Common use of Release of Right of Reverter Clause in Contracts

Release of Right of Reverter. At any time prior to the occurrence of a Reversionary Default, Developer shall have the right to cause the Agency to release the Reversionary Quitclaim Deed (or terminate the requirement to provide same, as applicable) as to any Sub-Phase by increasing the Secured Amount for Sub-Phase Security attributable to the Sub-Phase Construction Obligations to an amount equal to one hundred twenty five percent (125%) of the Sub-Phase Construction Secured Amount and one hundred twenty-five percent (125%) of the Sub-Phase Other Secured Amount for that Sub-Phase (the “Increased Sub-Phase Security”). Developer shall be relieved of its obligation to provide the Reversionary Quitclaim Deed for a particular Sub-Phase if Developer provides the Increased Sub-Phase Security prior to close of Escrow for that Sub-Phase. Developer shall also have the right to cause the Agency to release the Reversionary Quitclaim Deed as to any Sub-Phase by providing the Increased Sub-Phase Security with respect to and as measured by Developer’s remaining obligations within that Sub-Phase at the time of the request for release. For example, if the Sub-Phase Construction Secured Amount and Sub-Phase Other Secured Amount for Developer’s obligations within a Sub-Phase were $12,500,000 and the Agency held Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations in an amount equal to $12,500,000, then Developer would be entitled to a release of the Reversionary Quitclaim Deed as to that Sub-Phase upon Substantial Completion of $2,500,000 of the Sub-Phase Construction Obligations therefor, so long as the Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations in an amount equal to $12,500,000 remained in place. If Developer elects to cause the Reversionary Quitclaim Deed to be released in accordance with this Section 16.5.5, Developer shall deliver to the Agency the Increased Sub-Phase Security or evidence Approved by the Agency that the Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations held by the Agency equals at least one hundred twenty-five percent (125%) of the remaining Sub- Phase Construction Secured Amount and the remaining Sub-Phase Other Secured Amount.”

Release of Right of Reverter. At any time prior to the occurrence of a Reversionary Default, , Developer shall have the right to cause the Agency Authority to release the Reversionary Quitclaim Deed (or terminate the requirement to provide same, as applicable) Right of Reverter as to any Sub-Phase by increasing the Secured Amount for Sub-Phase Security attributable to the Sub-Phase Construction Obligations to an amount equal to one hundred twenty five percent (125%) of the Sub-Phase Construction Secured Amount and Adequate Security as follows: (i) if securing an obligation to pay money, one hundred twenty-five percent (125%) of the Subamount of such secured payment, and (ii) if securing an obligation to construct, one hundred twenty-Phase Other Secured Amount five percent (125%) of the estimated cost of Completion of such construction as such cost is Approved by the Authority Director and Developer with reference to the applicable construction contracts entered into by Developer providing additional Adequate Security for that the Sub-Phase (the “Increased Sub-Phase Adequate Security”). Developer shall be relieved of its obligation to provide the Reversionary Quitclaim Deed for a particular Sub-Phase if Developer provides the Increased Sub-Phase Adequate Security prior to close Close of Escrow for that Sub-Phase. Developer shall also have the right to cause the Agency Authority to release the Reversionary Quitclaim Deed Right of Reverter as to any Sub-Phase upon a showing that the amount of Adequate Security held by providing the Increased Sub-Phase Security with respect to and as measured by Developer’s remaining obligations within Authority for that Sub-Phase at the time of the request for release. For example, if the Sub-Phase Construction Secured Amount and Sub-Phase Other Secured Amount for Developer’s obligations within a Sub-Phase were $12,500,000 and the Agency held Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations in an amount equal to $12,500,000, then Developer would be entitled to a release of the Reversionary Quitclaim Deed as to that Sub-Phase upon Substantial Completion of $2,500,000 of the Sub-Phase Construction Obligations therefor, so long as the Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations in an amount equal to $12,500,000 remained in place. If Developer elects to cause the Reversionary Quitclaim Deed to be released in accordance with this Section 16.5.5, Developer shall deliver to the Agency the Increased Sub-Phase Security or evidence Approved by the Agency that the Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations held by the Agency equals at least one hundred twenty-five percent (125%) of the remaining Sub- Phase Construction construction costs and monetary obligations within the Sub-Phase. For example, if the Secured Amount and the remaining for Developer’s obligations within a Sub-Phase Other Secured Amountwere $12,500,000 and Authority held Adequate Security for $12,500,000, then Developer shall have the right to cause the Authority to release the Right of Reverter as to that Sub-Phase upon Substantial Completion and payment of $2,500,000 of the obligations secured by the Adequate Security, so long as the Adequate Security of $12,500,000 remained in place. If Developer elects to cause the Right of Reverter to be released in accordance with this Section 16.5.4, Developer shall deliver to the Authority (i) the increased Adequate Security for the Sub-Phase or evidence reasonably satisfactory to Authority that the Adequate Security held by Authority equals at least one hundred twenty-five percent (125%) of the remaining cost of the secured obligations. Upon such delivery, the Authority shall send to the Title Company, with a copy to the Developer, a notice that Developer has complied with the provisions of this Section 16.5.4, together with an executed and recordable Release of Rights of Reverter (the “Reverter Release”) in the form attached hereto as Exhibit S_, releasing the Authority’s Right of Reverter as to the Sub-Phase for which the Increased Adequate Security has been provided. The notice shall direct the Title Company to record the appropriate Reverter Release and provide a conformed copy of such recorded Reverter Release to the Authority, any Mortgagee requested by Developer, and Developer (such notice, the “Reverter Release Recordation Notice”).”

