Common use of Extinguishment of Interests Clause in Contracts

Extinguishment of Interests. (a) Expiration of the Term shall automatically cause, as of the expiration date, the complete reversion to the Department, and cessation, of the Developer’s Interest, at no charge to the Department, but subject to Section 19.6.4.6 of the Agreement and without prejudice to any Claim of liability pursuant to Section 19.8.3 of the Agreement. (b) Early termination of this Lease and the Agreement shall automatically cause, as of the Termination Date, the complete reversion to the Department, and cessation, of the Developer’s Interest, except for its right to Termination Compensation. (c) Automatically upon either such reversion and cessation of Developer’ Interest, the Project and the Premises shall be and remain free and clear of any lien, encumbrance or other claim of record created, permitted or suffered by Developer or anyone claiming by, through or under Developer, including the liens, pledges, assignments, collateral assignments, security interests and encumbrances of any and all Financing Documents. In order to confirm the foregoing, at the Department’s request, Developer shall promptly obtain and deliver to the Department reconveyances, releases and discharges of all Security Documents, executed by the Lenders in proper form for recording or filing (as appropriate), but no such reconveyances, releases and discharges shall be necessary to the effectiveness of the foregoing.

Extinguishment of Interests. (a) Expiration of the Term shall automatically cause, as of the expiration date, the complete reversion to the Department, and cessation, of the Developer’s Interest, at no charge to the Department, but subject to Section 19.6.4.6 of the Agreement and without prejudice to any Claim of liability pursuant to Section 19.8.3 of the Agreement. (b) Early termination of this Lease and the Agreement shall automatically cause, as of the Termination Date, the complete reversion to the Department, and cessation, of the Developer’s Interest, except for its right to Termination Compensation. (c) Automatically upon either such reversion and cessation of Developer’ Interest, the Project and the Premises shall be and remain free and clear of any lien, encumbrance or other claim of record created, permitted or suffered by Developer or anyone claiming by, through or under Developer, including the liens, pledges, assignments, collateral assignments, security interests and encumbrances of any and all Financing Documents. In order to confirm the foregoing, at the Department’s request, Developer Xxxxxxxxx shall promptly obtain and deliver to the Department reconveyances, releases and discharges of all Security Documents, executed by the Lenders in proper form for recording or filing (as appropriate), but no such reconveyances, releases and discharges shall be necessary to the effectiveness of the foregoing.