TERMINATION OF THE RESERVATIONS Sample Clauses

TERMINATION OF THE RESERVATIONS. Unless the Reservations have been sooner terminated with respect to any of the Property pursuant to Seller's election or Paragraph 5.6 below, Seller's rights under the Reservations shall terminate on March 31, 2003 ("Termination of the Reservations"). At or prior to the Termination of the Reservations, Seller shall:
Sample 1Sample 2
AutoNDA by SimpleDocs
TERMINATION OF THE RESERVATIONS. The Reservations shall automatically terminate and be of no further force and effect upon the first to occur of the following events: (i) July 1, 2001, if Grantor has not commenced Subdivision by such date, (ii) July 1, 2003, extended by any cause that is Force Majeure (as hereinafter defined), or (iii) the closing of conveyance of the Reacquisition Parcels to Grantor. Upon the occurrence of any of the foregoing events and request therefor from Grantee, Grantor shall execute and record any documents or instruments as shall be required in order for Grantee to be able to convey the Property free and clear of the Reservations, as determined by a title insurance company mutually acceptable to Grantor and Grantee. As used herein, the term "FORCE MAJEURE" shall mean: provided that Grantor has proceeded in a diligent and reasonable manner to obtain Subdivision, any act of God, or event not within the control of Grantor, including, without limitation, war, strikes, work stoppages, governmental moratorium, and governmental denial of applications or submissions for any reason, but specifically excluding weather, lack of funds and increase of costs. The Reservations constitute real property interests in the Property that run with the land and burden the Property and all present and future owners of the Property for the benefit and use of Grantor. The Reservations are personal to Grantor and may at any time and from time to time be freely conveyed, assigned or otherwise transferred. Upon any and each such transfer and delivery of notification of such transfer to Grantee along with a written assumption of the obligations of Grantor hereunder with respect to the Reservations, the applicable transferee shall automatically be substituted in all respects for Grantor with respect to all of the rights and obligations under the Reservations and Grantor shall automatically be released and relieved of all such rights and obligations other than any indemnity obligations hereunder; and thereafter, the term "GRANTOR" as used herein with respect to the Reservations shall mean and refer to such transferee. In the event of litigation that arises from a dispute regarding the provisions of this Deed, the prevailing party shall pay to the other party its reasonable attorneys' fees, expert witness fees, costs and expenses.
Sample 1

Related to TERMINATION OF THE RESERVATIONS

  • Termination of the Lease In terminating the Lease, the following procedures shall be followed by the Authority and Tenant:

  • Optional Preservation of the Receivables If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

Time is Money Join Law Insider Premium to draft better contracts faster.