Right of Reverter. The Agency shall have the additional right, at its option, to reenter and take, possession of the Site with all improvements thereon and revest in the Agency the estate theretofore conveyed to the Redeveloper, if after conveyance of title to the Site and prior to recordation of the Certificate of Completion, the Redeveloper shall:
Right of Reverter. (a) In the event that, following Close of Escrow, there is an Event of Default and such Event of Default occurs prior to issuance of a Certificate of Completion for the Improvements, then the County has the right to reenter and take possession of the Property and all improvements thereon and to revest in the County the estate of Developer in the Property. Developer agrees to execute such documents as reasonably necessary to cause Developer's interest in the Property to revert and revest in the County.
Right of Reverter. This Assignment Agreement with Contingent Right of Reverter (hereafter the “Agreement”) is made effective as of August 10, 2002 (the “Effective Date”) by and between Alchemy Ventures, Ltd., a British Columbia, Canada corporation (“ALY”), and Idaho Industrial Minerals, LLC., and Idaho limited liability company (“IIM”), Northwest Kaolin, Inc., an Idaho corporation (“NWK”). (Collectively, referred to hereinafter as the “Parties.”)
Right of Reverter. (a) In the event that, following close of escrow, this Agreement is terminated pursuant to Section 8.4 and such termination occurs prior to issuance of a Certificate of Completion for the Development, then the City shall have the right to reenter and take possession of the Property and to revest in the City the estate of the Developer in the Property. Upon revesting in the City of title to the Property the City shall promptly use its best efforts to resell it. Upon any sale or contract for development the proceeds shall be applied as follows:
Right of Reverter. The parties acknowledge and agree that Developer shall have no obligation hereunder or in any other documents or instruments executed and delivered by Developer, or required of Developer, in connection with the Site; including, without limitation, as a condition of any Project Approvals, to Commence Construction of any Project Phase, and therefore any election not to do so shall not be deemed a Default by Developer. Nevertheless, the parties further acknowledge and agree that City’s desire to sell the Site to Developer is to facilitate the development of the Site with the Project (assuming City approves the Project during the anticipated future Discretionary Entitlement process after complying with CEQA). Accordingly, if City so approves the Project, and further if after the Closing, Developer elects not to Commence Construction of the first (1st) Project Phase by the timing requirements set forth in the Schedule of Performance, then City shall have the right, at its option, to repurchase, reenter and take possession (“Right of Reverter”) of the entire Site pursuant to this subsection (4) but subject to Developer’s right to notice and opportunity to cure set forth therein. In addition, assuming City approves the Project after complying with CEQA, after the Closing, if Developer, in its sole and absolute discretion elects to Commence Construction of a Project Phase pursuant to Section 703 above and thereafter fails to Substantially Complete said Phase pursuant to the timing required under the Schedule of Performance, then City shall have the Right of Reverter with respect to that Project Phase, subject to an additional opportunity for Developer to cure as provided for in this subsection (4). Such right to repurchase, reenter and repossess that Project Phase, to the extent provided in this Agreement, shall be subordinate and subject to and be limited by and shall not defeat, render invalid or limit: (a) any Mortgage permitted by this Agreement; (b) any rights or interests provided in this Agreement for the protection of the Mortgage Holder(s); and (c) any right or interests provided in the REA or any other covenants, conditions and restrictions recorded on the Site. To exercise its Right to Reverter with respect to a Project Phase as provided for under this subsection (4), City shall pay to Developer in cash an amount equal to:
Right of Reverter. (a) In the event that, following the Close of Escrow, this Agreement is terminated pursuant to Section 7.4 and such termination occurs prior to issuance of a Certificate of Completion for the Improvements, then the County shall have the right to reenter and take possession of the Property and all improvements thereon and to revest in the County the estate of the Developer in the Property.
Right of Reverter. If this Agreement is terminated pursuant to Section 6.4(e)-(j) inclusive and Developer has not cured such default pursuant to any cure right provided herein, and such termination occurs after the Closing but prior to issuance of the Certificate of Completion for the Improvements, then the County shall have the right to reenter and take possession of the Property and all improvements thereon, and to revest in the County the estate of Developer in the Property upon written notice to the Developer of the exercise of such right by the County. The Developer hereby agrees to execute such documents as reasonably necessary to cause the Developer's interest in the Property to revert and revest in the County. Upon revesting in the County of title to the Property, or any portion thereof, the County shall promptly use its best efforts to resell the revested portion of the Property consistent with its obligations under state law. The County may also determine, in its sole discretion, to complete the construction of all or any of the Improvements, prior to the sale of the Property. Upon sale, the proceeds shall be applied as follows:
Right of Reverter. In the event that the Property is no longer used for the intended purpose of a park, the Property will revert back to the Grantor. NONINTERFERENCE WITH OPERATION OF LAKE XXXXXXX XXXXXX AND WEST ELM CREEK: Grantee covenants and agrees that it will not allow any condition on the Property, nor permit any activity on the Property, which shall materially or adversely affect the development, improvement, operation, or maintenance of the Lake Xxxxxxx Xxxxxx Reservoir, reservation, and facilities or the West Elm Creek Reservation, future reservoir, and facilities.
Right of Reverter. If after conveyance of the Property, Developer fails to meet the Schedule of Performance within the time required under Section 4.2 of this Agreement, provided that Developer has not obtained an extension or postponement to which the Developer may be entitled pursuant to this Agreement, upon recordation of a notice of exercise of reverter, title shall automatically revest in the Authority and the Authority may reenter and take possession of the Property or any portion thereof with all improvements thereon and terminate any estate the Developer may have in the Property.
Right of Reverter. Sycamore Terrace DDA 978949.doc The City shall have the additional right, at its option, to reenter and take possession of the Site with all improvements and revest in the City the estate conveyed to the Developer, if after conveyance of the Site to Developer and prior to issuance of the Certificate of Compliance, the Developer shall:
