Right of Reversion. Should Tenant or its assigns fail or refuse to exercise its option to purchase as herein described, and the term of the Lease or any extensions thereof end, then the title and ownership of the Improvements (including the building), Fixtures and Personal Property related to 0000 Xxxxxx Xxxxx, Xxxxxx, Xxxxx and the Leased Premises shall revert back to the Landlord. At the expiration of the Term, Tenant, if requested by Landlord, shall execute any and all documents necessary to evidence that ownership and title to the aforementioned Improvements (including the building), Fixtures and Personal Property is in Landlord and to extinguish and remove any cloud or potential cloud on the title to the Premises and/or the Improvements
Right of Reversion. 85.15 A full time employee permitted to perform their duties on a part time basis for an agreed period may, if circumstances alter before the expiry of the agreed period, revert to full time duties as soon as practicable, but no later than the expiry of the period.
Right of Reversion. An employee shall have the ability to return to their former position within one year of being appointed to an out of scope position and shall have all seniority restored. She shall receive her former rate of pay, subject to any increments she would have earned had she remained in her former position
Right of Reversion. If, for whatever reason, Buyer is in Default (as that term is defined in the Development Agreement) under Section 7.2 of the Development Agreement or the Development Agreement is terminated pursuant to Section 8.1 thereof, Seller shall thereafter be entitled to provide written notice to Buyer requiring Buyer to Transfer the Land Rights to Seller, subject only to: (i) the Permitted Liens; and (ii) any applicable approvals that may be required from FERC, NYISO and any other applicable Governmental Authority of competent jurisdiction (“Reconveyance Approvals”), which shall be obtained at Buyer’s sole cost and expense; provided Seller pays to Buyer an amount equal to the Land Rights Purchase Price less any damages suffered by Seller arising directly from any such Default under and/or termination of the Development Agreement. All reasonable and documented costs and expenses incurred by Xxxxx after Xxxxx obtains the Reconveyance Approvals and prior to closing shall be reimbursed by Xxxxxx. Notwithstanding the above, if the 115 kV Sugarloaf Switching Station (as defined in the EM&CP) has been placed into service by Buyer as part of the RTS Project, and at such time there has been no Default under the Development Agreement or termination of the Development Agreement, unless otherwise directed by NYISO, the 115 kV Sugarloaf Switching Station shall continue to be owned by Buyer and the Land Rights shall continue to be owned by Buyer notwithstanding any later such Default or termination.
Right of Reversion. 11.1 All Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products may transfer and revert to Isis and upon the assignment described in Section 11.3, all Program Technology and Program Know-how comprised of such pharmaceutical composition and/or use of ASOs and/or Products shall be deemed Isis Confidential Information, upon the earliest occurrence of any of the following events (“Reversion Trigger Events”):
Right of Reversion. As security for Developer’s progress toward completion of the Lease Purchase Improvements, the deed to the Development Property to Developer shall contain a right of reversion (“Reversionary Right”), which may be exercised by the City, in its sole discretion, upon any Event of Default by Developer which is not cured within the time period allowed by Section XII (a “Reversion Event”). Upon a Reversion Event, the City may exercise the Reversionary Right to reacquire title to the Development Property. Developer shall allow no mortgages or liens (including, but not limited to, mechanic’s liens) to encumber the Development Property while the City holds its Reversionary Right. To exercise the City’s Reversionary Right described herein, the City must deliver written notice to Developer (or its permitted successors, assigns or transferees) within ninety (90) days of the Reversion Event, and record such notice with the County Recorder of deeds, in which case the title to the Development Property shall automatically revert to the City, subject only to the Permitted Encumbrances as of the date of the recording of the notice. Upon request from the City, Developer shall take all reasonable steps to ensure the City acquires marketable title the Development Property through its exercise of its rights under this Section within 60 days of the City’s demand, including without limitation, the execution of appropriate deeds and other documents. This provision shall survive the Closing. If a Reversion Event has not occurred prior to the recording of a construction mortgage evidencing Developer’s Financing, then the Reversionary Right to the Development Property shall terminate and be of no further force and effect. The City agrees to execute and record, at is expense, any documents reasonably requested by Developer or its lender to evidence any termination of the Reversionary Right as set forth herein.
Right of Reversion. The warranty deed from the County to the State shall contain a right of reversion provision if the Property ceases to be used as a State Patrol Post Headquarters and Barracks.
Right of Reversion. Developer hereby agrees that the WCLB Property and the KDOT Property shall be subject to a right of reversion in favor of the UG (the "Reversionary Interest") in the event that, subject to Force Majeure, commencement of construction of the Project as described in Section 2.2 has not occurred on or before that date which is six (6) months after the Commencement Date set forth in Section 4.9 below. In order to exercise the Reversionary Interest, the UG shall first give to Developer a written notice of default and an additional ninety (90) day cure period (the "Reversionary Interest Notice") which shall specifically state that the UG is invoking the Reversionary Interest remedy, and in that case, if Developer fails to remedy the default in question within the additional ninety (90) day cure period, then the UG shall have the right, in its discretion, to exercise its Reversionary Interest as to the WCLB Property and the KDOT Property. If the UG exercises its Reversionary Interest, the UG shall pay Developer Fifteen Thousand Dollars and No/100 ($15,000.00) upon conveyance of the Site back to the UG, but the UG shall not reimburse Developer for any losses or other costs associated with the UG's exercise of its Reversionary Interest. Notwithstanding the foregoing or anything in this Agreement to the contrary, the Reversionary Interest shall automatically be released immediately upon the Substantial Completion of the Project, and the UG shall execute and deliver to Developer a quitclaim deed or such other documents as may be necessary to evidence the release of the Reversionary Interest promptly thereafter (but in any event, no later than ten (10) business days following a request by Developer for the same). For purposes of this Agreement, the words "commence construction" and "commencement of construction" shall mean the issuance of building permits for the Improvements (defined below in Section 2.2) and Developer's undertaking of a continuous program of construction for such Improvements.
Right of Reversion. Notwithstanding anything herein to the contrary, and as additional security for Gatehouse's obligation to Commence Hotel Construction, the Hotel Deed conveying the Hotel Property to Gatehouse shall contain a right of reversion in all of the Hotel Property ("City's Reversionary Right (Hotel)" or "Reversionary Right (Hotel)"), which may be exercised by the City, in its reasonable discretion, if the following conditions occur:
Right of Reversion. If MB fails to receive a minimum of $1,000,000 in equity financing gross proceeds (not including the amount described in Paragraph 2(i) above) by June 28th , 2018, then upon written notice by Holdings LLC describing such failure, all of the Patent Assets shall be assigned by MB back to Holdings LLC free and clear of any liens, claims, security interests or encumbrances, and MB shall execute any and all requested assignment documents evidencing such assignment, and to provide such cooperation as required of MB described in Section 1 above. The Patent Assets to be assigned back shall include any and all additions, improvements, continuations, derivations, intellectual property, inventions, trade secrets, data, and clinical study results relating to the Patent Assets development during such period. If Holdings LLC exercises the right of reversion set forth in this Paragraph 2b, then Holdings LLC shall assign to Apica Investments Limited and/or its assignees all of the shares of Preferred Stock issued to Holdings as described in Paragraph 2a(iv) above.
