Common use of Reversionary Interest Clause in Contracts

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 included in the Deed or in a separate instrument filed of record against the Property, as City and Developer may hereafter agree (provided, that in the failure of such agreement, it shall be included in the Deed).

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 July 18August 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 Grantor and XxxxxxxGrantee. 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 included in the Deed or in a separate instrument filed of record against the Property, as City and Developer may hereafter agree (provided, that in the failure of such agreement, it shall be included in the Deed).

Reversionary Interest. The conveyance of each Project Area the Property 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 1November 6, 2017 2020 (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 1 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] months 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 the building (as evidenced by a certificate of occupancy as to such building shell) on or before that date which is two twenty-four (224) calendar years months 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)) and the cure period provisions set forth in Section 7.01 of 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 Grantor and XxxxxxxGrantee. 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 included in the Deed or in a separate instrument filed of record against the Property, as City and Developer may hereafter agree (provided, that in the failure of such agreement, it shall be included in the Deed).

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 1July 18, 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 included in the Deed or in a separate instrument filed of record against the Property, as City and Developer may hereafter agree (provided, that in the failure of such agreement, it shall be included in the Deed).