Reversionary Interest. The conveyance of each Project Area to Developer shall be subject to a "Reversionary Interest" (under which City is referred to as "Grantor" and Developer is referred to as "Grantee") in substantially the following form, with the appropriate time periods being inserted as to the applicable Phase, as provided below: Grantor hereby reserves and retains unto itself a reversionary interest and the rights of reentry and reversion as provided in that certain Land Transfer and Development Agreement between Grantor and Grantee dated as of August 1, 2017 (the "Agreement"). Grantee, for itself and its successors, assigns, and successors in title, covenants and agrees that if Grantee shall fail to commence construction of the Phase of the Project applicable to the Project Area (as such terms are defined in the Agreement) making up the Property within ["twelve (12) calendar months," as to the first Phase, and "nine (9) calendar months," as to the second Phase and third Phase] after the date of this Deed (by which date all building permits for such Phase have been issued), or fails to complete construction of the building shell of such Phase (as evidenced by a certificate of occupancy as to such building shell) on or before that date which is two (2) calendar years after the date of this Deed (by which date all building permits for such Phase have been issued), subject only to Force Majeure (as defined in the Agreement), then Grantor shall have the right of reentry and title to the Property, at Grantor's option, shall revert back to Grantor. Upon satisfaction of such requirement as to each Phase of the Project, the City will execute a release of such Reversionary Interest in recordable form as mutually agreed to by Xxxxxxx and Xxxxxxx. The Agreement is incorporated herein by this reference and notice is hereby given of the Agreement and all of its terms, covenants, and conditions to the same extent as if the Agreement were fully set forth herein. The foregoing does not purport to show all of the terms and provisions of the Agreement and is not a complete summary of the Agreement or the obligations of the parties with respect thereto. The provisions of this instrument shall not be construed to interpret, vary or modify the terms, covenants, conditions and provisions of the Agreement and in the event of any conflict between the terms hereof and the terms of the Agreement, the terms of the Agreement shall be exclusively controlling. The Reversionary Interest may be includ...
Reversionary Interest. 5.34 At all convenient hours in the daytime on twenty-four hours Notice being given to permit all prospective Purchasers or Dealers in the reversionary interests of the Landlord by order in writing of the Landlord or its agents to view the Demised Premises without interruption but so that no undue interference is caused to the business of the Tenant.
Reversionary Interest. No Approved Encumbrance shall extend to or affect the reversionary interest and estate of Lessor or Master Lessor in and to the Leased Premises or in any way attach to or affect the Leased Premises from and after any expiration or termination of this Lease.
Reversionary Interest. No Financing Encumbrance shall encumber or in any other way affect Irvine's reversionary interest in the Leased Premises, or in any Cable or any portion of the Conduit, or limit or restrict Irvine's rights and remedies under this Agreement except as expressly provided in this Agreement.
Reversionary Interest. Depomed shall be entitled to receive an amount equal to 50% of the Royalty Payments, net of any reasonable and documented out-of-pocket costs and expenses incurred by the Purchaser in connection with this Royalty Purchase and Sale Agreement (including costs and expenses associated with audits, defending any DM Intellectual Property Rights and enforcing the License Agreement or any of the Transaction Documents and any other costs and expenses borne by the Purchaser hereunder), once the Purchaser has received aggregate payments (excluding any amounts previously paid to the Purchaser that are subject to return by the Purchaser but including the amount of any taxes withheld for the benefit of Purchaser on such payments) in respect of Royalty Payments under this Royalty Purchase and Sale Agreement in an amount equal to the Reversionary Interest Threshold (Depomed’s right to such Royalty Payments, the “Reversionary Interest,” and the date that such Reversionary Interest Threshold has been met, the “Reversionary Interest Commencement Date”). Following the Reversionary Interest Commencement Date, within 5 Business Days of Purchaser’s receipt of a Distribution Report, the Purchaser shall provide to the Selling Parties a report showing in reasonable detail the calculation of the payments in respect of the Reversionary Interest for the applicable calendar quarter and pay to Depomed the Reversionary Interest with respect to Royalty Payments received during such calendar quarter. At the request of Depomed, Purchaser shall provide supporting documentation with respect to any costs and expenses deducted from the Royalty Payments for purposes of calculating payments in respect of the Reversionary Interest. For so long as Depomed is entitled to receive payments in respect of the Reversionary Interest hereunder and for a period of three years thereafter, upon prior written notice to the Purchaser, the Selling Parties have the right to require an audit of such books and records to verify the accuracy of the calculation of payments in respect of the Reversionary Interest on the same terms, mutatis mutandis, as the audit rights of the Purchaser under Section 5.1(c).
