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 (*ADDRESS CONFIDENTIAL*) 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. (a) Seller shall have a right (a “Right of Reversion”) permitting Seller, at its option, to regain ownership of the Reversion Assets subject to the limitations and restrictions set forth in this Section 2.6, in the event that:
(i) Buyer notifies Seller that it is abandoning the development or the commercialization of the Cervical Spine Products; or
(ii) Buyer fails to use commercially reasonable efforts to rapidly bring the Cervical Spine Products through the required regulatory processes and ultimately to market in the United States. Failure to achieve a Milestone in whole or in part due to a good faith determination by Buyer, in an exercise of reasonable business judgment, to suspend its efforts with respect to the Cervical Spine Products for a period of time shall not, by itself, give rise to a Right of Reversion under Section 2.6(a)(ii); provided that Buyer gives Seller a reasonably detailed explanation in writing of the significant factors behind the decision, the factors that will determine when and how Buyer resumes such efforts and Buyer’s long-term plans and expectations for the Cervical Spine Products and other Medical Device Products.
(b) If Seller has a Right of Reversion arising under Section 2.6(a)(i), such right must be exercised in writing within 90 days after Seller receives notification from Buyer of abandonment. If Seller believes that it has a Right of Reversion arising under Section 2.6(a)(ii), such Right of Reversion shall not be exercisable unless Seller gives written notice to Buyer of its belief that a Right of Reversion has arisen under Section 2.6(a)(ii), together with a reasonably detailed explanation of why Seller believes a Right of Reversion has arisen under Section 2.6(a)(ii), and Buyer fails, during the 90-day period following delivery of such notice, to cure the condition giving rise to the Right of Reversion. If such right exists and is timely exercised, Seller may elect to have the ownership of the Reversion Assets transferred to Seller, in which case, promptly after notice to Buyer of such election, Buyer will execute all documents required to transfer ownership of all Reversion Assets to Seller.
(c) Notwithstanding any provision herein to the contrary, no Right of Reversion can arise if
(i) all of the Milestones are achieved;
(ii) Buyer has, for a total of sixty (60) months, which need not be consecutive, used commercially reasonable efforts to rapidly bring the Cervical Spine Products through the required regulatory p...
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 their former position, shall be able to revert to their former position.
Right of Reversion. In the event Developer or its successors and/or assigns fails to comply with any obligations of Developer under this Agreement, the Deed, the Binding MOU, the Assigned MOU, the Development Plan, or the Site Plan (the “Documents”), or if Developer fails to commence construction (as defined in Section 3.04 of this Agreement) on or before February 15, 2016, or if Developer fails to complete construction on or before the Construction Completion Date, or if said Hotel Project is not constructed in compliance with the Documents, the Property shall revert to the City. The City shall exercise the right of reversion by the City by filing an affidavit indicating that the City has exercised its right of reversion. Upon the filing of such affidavit, the Property shall automatically, without further action, vest in fee simple in the City. Developer’s execution of this Agreement evidences Developer’s agreement to and acceptance of said right of reversion, and Developer further waives any objection to the form or operation of the right of reversion as well as any effect said right of reversion may have on the marketability of title to said Property.
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.
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...
