Common use of Right of Reverter for Failure to Commence Construction Clause in Contracts

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 “Notice of Reversion”), shall revert to the SRA upon the SRA’s recordation of the Notice of Reversion with the Registry (the “Reverter”). The Notice of Reversion shall be evidence of the Reverter without any further action on the part of the SRA or US2.

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 XxxxxD-2 Block; (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 “Notice of Reversion”), shall revert to the SRA upon the SRA’s recordation of the Notice of Reversion with the Registry (the “Reverter”). The Notice of Reversion shall be evidence of the Reverter without any further action on the part of the SRA or US2.