Reverter Clause Clause Samples
Reverter Clause. If TSA violates the above and foregoing Restrictive Covenant, after the lapse of sixty (60) days’ written notice and the opportunity to cure such violation the ownership and title to above described property and all improvements and fixtures thereon shall revert to the City immediately upon the City giving TSA written notice of reversion. EXECUTED in duplicate originals this day of , 2014, by duly authorized representatives of the parties. Texas State Aquarium Association By: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, President & CEO Attest: City of Corpus Christi, Texas By: By: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, City Secretary ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, City Manager Legal form approved on , 2014. By: Assistant City Attorney STATE OF TEXAS § COUNTY OF NUECES § This instrument was acknowledged before me on the , 2014, by ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, as President & CEO of the Texas State Aquarium Association, a Texas non-profit corporation, on behalf of said corporation. Notary Public, State of Texas STATE OF TEXAS § COUNTY OF NUECES § This instrument was acknowledged before me on the , 2014, by ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, as City Manager of the City of Corpus Christi, a Texas municipal corporation, on behalf of said corporation. Notary Public, State of Texas 30 year lease from Port Authority of Corpus Christi, authorized by Ordinance No. 19619 on January 27, 1987 Resolution authorizing the condemnation of 8 tracts, authorized by Resolution 20214 on February 16, 1988 Multiple Use Agreement with Texas Department of Transportation to allow parking under the SH 181 bridge adjacent to TSA Closing and abandoning N. Shoreline from Canal Street to 200 feet North of ▇▇▇▇▇▇▇ Street, portions of Canal Street, Surfside, and ▇▇▇▇▇▇▇ Streets, subject to a replat, authorized by Ordinance No. 20244, on March 15, 1988 Acquisition of Parcel 15, authorized by Resolution No. 20353 on June 21, 1988 Acquisition of Parcels 1 and 10, authorized by Motion No. M87-0215 on June 2, 1987 Acquisition of Parcel 12, authorized by Motion No. M87-0284 on August 11, 1987 Acquisition of Parcel 16, authorized by Motion No. M87-0364 on November 3, 1987 Authorizing acquisition of Parcels 2, 3, 4, 5, 6, 7, 8, 11, 15, and 16 by Condemnation by Resolution No. 19941 on August 25, 1987 Acquisition of Parcels 5 and 6, authorized by Motion No. M88-0038 on February 16, 1988 Acquisition of Parcel 7, authorized by Motion No. M88-0055 on March 15, 1988 Acquisition of Parcel 4, authorized by Motion No. M88-0066 on March 22, 1988 Acquisition of Parcels 2 and 3, authorized by Motion ...
Reverter Clause. The Special Warranty Deed for all lots sold shall include a reverter clause as follows:
Reverter Clause. The purpose of this transaction is the development of the Subdivision and specifically the installation of a new paved street and utility infrastructure to serve the Subdivision. Time is of the essence in the development of the Property.
A. Minnesota Statutes Section 469.105(5) provides that “within one year from the date of purchase, the purchaser shall devote the property to its intended use or begin work on the improvements to the property to devote it to that use. If the purchaser fails to do so, the authority (Economic Development Authority) may cancel the sale and title to the property shall return to it. The authority may extend the time to comply with a condition if the purchaser has good cause.” The timetable for the completion of infrastructure improvements is outlined in Section 17. Additional payments are outlined in Section 19 if these timelines are not met.