Reversionary Interest. The PARTIES agree that the PRESBYTERY, and its successors in interest, shall retain a reversionary interest in the PROPERTY for a period of eight (8) years. This interest is to insure that ICPC, or its successor in interest, remain in an approved Reformed denomination for a period of the later of eight (8) years after dismissal from the PC (USA), or December 31, 2025. Pursuant to California Civil Code section 1110, should ICPC, or its successor in interest, cease to exist, or leave ECO, and fail to remain with a denomination recognized by the World Communion of Reformed Churches, ICPC or its successor in interest may only terminate the PRESBYTERY’S reversionary interest by payment of the sum of $1,345,000.00; failure to make such payment will result in said title to said Property remaining with the Presbytery. In any such instance wherein ICPC elects to leave ECO after the date of dismissal, ICPC shall have twelve (12) months to affiliate with another denomination member of the World Communion of Reformed Churches, before payment of said agreed upon sum. This AGREEMENT or a Memorandum of this interest, in a form reasonably satisfactory to the PRESBYTERY and ICPC shall be recorded in the real property records of Riverside County, California. ICPC agrees to promptly notify the Presbytery whenever it intends to sell, transfer or otherwise encumber said real property; and with regard to any such sale, transfer or collateralization, the Presbytery retains the right of First Refusal. The Parties agree that any disputes arising out of this reversionary interest shall be submitted to binding arbitration under the rules of the United States Arbitration and Mediation Service; the arbitrator’s decision shall be final and legally binding and judgment may be entered thereon; each Party will be responsible for its share of the arbitration fees. If ICPC has not left ECO, or another denomination which is a member of the World Communion of Reformed Churches, within eight years of signing this Agreement and dismissal to ECO, the reversionary interest shall lapse and the PRESBYTERY, its successors or assigns, shall have no interest or claim whatsoever in said property. The PRESBYTERY shall, thereupon, record such document as is necessary or appropriate to cancel the Memorandum recorded pursuant to this section.
Reversionary Interest. The deed between Seller (“Grantor” below) and Buyer (“Grantee” below) for the Property will contain the following reversionary interest: Completion Covenant. The Grantee, for himself/herself/itself, and his/her/its heirs, successors and assigns, covenants and agrees that title to the Property, or any remaining portion thereof, may revert to the Grantor, at the discretion of the Grantor, on the second (2nd) year anniversary from the date first above written, if Grantee or his/her/its heirs, successors and assigns do not improve the demised premises, and obtain such Certificate of Occupancy from the City of Philadelphia Department of Licenses and Inspections, or such other certificate of completion or evidence of completion acceptable to Grantor, in Xxxxxxx's discretion. Use Covenant. The Grantee, for himself/herself/itself, and his/her/its heirs, successors and assigns, covenants and agrees that title to the Property, or any remaining portion thereof, may revert to the Grantor, at the discretion of the Grantor, if the Property is not or ceases to be in compliance with the Restrictive Covenant and the Affordable Housing Purpose for the Property.
Reversionary Interest. Donee agrees that if Donee fails to complete the rehabilitation of the real estate described in this Agreement and commence operations on or before the sixth (6th) anniversary of the execution of this Agreement, then upon written notice by Donor to Donee electing to exercise its rights pursuant to this Section 1.5, title to the Property shall revert back to Donor and said reversionary interest shall not be subject to any reservations, conveyances, easements, options, leaseholds or other matters affecting such portion of the Property which were made or created after the date of this Agreement. In the event Donee does complete construction of the above-described improvements on the Property and commences operation thereof within such time period, then upon Donee’s request, Donor agrees to execute an instrument, in recordable form reasonably acceptable to Donor and Donee, acknowledging the satisfaction of said condition and the termination of Donor’s reversionary interest in the Property. Nothing herein shall preclude Donee from, for any reason whatsoever, in its discretion, conveying the Property back to Donor prior to the sixth (6th) anniversary date of this Agreement.
Reversionary Interest. Upon the occurrence of "payout," as such term is hereinafter defined, there shall revert and revest in Seller an undivided one-half (50%) of all of the right, title and interest conveyed to Purchaser by Seller under and pursuant to the terms of this Agreement. The term "payout" as used herein shall mean that point in time when the proceeds received by Purchaser for the revenue share acquired by Purchaser under and pursuant to this Agreement of all of the oil and gas produced, saved and sold from the Wellx, xxd from wellx xxxch may be hereafter drilled on the Leases, or on lands pooled with the Leases, equals the sum of the following: (i) the sum of One Million Four Hundred and Fifty Thousand Dollars ($1,450,000), and (ii) all of the costs and expenses incurred by Purchaser during the payout period for the drilling, completing, recompleting, equipping, reworking, or plugging and abandoning, of any wellx xxxated on the Leases or on lands pooled therewith, including any wellx xxxd for salt water disposal and wellx xxxd for injection and pressure maintenance, and (iii) all of the costs and expenses incurred by Purchaser during the payout period for operations conducted on the Wellx, xx on any other wellx xxxated on the Leases or on lands pooled therewith, and (iv) all ad valorem, property, production, severance, excise and similar taxes and assessments based on or measured by Purchaser's ownership of the Property, or Purchaser's share of Production from the Property or receipt of proceeds therefrom, which have become due and payable during the payout period, including any portion which may be prorated to the payout period, and (v) all losses, damages and expenses sustained by Purchaser arising out of, or resulting from,
Reversionary Interest. 4.25.1 At all reasonable times during the Term and upon Due Notice to permit all persons authorised by the Landlord to view the Premises and the Roof Terrace in accordance with the applicable provisions of clause 4.9.5.
