Reverter deed definition

Reverter deed means the deed from developer to a grantee that contains a possibility of reverter;

Reverter deed means the deed from a developer to a grantee that contains a possibility of reverter. "Sales person" means a person who sells or offers to sell time-share interests in a time-share

Reverter deed means the deed from developer to a grantee that contains a possibility of reverter; 1229 "Sales person" means a person who sells or offers to sell time-share interests in a time-share 1230 program; 1231 "Situs" means the place outside the Commonwealth where a developer's time-share project is located; 1232 "Situs Time-Share Act" means the Act, howsoever denominated, that regulates the offering, 1233 disposition, and sale of time-shares applicable to the property outside the Commonwealth where the 1234 time-share project is located; 1235 "Time-share" means either a time-share estate or a time-share use plus its incidental benefits; 1236 "Time-share estate" means a right to occupy a unit or any of several units during five or more 1237 separated time periods over a period of at least five years, including renewal options, coupled with a 1238 freehold estate or an estate for years in a time-share project or a specified portion thereof; 1239 "Time-share estate occupancy expense" has the meaning ascribed to it in § 55-369; 1240 "Time-share estate subject to reverter" means a time-share estate (i) entitling the holder thereof to 1241 occupy units not more than four weeks in any one year period; and (ii) for which the down payment is 1242 not more than 20 percent of the total purchase price of the time-share estate; 1243 "Time-share expense" means (i) expenditures, fees, charges, or liabilities incurred with respect to the 1244 operation, maintenance, administration or insuring of the time-shares, units, and common elements 1245 comprising the entire time-share project, whether or not incurred for the repair, renovation, upgrade,

Examples of Reverter deed in a sentence

• City/DDA acknowledges and agrees that Xxxxxxxxx has closed on the Loan, the Financing Reverter Deed and Limited Construction Escrow have been delivered to Developer and the terms and provisions in the Development Agreement relating to the Financing Reverter are of no further force or effect.

• Should the default continue throughout the ninety (90) day cure period, and the defaulting party has provided no evidence of a good faith effort to correct such default, then the Agreement shall be terminated, and the offending party shall be in default, and the non- defaulting party may revoke the site plan and building permits, authorize the escrowee to execute the Reverter Deed for re-acquisition of the Property, or take action at law or equity to enforce performance of the Agreement..

• City/DDA acknowledges and agrees that Developer has closed on the Loan, the Financing Reverter Deed and Limited Construction Escrow have been delivered to Developer and the terms and provisions in the Development Agreement relating to the Financing Reverter are of no further force or effect.

More Definitions of Reverter deed

Reverter deed means the Limited Warranty Deed through which the Developer will convey the real property of the Project Area and any improvements thereon back to the City and/or the Authority upon the City’s or the Authority’s exercise of its right of reverter as set forth in Section 4.5.

Reverter deed means the limited warranty claim deed through which the Developer will convey the South Site and any improvements thereon back to the Authority upon the Authority’s exercise of its right of reverter as set forth in Section 4.6.