Common use of Right of Reconveyance Clause in Contracts

Right of Reconveyance. In lieu of exercising the Power of Termination as a result of a default under Section 17(a) or 17(b), City may alternatively elect to require Developer to re-convey the Mixed-Use Condominium Units to a City Body and relinquish its estate in and to the Garage and the Garage Condominium Unit in accordance with the terms and conditions of this Subsection, in which case City and Developer shall close the reconveyance within fifteen (15) days after such election. At the closing of such reconveyance Developer shall execute and deliver closing documents to City (or its nominee) that are substantially the same in form and substance as those received by Developer in connection with its acquisition of the Mixed-Use Condominium Units (including, without limitation, that the deed shall be subject only to: (A) the exceptions to which Developer's title or leasehold estate were subject when it took title or its leasehold interest; (B) any easements, declarations, or other agreements contemplated by this Agreement to be executed, if such documents have been executed prior to the date of such closing; (C) current Real Estate Taxes and Assessments not delinquent; (D) and utility easements granted by Developer; and/or (E) such other exceptions as reasonably are acceptable to City). Developer shall be responsible for all real estate taxes and assessments, assessed, due and/or payable prior to the reconveyance and for all costs of reconveyance and to satisfy any liens and encumbrances on its leasehold estate in and to the Garage Condominium Unit and the Garage and on the Mixed-Use Condominium Units, including, without limitation the Project Loan. Developer shall also execute and deliver to City any documents necessary or requested to formally terminate the Garage Lease. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(c), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement, and the Public Land Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.

Right of Reconveyance. In lieu of exercising the Power of Termination as a result of a default under Section 17(a) or 17(b), City Town may alternatively elect to require Developer to re-convey the Mixed-Use Condominium Units Office Parcel to a City Town Body and relinquish its estate in and to the Garage and the Garage Condominium Unit in accordance with the terms and conditions of this Subsection, in which case City Town and Developer shall close the reconveyance within fifteen (15) days after such election. At the closing of such reconveyance Developer shall execute and deliver closing documents to City Town (or its nominee) that are substantially the same in form and substance as those received by Developer in connection with its acquisition of the Mixed-Use Condominium Units Office Parcel (including, without limitation, that the deed shall be subject only to: (A) the exceptions to which Developer's title or leasehold estate were subject when it took title or its leasehold interesttitle; (B) any easements, declarations, or other agreements contemplated by this Agreement to be executed, if such documents have been executed prior to the date of such closing; (C) current Real Estate Taxes and Assessments not delinquent; (D) and utility easements granted by Developer; and/or (E) such other exceptions as reasonably are acceptable to CityTown). Developer shall be responsible for all real estate taxes and assessments, assessed, due and/or payable prior to the reconveyance and for all costs of reconveyance and to satisfy any liens and encumbrances on its leasehold estate in and to the Garage Condominium Unit and the Garage and on the Mixed-Use Condominium Units, including, without limitation the Project Loan. Developer shall also execute and deliver to City any documents necessary or requested to formally terminate the Garage LeaseOffice Parcel. No delay or failure by City any Town Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(c)Agreement, or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City any Town Bodies of the right to do so thereafter, or an estoppel of City any Town Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement, Agreement and the Public Land Office Parcel Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.

Right of Reconveyance. In lieu of exercising the Power of Termination as a result of a default under Section 17(a) or 17(b), City and if the Town enters into the Termination Agreement with the owner of the Xxxxxx Building, then Town may alternatively elect to require Developer to re-convey the Mixed-Use Condominium Units MOB Parcel to a City Town Body and relinquish its estate in and to the Garage and the Garage Condominium Unit in accordance with the terms and conditions of this Subsection, in which case City Town and Developer shall close the reconveyance within fifteen (15) days after such election. At the closing of such reconveyance Developer shall execute and deliver closing documents to City Town (or its nominee) that are substantially the same in form and substance as those received by Developer in connection with its acquisition of the Mixed-Use Condominium Units MOB Parcel (including, without limitation, that the deed shall be subject only to: (A) the exceptions to which Developer's title or leasehold estate were subject when it took title or its leasehold interest; (B) any easements, declarations, or other agreements contemplated by this Agreement to be executed, if such documents have been executed prior to the date of such closing; (C) current Real Estate Taxes and Assessments not delinquent; (D) and utility easements granted by Developer; and/or (E) such other exceptions as reasonably are acceptable to CityTown). Developer shall be responsible for all real estate taxes and assessments, assessed, due and/or payable prior to the reconveyance and for all costs of reconveyance and to satisfy any liens and encumbrances on its leasehold estate in and to the Garage Condominium Unit and the Garage and on the Mixed-Use Condominium UnitsMOB Parcel, including, without limitation the Project Loan. Developer shall also execute and deliver to City Town any documents necessary or requested to formally terminate the Garage Lease. No delay or failure by City Town Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(c), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Town Bodies of the right to do so thereafter, or an estoppel of City Town Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. The foregoing terms shall be incorporated into the Garage Lease, the Garage Parcel Deed, the Multi-Party Agreement, and the Public Land MOB Parcel Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.

Right of Reconveyance. In lieu of exercising the Power of Termination as a result of a default under Section 17(a) or 17(b), City may alternatively elect to require Developer to re-convey the Mixed-Use Condominium Units Parcel to a City Body and relinquish its estate in and to the Garage and the Garage Condominium Unit Parcel in accordance with the terms and conditions of this Subsection, in which case City and Developer shall close the reconveyance within fifteen (15) days after such election. At the closing of such reconveyance reconveyance, City shall pay to Developer the Divestiture Payment andDeveloper shall execute and deliver closing documents to City (or its nominee) that are substantially the same in form and substance as those received by Developer in connection with its acquisition of the Mixed-Use Condominium Units Parcel (including, without limitation, that the deed shall be subject only to: (A) the exceptions to which Developer's title or leasehold estate were subject when it took title or its leasehold interest; (B) any easements, declarations, or other agreements contemplated by this Agreement to be executed, if such documents have been executed prior to the date of such closing; (C) current Real Estate Taxes and Assessments not delinquent; (D) and utility easements granted by Developer; and/or (E) such other exceptions as reasonably are acceptable to City). Developer shall be responsible for all real estate taxes and assessments, assessed, due and/or payable prior to the reconveyance and for all costs of reconveyance and to satisfy any liens and encumbrances on its leasehold estate in and to the Garage Condominium Unit Parcel and the Garage and on the Mixed-Use Condominium UnitsParcel, including, without limitation the Project Loan. Developer shall also execute and deliver to City any documents necessary or requested to formally terminate the Garage Lease. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(c), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Multi- Party Agreement, and the Public Land Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units Parcel notwithstanding whether such language has been incorporated incorproated into each individual deed for parcels comprising the Mixed-Use Condominium Units Parcel prior to the Plat’s recordation.