Authority’s Exercise of Reversion Right upon Failure to Substantially Complete Infrastructure; Release of Rights of Reverter Sample Clauses

Authority’s Exercise of Reversion Right upon Failure to Substantially Complete Infrastructure; Release of Rights of Reverter. 16.5.1 A condition precedent to the Authority’s obligation to close Escrow for the conveyance of fee title to or a ground leasehold interest in real property from the Authority to Developer after Sub-Phase Approval shall be Developer’s execution and delivery to the Title Company of a recordable quitclaim deed in the form attached hereto as Exhibit R(with only such changes as may be Approved by Developer and the Authority Director, the “Reversionary Quitclaim Deed”) conveying fee title to or the ground leasehold interest in, the applicable property from Developer to the Authority. The Reversionary Quitclaim Deed shall be delivered with irrevocable instructions from Developer to the Title Company, in a form Approved by the Authority, directing the Title Company to comply with the Authority’s direction to record the Reversionary Quitclaim Deed upon receipt of the Reversionary Recordation Notice and releasing and indemnifying the Title Company from any and all liability resulting from the Title Company’s compliance with such instructions. Notwithstanding the foregoing, if prior to Close of Escrow for a Sub-Phase, Developer increases the amount of Adequate Security for the applicable Sub-Phase to meet the requirements of Section 16.5.4 hereof, then Developer shall have no obligation to deliver a Reversionary Quitclaim Deed for the applicable Sub-Phase and such delivery shall not be a condition precedent to Authority’s obligation to convey fee title to or the ground leasehold interest in, the applicable property.
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