement (the “County Settlement Agreement”) entered between the County and the City, in Case No. 01-13810 CA 08, in the Eleventh Judicial Circuit in and for Miami-Dade County, Florida (the “County Litigation”). The CRA and the City dispute the claim by the County that title to the Reverter Property reverted to the County and the City and the CRA are contesting such reverter in that case styled City of Miami, et al., Plaintiffs, vs. Miami-Dade County, Defendant, Case No. 07-46851CA 31 pending in the Eleventh Judicial Circuit in and for Miami-Dade County, Florida (the “Reverter Litigation”). The City, the CRA and the County have negotiated a settlement agreement in the form of Exhibit "I" attached hereto, in connection with the Reverter Litigation (the "Reverter Settlement Agreement"). The Reverter Settlement Agreement must be approved by the Board of Commissioners of the City, the Board of Commissioners of the County and the Board of Commissioners of the CRA to be effective. If the Reverter Settlement Agreement is approved by the respective boards and executed by all parties, the CRA covenants and agrees to execute and deliver all documents to be executed and delivered by the CRA in accordance with the Reverter Settlement Agreement within the time frame required under the Reverter Settlement Agreement.
Reverter. During the period that the Lender's Mortgage on the Property remains unsatisfied, or in the event of a breach of any Restriction by any future owner, the parties agree that the County shall have the right, but not the obligation, to exercise its right of reverter in the event of such a breach (as opposed to an automatic reverter). Such right shall be in addition to all other legal rights and remedies including but not limited to the right to file suit to enforce such restriction. The County may exercise such right by providing 30 days written notice to the Lender and the Borrower, and in such event, the County shall have the right to reenter and take possession of the Property and to terminate and revest in the County the estate conveyed by the Deed to the Borrower. In such event, all of the monetary investments and improvements made to the Property shall be forfeited without any compensation or right to compensation whatsoever. In the event of the exercise of such reverter, the Property shall revert encumbered only by the subject Mortgage, which may be paid off by the County at its option without penalty, and only to this extent, the reverter is subordinate to the lien of Mortgage. Any subsequent or other mortgage or encumbrance on the Property, if obtained without prior County approval, shall be subordinate to the County's right of reverter. This term shall survive the termination of this Agreement.
