Right of Reversion. Should Tenant or its assigns fail or refuse to exercise its option to purchase as herein described, and the term of the Lease or any extensions thereof end, then the title and ownership of the Improvements (including the building), Fixtures and Personal Property related to 0000 Xxxxxx Xxxxx, Xxxxxx, Xxxxx and the Leased Premises shall revert back to the Landlord. At the expiration of the Term, Tenant, if requested by Landlord, shall execute any and all documents necessary to evidence that ownership and title to the aforementioned Improvements (including the building), Fixtures and Personal Property is in Landlord and to extinguish and remove any cloud or potential cloud on the title to the Premises and/or the Improvements
Right of Reversion. Notwithstanding anything herein to the contrary, and as security for BUYER’S obligation to develop the Property as provided in the preceding paragraph, the Quit Claim Deed conveying the Property to BUYER shall contain a right of reversion which may be exercised by SELLER, in its reasonable discretion, if BUYER fails to develop the Property pursuant to the terms of this Agreement. To exercise SELLER’S right of reversion, SELLER shall issue BUYER a written notice to cure providing SELLER thirty (30) days in which to complete the required development. Should BUYER fail to comply with XXXXXX’s written notice to cure, XXXXX agrees to execute and deliver to SELLER, within thirty (30) days of the expiration of BUYER’S period to cure, a Quit Claim Deed and any other documents necessary to convey title to the Property to SELLER. XXXXX further agrees to take all reasonable steps to ensure SELLER acquires marketable title to the Property, including without limitation satisfying any lien, mortgage, or other similar debt obligation encumbering the Property. BUYER acknowledges and understands the exercise of SELLER’S right of reversion shall entitle SELLER to ownership of the Property, as improved by BUYER, including all improvements and betterments, including fixtures attached to the Property, with no remuneration to BUYER. Further, SELLER reserves the right to enforce the terms of this Agreement, including the right of reversion, by instituting a legal action for specific performance and/or to quiet title in SELLER. SELLER shall be entitled to compensation for reasonable attorney fees and court costs in such an action. SELLER’S reversionary right with respect to the Property shall terminate and be of no further force or effect the earlier of when BUYER (or its permitted successors, assigns, or transferees) completes development of the Property, as herein required, or thirty (30) months from the date the deed conveying the Property from SELLER to BUYER is filed with the Marshall County Recorder, in which event SELLER agrees to execute any documents reasonably requested by BUYER to evidence termination of the City’s reversionary right as set forth herein.
Right of Reversion. A full time employee permitted to perform their duties on a part time basis for an agreed period may, if circumstances alter before the expiry of the agreed period, revert to full time duties as soon as practicable, but no later than the expiry of the period.
Right of Reversion. Notwithstanding anything herein to the contrary, and as additional security for the Foundation's obligation to Commence Museum Construction, the Museum Deed conveying the Museum Property to the Foundation shall contain a right of reversion in all of the Museum Property ("City's Reversionary Right (Museum)" or "Reversionary Right (Museum)"), which may be exercised by the City, in its reasonable discretion, if the following conditions occur:
a. The Foundation does not Commence Museum Construction within three (3) months after the Museum Closing;
b. An Event of Default has occurred by the Foundation, which is not cured within the time period allowed by Section 15.2. If any of the above conditions occur, then the City shall automatically have the City's Reversionary Right (Museum) to reacquire title to the Museum Property. The Foundation shall allow no mortgages or liens to encumber the Museum Property while the City holds its Reversionary Right (Museum). To exercise the City's Reversionary Right (Museum) described herein, the City must provide written notice to the Foundation (or its permitted successors, assigns or transferees) within sixty (60) days of the Foundation's failure under this Agreement, and record such notice with the County Recorder of deeds, in which case the title to the Museum Property shall automatically revert to the City as of the date of the recording of the notice. Upon request from the City, the Foundation shall take all reasonable steps to ensure the City acquires marketable title to the Museum Property through its exercise of its rights under this Section within thirty (30) days of the City's demand, including without limitation, the execution of appropriate deeds and other documents. This Section shall survive the Museum Closing. Notwithstanding anything to the contrary herein, the City's Reversionary Right (Museum) with respect to the Museum Property shall terminate and be of no further force and effect if and when the Foundation (or its permitted successors, assigns or transferees) has Commenced Museum Construction on the Museum Property. The City agrees to execute any documents reasonably requested by the Foundation or its lender to evidence any whole or partial termination of the City's Reversionary Right (Museum) as set forth herein.
