Right of Reverter for Failure to Complete Construction Sample Clauses

Right of Reverter for Failure to Complete Construction. Subject to US2’s rights to cure and any mortgagee’s rights set forth in this Master LDA and subject to Force Majeure, if US2 fails to diligently prosecute to completion the construction of a Phase of the D-2 Block on or before the date which is four (4) years after the commencement of construction on such Phase, in each case in accordance with the terms and conditions of this Master LDA, 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 made hereunder) shall revert to the SRA upon the SRA’s recordation of the Notice of Reversion with the Registry. The Notice of Reversion shall be evidence of the Reverter without any further action on the part of the SRA or US2.
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Related to Right of Reverter for Failure to Complete 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.

  • 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.”

  • EVENTS CONSTITUTING MATERIAL BREACH OF AGREEMENT The Applicant shall be in Material Breach of this Agreement if it commits one or more of the following acts or omissions (each a “Material Breach”):

  • 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”).

  • Our Liability for Failure to Complete Transactions If we do not properly complete a transaction from your Card on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  • LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS If We do not properly complete a transaction to or from Your Account according to this Agreement, We will be liable for Your losses or damages. However, We will not be liable if: (a) Your Account does not contain enough available funds to make the transaction through no fault of Ours; (b) the ATM where You are making the transfer does not have enough cash; (c) the terminal was not working properly and You knew about the breakdown when You started the transaction; (d) circumstances beyond Our control prevent the transaction despite reasonable precautions that We have taken; (e) Your Card is retrieved or retained by an ATM;

  • 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.

  • 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.

  • ADDITIONAL CONSTRUCTION The Promoter undertakes that it has no right to make additions or to put up additional structure(s) anywhere in the Project after the building plan has been approved by the competent authority (ies) except for as provided in the Act.

  • 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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