Release of Right of Reverter. At any time prior to the occurrence of a Reversionary Default, Developer shall have the right to cause the Agency to release the Reversionary Quitclaim Deed (or terminate the requirement to provide same, as applicable) as to any Sub-Phase by increasing the Secured Amount for Sub-Phase Security attributable to the Sub-Phase Construction Obligations to an amount equal to one hundred twenty five percent (125%) of the Sub-Phase Construction Secured Amount and one hundred twenty-five percent (125%) of the Sub-Phase Other Secured Amount for that Sub-Phase (the “Increased Sub-Phase Security”). Developer shall be relieved of its obligation to provide the Reversionary Quitclaim Deed for a particular Sub-Phase if Developer provides the Increased Sub-Phase Security prior to close of Escrow for that Sub-Phase. Developer shall also have the right to cause the Agency to release the Reversionary Quitclaim Deed as to any Sub-Phase by providing the Increased Sub-Phase Security with respect to and as measured by Developer’s remaining obligations within that Sub-Phase at the time of the request for release. For example, if the Sub-Phase Construction Secured Amount and Sub-Phase Other Secured Amount for Developer’s obligations within a Sub-Phase were $12,500,000 and the Agency held Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations in an amount equal to $12,500,000, then Developer would be entitled to a release of the Reversionary Quitclaim Deed as to that Sub-Phase upon Substantial Completion of $2,500,000 of the Sub-Phase Construction Obligations therefor, so long as the Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations in an amount equal to $12,500,000 remained in place. If Developer elects to cause the Reversionary Quitclaim Deed to be released in accordance with this Section 16.5.5, Developer shall deliver to the Agency the Increased Sub-Phase Security or evidence Approved by the Agency that the Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations held by the Agency equals at least one hundred twenty-five percent (125%) of the remaining Sub- Sub-Phase Construction Secured Amount and the remaining Sub-Phase Other Secured Amount.”

Release of Right of Reverter. At any time prior to the occurrence of a Reversionary Default, , Developer shall have the right to cause the Agency Authority to release the Reversionary Quitclaim Deed (or terminate the requirement to provide same, as applicable) Right of Reverter as to any Sub-Phase by increasing the Secured Amount for Sub-Phase Security attributable to the Sub-Phase Construction Obligations to an amount equal to one hundred twenty five percent (125%) of the Sub-Phase Construction Secured Amount and Adequate Security as follows: (i) if securing an obligation to pay money, one hundred twenty-five percent (125%) of the Subamount of such secured payment, and (ii) if securing an obligation to construct, one hundred twenty-Phase Other Secured Amount five percent (125%) of the estimated cost of Completion of such construction as such cost is Approved by the Authority Director and Developer with reference to the applicable construction contracts entered into by Developer providing additional Adequate Security for that the Sub-Phase (the “Increased Sub-Phase Adequate Security”). Developer shall be relieved of its obligation to provide the Reversionary Quitclaim Deed for a particular Sub-Phase if Developer provides the Increased Sub-Phase Adequate Security prior to close Close of Escrow for that Sub-Phase. Developer shall also have the right to cause the Agency Authority to release the Reversionary Quitclaim Deed Right of Reverter as to any Sub-Phase upon a showing that the amount of Adequate Security held by providing the Increased Sub-Phase Security with respect to and as measured by Developer’s remaining obligations within Authority for that Sub-Phase at the time of the request for release. For example, if the Sub-Phase Construction Secured Amount and Sub-Phase Other Secured Amount for Developer’s obligations within a Sub-Phase were $12,500,000 and the Agency held Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations in an amount equal to $12,500,000, then Developer would be entitled to a release of the Reversionary Quitclaim Deed as to that Sub-Phase upon Substantial Completion of $2,500,000 of the Sub-Phase Construction Obligations therefor, so long as the Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations in an amount equal to $12,500,000 remained in place. If Developer elects to cause the Reversionary Quitclaim Deed to be released in accordance with this Section 16.5.5, Developer shall deliver to the Agency the Increased Sub-Phase Security or evidence Approved by the Agency that the Sub-Phase Security attributable to the Sub-Phase Construction Obligations and the Sub-Phase Other Obligations held by the Agency equals at least one hundred twenty-five percent (125%) of the remaining Sub- Phase Construction construction costs and monetary obligations within the Sub-Phase. For example, if the Secured Amount and the remaining for Developer’s obligations within a Sub-Phase Other Secured Amountwere $12,500,000 and Authority held Adequate Security for $12,500,000, then Developer shall have the right to cause the Authority to release the Right of Reverter as to that Sub-Phase upon Substantial Completion and payment of $2,500,000 of the obligations secured by the Adequate Security, so long as the Adequate Security of $12,500,000 remained in place. If Developer elects to cause the Right of Reverter to be released in accordance with this Section 16.5.4, Developer shall deliver to the Authority (i) the increased Adequate Security for the Sub-Phase or evidence reasonably satisfactory to Authority that the Adequate Security held by Authority equals at least one hundred twenty-five percent (125%) of the remaining cost of the secured obligations. Upon such delivery, the Authority shall send to the Title Company, with a copy to the Developer, a notice that Developer has complied with the provisions of this Section 16.5.4, together with an executed and recordable Release of Rights of Reverter (the “Reverter Release”) in the form attached hereto as Exhibit S_, releasing the Authority’s Right of Reverter as to the Sub-Phase for which the Increased Adequate Security has been provided. The notice shall direct the Title Company to record the appropriate Reverter Release and provide a conformed copy of such recorded Reverter Release to the Authority, any Mortgagee requested by Xxxxxxxxx, and Developer (such notice, the “Reverter Release Recordation Notice”).”