Reverter Provision in Deeds Sample Clauses

Reverter Provision in Deeds. Developer acknowledges and agrees that each Deed with respect to those portions of the Property within each Phase of the Project upon which the Infrastructure Component of such Phase shall be constructed and developed will contain a provision providing that the fee title to such portions of the Property being conveyed thereby from the County to Developer (or its designee) shall, at the option of the County, revert to the County if Developer (or its designee), subject to the terms of Section 5.06 below, (i) fails to commence construction of the Infrastructure Component of such Phase of the Project thereon within twenty-four (24) months following the applicable Closing Date or (ii) fails to achieve Substantial Completion of the Infrastructure Component of such Phase of the Project by the later of: (a) the Final Completion Date set forth in the Development Schedule for such Phase (subject to any and all applicable delays and extensions, as set forth in the Development Schedule and this Agreement); or (b) sixty (60) months following the applicable Closing Date for such Phase; or (iii) this Agreement is terminated prior to Substantial Completion as a result of an Event of Default in accordance with Section 5.03 below (clauses (i) through (iii) being collectively referred to as, the “Reverter Conditions”). Provided the Reverter Conditions are satisfied within the applicable time periods, the County acknowledges and agrees that the Reverter Conditions in each such Deed shall automatically terminate with respect to such Phase (or, if the Reverter Conditions are not satisfied with respect to an entire Phase, but are satisfied with respect to certain separately subdivided parcels within such Phase, the Reverter Conditions shall terminate with respect to those subdivided parcels on the Property, but not otherwise). Solely for purposes of this Section 2.04, Developer (or its designee) shall be deemed to have commenced construction of the Infrastructure Component of each Phase of the Project at such time as Developer (or its designee) shall have commenced work (including excavation or pile driving but not including test borings, test pilings, surveys and similar pre-construction activities) on the applicable portions of the Property. Developer hereby acknowledges and agrees that, until the Reverter Conditions with respect to any portion of the Property included within a Phase conveyed by the County to Developer (or its designee) by Deed for construction and development...
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Related to Reverter Provision in Deeds

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