Reverter definition

Reverter has the meaning set forth in Section 3.2(a) hereof.

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Reverter means the reversion rights that the City shall have in the Property after the Conveyance Date in the event that Entity fails to complete the Project within six (6) months of the Commencement Date.

Reverter provisions or possibilities affecting title, and no exceptions for third-party rights or for matters of survey. The title insurance policy shall contain such special endorsements and affirmative insurance coverage as the Agent may reasonably require, including, without limitation, endorsements for future advances under this Agreement.

Examples of Reverter in a sentence

The Notice of Reversion shall be evidence of the Reverter without any further action on the part of the SRA or US2.
Notwithstanding the foregoing, in the event that the Deed Restrictions and Reverter Clauses have not been terminated or modified to the Developer’s reasonable satisfaction and the Developer has not notified Landlord in writing that it intends to proceed with the Project despite the fact that the Deed Restrictions and Reverter Clauses have not been fully terminated, Tenant shall have the right to terminate this Lease by written notice to Landlord on or before August 2, 2025.
It is expressly agreed that the Premises may be used during the Term only for any purposes permitted pursuant to the Comprehensive Agreement or as may permitted by the applicable governmental authority and may not use the Premises for any purpose in violation of the Deed Restrictions and Reverter Clauses to the extent the same have not been amended or terminated of record.
As used herein, the obligation to use Reasonable Best Efforts shall mean the obligation of each Signatory to engage in good faith negotiation with the class plaintiffs and make a reasonable, diligent and good faith effort to obtain both a Take-Down Provision and a Reverter Provision in a Class Action Settlement Agreement.
Subject to the Deed Restrictions and Reverter Clauses being removed or modified, the Developer agrees to pay the Town a one-time Assessment Fee of $1,200,000.00 on the 1 year anniversary of the Effective Date of the Agreement.
This assumes that some development of the Property can be accomplishe without the release or revision of the Reverter Clauses and Deed Restrictions Comprehensive Agreement Project Timeline/Critical Path.
Exhibit B Developer shall apply for a Site Plan for the Boat Storage Component within 90 days of the latter of (i) the Title Cleared Date (the resolution of the Reverter Clauses and Deed Restrictions); or (ii) the date the PUD is approved.
Subject to the paramount title of the State and the Contingent Right as Reverter as provided for in Section 3, IIM and Northwest Kaolin Inc.
This Contingent Right of Reverter may be enforced in equity; the Parties recognize that an adequate remedy at law might not exist.
The procedure for claiming a default, as provided in Section 10, shall govern the initiation and enforcement of the Contingent Right of Reverter by IIM.

More Definitions of Reverter

Reverter with no detail. The "reverter" meand the Port does not really control the land. FCC can take it back whenever. The city has never issued the debt. They did not use public funds to acquire any property. The transfer to the Port actually done has a right of 'recision' that effectively gives FCC control of the land and to take it back at will. The deal is still open ended since ▇▇▇▇▇▇▇ ▇▇▇▇▇ have not been issued. No Bonds have been issued. A contingency was added to allow FCC to take back the land . A right of "recision." This has become a "right of recision" that says FCC really owns the property no matter what. They can take it back at will. The agreement is a shell game to evade property tax.

Reverter means the reversion rights that the City shall have in the Property after the Conveyance Date in the event that Entity fails to complete the Project within nine (9) months of the Commencement Date.

Reverter means the funds that Defendants shall receive, after administrative expenses, attorneys’ fees, notice costs, and Class Representative incentive payments are paid, if less than 5% of Class Members make claims upon the Settlement Fund. In that event, the maximum payment to each Class Member will be $5,000, and Defendants will receive a reverter of 50% of any remaining funds. The rest of the reverter will be allocated to improvements at the Mercer County Correction Center.