Right of Reverter for Failure to Commence Construction Sample Clauses

Right of Reverter for Failure to Commence Construction. Subject to US2’s rights to cure and any mortgagee’s rights set forth in this Master LDA, if US2 fails to commence construction on (i) the residential Phase (as described in the D-2 Block Project Schedule) within twenty-four (24) months of acquiring the parcel of land associated with that Phase of the X-0 Xxxxx; (ii) the office Phase (as described in the D-2 Block Project Schedule) within twenty-four (24) months of the start of construction of the MBTA Station, subject to Force Majeure and subject to a day-for-day extension equal to the aggregate amount of time that construction of the MBTA Station is halted, if construction of the MBTA Station commences and then stops unless such time period is adjusted pursuant to Article X of this Master LDA; or (iii) the office Phase (as described in the D-2 Block Project Schedule) within sixty (60) months of acquiring the parcel of land associated with that Phase of the D-2 Block, if construction of the MBTA Station does not commence within such sixty (60) month period, subject to any extension granted by permission of the SRA in its sole discretion, in each case in accordance with the terms and conditions of this Master LDA, then the SRA shall have the right to re-enter and take possession of the parcel of land associated with the applicable Phase of the D-2 Block and to terminate (and re-vest in the SRA) said portion of the land conveyed by the D-2 Block Deed to US2 (or such smaller portion as has been subdivided in accordance with Section II(K) hereof), it being the intent of this Section, together with other provisions of this Master LDA, that the conveyance of the D-2 Block to US2 shall be made upon, and that the D-2 Block Deed shall contain, a condition subsequent to the effect that, in the event of such failure to cure, the SRA at its option may declare a termination in favor of the SRA of the title, and of all the rights, title and interests in the parcel of land associated with the applicable Phase of the D-2 Block (including without limitation all appurtenant rights and interests thereto and all improvements made by US2 or the D-2 Developer thereon) and that such title, and all rights, title and interests to the parcel of land associated with that Phase of the D-2 Block (including without limitation all appurtenant rights and interests thereto and all improvements made by US2 thereon, but without any refund of the Purchase Price or any other payment by US2 to the SRA) upon notice from the SRA to US2 (a “Notic...
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Related to Right of Reverter for Failure to Commence Construction

  • Suspension of unsafe Construction Works (i) Upon recommendation of the Authority’s Engineer to this effect, the Authority may by notice require the Contractor to suspend forthwith the whole or any part of the Works if, in the reasonable opinion of the Authority’s Engineer, such work threatens the safety of the Users and pedestrians.

  • Commencement and Completion of Construction The Company shall begin Construction Activities no later than January 1, 2014 (“Commencement Date”) and secure a final Certificate of Compliance by June 30, 2015 (hereinafter, “Completion Date”).

  • Commencement of Construction Construction of the Project will start within thirty (30) days after notification to the Developer by the Owner, or as soon thereafter as weather and ground conditions permit.

  • Application of General Conditions These General Conditions set forth the terms and conditions generally applicable to the Development Grant Agreement to the extent and subject to any modifications set forth in such agreement.”

  • PRE-CONSTRUCTION PHASE FEE The Pre-Construction Phase Fee is the total compensation payable to Contractor for the performance of Pre-Construction Phase Services, except for Additional Pre-Construction Phase Services approved in advance and in writing by Owner. The Pre-Construction Phase Fee shall be a lump sum amount based on the AACC established in this Agreement.

  • PRE-CONSTRUCTION PHASE SERVICES The Pre-Construction Phase shall be deemed to commence upon the date specified in a written Notice to Proceed with Pre-Construction Phase Services issued by Owner and shall continue through completion of the Construction Documents and procurement of all major Subcontractor agreements. Contractor is not entitled to reimbursement for any costs incurred for Pre-Construction Phase Services performed before issuance of the written Notice to Proceed. Pre-Construction Phase Services may overlap Construction Phase Services. Contractor shall perform the following Pre-Construction Phase Services:

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Completion of Construction (a) For the purposes of this Agreement, the terms "

  • Waiver of Rule of Construction Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

  • Pre-Construction Phase Employer’s Liability, Workers’ Compensation, Comprehensive General Liability and Comprehensive Automobile Liability in the amounts as set forth in the UGSC.

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