Right of Reversion. An employee shall have the ability to return to their former position within one year of being appointed to an out of scope position and shall have all seniority restored. She shall receive her former rate of pay, subject to any increments she would have earned had she remained in her former position
Right of Reversion. 11.1 All Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products may transfer and revert to Isis and upon the assignment described in Section 11.3, all Program Technology and Program Know-how comprised of such pharmaceutical composition and/or use of ASOs and/or Products shall be deemed Isis Confidential Information, upon the earliest occurrence of any of the following events (“Reversion Trigger Events”):
(a) Upon termination of this Agreement by Pfizer pursuant to Section 9.2(c) or 9.2(d),
(b) Upon termination of this Agreement by Isis pursuant to Section 9.3(a),
(c) Upon termination of the License Agreement by Pfizer pursuant to Section 10.2(c) of the License Agreement.
(d) In addition, upon the substitution of [***]pursuant to Section 2.4, all Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products [***] may transfer and revert to Isis, and upon the assignment described in Section 11.3, all Program Technology and Program Know-how comprised of such pharmaceutical composition and/or use of ASOs and/or Products [***]shall be deemed Isis Confidential Information.
(e) At any time after the [***], upon Isis’ election by written notice to Pfizer, Pfizer shall promptly assign all Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products [***]to Isis, and upon the assignment described in Section 11.3, all Program Technology and Program Know-how comprised of such pharmaceutical composition and/or use of ASOs and/or Products [***] shall be deemed Isis Confidential Information.
11.2 Isis must provide written notice to Pfizer within [***] ([***]) days of any Reversion Trigger Event to inform Pfizer of its election to exercise the right of reversion.
11.3 Upon receipt of written notice by Isis to exercise its right of reversion, Pfizer shall promptly assign all Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products to Isis and thereafter Isis will have the exclusive right, but not the obligation, to prepare, file, prosecute, maintain and/or defend such Patent Rights.
11.4 Upon Pfizer’s assignment of any Patent Rights claiming the pharmaceutical composition and/or use of ASOs and/or Products to Isis and any transfer or reversion of Program Know-how to Isis, Isis will grant Pfizer and its agents a non-exclusive, non-transferable, irrevocable, worldwide, royalty-free, perpetual license, to make and use such Patent Rights and Program Know-how...
Right of Reversion. A permanent employee who fails probation or requests, during probation, to revert to her former position, shall be able to revert to her former position.
Right of Reversion. (A) Without prejudice to any other rights or remedies of the City hereunder, it is agreed and understood that if, after conveyance of the Property to the Developer, the Developer shall fail to carry out the Developer Improvements in accordance with the Project Schedule on or prior to the Projects Completion Date (as the same may be extended from time to time pursuant to this Agreement) then the City may, in the exercise of the City’s sole and absolute discretion, exercise its Right of Reversion, in which event the Developer shall (if so demanded by the City) execute such deeds or other documentation as may reasonably be required to effect such Right of Reversion provided that such Right of Reversion shall be subject to the rights of any Mortgagee described in Section 3.15 below, and provided further that if the City exercises its Right of Reversion prior to the Developer's completion of the Environmental Remediation Work, the City shall complete the Environmental Remediation Work in accordance with the RAP, at the City's sole cost and expense, subject to Developer assigning all of its rights, title and interests to the City under the Developer’s DECD Brownfields Grant Agreement and/or any other agreement Developer has entered for funding obtained from the State, as well as any and all permits, approvals or other related documentation or agreements necessary for the City to complete the Environmental Remediation Work . In addition, if the City’s exercise of its Right of Reversion triggers the CT Transfer Act (CGS 22a-134, et seq.), the City shall file a Form III as the “certifying party” and shall be responsible for all filings, fees and costs of investigation and remediation at its sole cost and expense.
(B) In the event that the City shall exercise its Right of Reversion, then, to the extent required, the Developer shall cooperate with the City in the City’s exercise of its rights under the Assistance Agreement (as described in the Memorandum of Understanding) to obtain the remaining funds thereunder in order to complete the Environmental Remediation Work which shall include the execution and delivery of such documentation as may be reasonably deemed necessary or desirable and the preparation and delivery of appropriate project records.
(C) The Right of Reversion shall terminate upon the issuance of the Certificate of Completion with respect the Developer Improvements, and thereafter, the City shall have no Right of Reversion with respect thereto. Notwith...
Right of Reversion. A full time Employee permitted to perform their duties on a part time basis for an agreed period:
Right of Reversion. Any residual funds maintained in the Escrow Account, after all payments are made in accordance with the Distribution Protocol, shall revert to and be paid to the Defendant.
