Right of Reverter. The Agency shall have the additional right, at its option, to reenter and take, possession of the Site with all improvements thereon and revest in the Agency the estate theretofore conveyed to the Redeveloper, if after conveyance of title to the Site and prior to recordation of the Certificate of Completion, the Redeveloper shall:
1. Fail to proceed with the construction of the improvements as required by this Agreement for a period of six (6) months after written notice thereof from the Agency., provided that the Redeveloper shall not have obtained an extension or postponement to which the Redeveloper may be entitled pursuant to Section 604 hereof; or
2. Abandon or subsequently suspend construction of the improvements for a period of three (3) months after written notice of such abandonment or suspension from the Agency, provided that the Disposition and Development Agreement No. 93-001 Page 31 Redeveloper shall not have obtained an extension or postponement to which the Redeveloper may be entitled pursuant to Section 604 hereof; or
3. Transfer or suffer any involuntary transfer of the Site or any part thereof in violation of this Agreement. Such right to reenter, repossess and revest to the extent provided in this Agreement shall be subordinate and subject to and be limited by and shall not defeat, render invalid or limit:
1. Any mortgage, deed of trust or other security instrument permitted by this Agreement; or
2. Any rights or interest provided in this Agreement for the protection of the holder of such mortgages, deeds of trust or other security instruments. The deed shall contain appropriate reference and provision to give effect to the Agency's right, as set forth in this Section under specified circumstances prior to the recordation of the Certificate of Completion, to reenter and take possession of the Site with all improvements thereon and to terminate and revest in the Agency the estate conveyed to the Redeveloper. Upon the revesting in the Agency of title to the Site or any part thereto as provided in this Section, the Agency shall, pursuant to its responsibilities under state law, use its best efforts to resell the Site or part thereof as soon as, and in such a manner as the Agency shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan to a qualified and reasonable party or parties (as determined by the Agency) who will assume the obligation of making or completing the improvements, or such other impro...
Right of Reverter. (a) In the event that, following Close of Escrow, there is an Event of Default and such Event of Default occurs prior to issuance of a Certificate of Completion for the Improvements, then the County has the right to reenter and take possession of the Property and all improvements thereon and to revest in the County the estate of Developer in the Property. Xxxxxxxxx agrees to execute such documents as reasonably necessary to cause Xxxxxxxxx's interest in the Property to revert and revest in the County.
(b) Upon vesting or revesting in the County of title to the Property, the County will use its best efforts to resell the Property consistent with the County's obligations under applicable laws. Upon sale the proceeds will be applied as follows:
(1) First, to reimburse the County for any costs it incurs in managing or selling the Property (after exercising its right of reverter), including but not limited to amounts to discharge or prevent liens or encumbrances arising from any acts or omissions of Developer;
(2) Second, to reimburse the County for damages to which it is entitled under this Agreement by reason of Developer's default;
(3) Third to the County, to repay the Loan;
(4) Fourth, to Developer in the amount of the reasonable cost of the improvements Developer has placed on the Property that were not financed by the County; and
(5) Fifth, any balance to the County.
Right of Reverter. This Assignment Agreement with Contingent Right of Reverter (hereafter the “Agreement”) is made effective as of August 10, 2002 (the “Effective Date”) by and between Alchemy Ventures, Ltd., a British Columbia, Canada corporation (“ALY”), and Idaho Industrial Minerals, LLC., and Idaho limited liability company (“IIM”), Northwest Kaolin, Inc., an Idaho corporation (“NWK”). (Collectively, referred to hereinafter as the “Parties.”)
Right of Reverter. Sycamore Terrace DDA 978949.doc The City shall have the additional right, at its option, to reenter and take possession of the Site with all improvements and revest in the City the estate conveyed to the Developer, if after conveyance of the Site to Developer and prior to issuance of the Certificate of Compliance, the Developer shall:
Right of Reverter. 55 12.07 Survival.......................................................56 12.08 Modification of Terms and Conditions and Extensions of Time....56 12.09
Right of Reverter. In the event that this Agreement is terminated by the Town pursuant to Section 6.2, the Town shall have the right to reenter and take possession of the Property, and all improvements thereon and to revest in the Town the estate of the Grantee in the Property. The rights of the Town under this Right of Reverter shall be subject to the rights created by, be limited by and shall not defeat, render invalid or limit any approved security interest permitted by this Agreement or the rights or interests provided in this Agreement for the protection of the holder of such approved security interests. Upon vesting or revesting in the Town of title to the Property, the Town shall promptly use its best efforts to resell the Property. Upon sale the proceeds shall be applied as follows: (i) first, to reimburse the Town for any costs incurred in managing or selling the property, including but not limited to amounts to discharge or prevent liens or encumbrances arising from any acts or omissions of the Grantee; (ii) second, reimburse the Town for damages to which it is entitled under this Agreement by reason of the Grantee's default; (iii) third, to the Grantee for the documented reasonable cost of the Improvements the Grantee has placed on the Property and such other documented reasonable costs Grantee has incurred directly in connection with development of the Property, as applicable, that were not financed by the Town; and (iv) fourth, any balance to the Town.
Right of Reverter. The Successor Agency shall have the additional right, at its option, to reenter and take possession of any Site with all improvements thereon and revest in the Successor Agency the estate previously conveyed to the Developer, if after conveyance of title to such the Site and prior to issuance of the Certificate of Compliance therefor, the Developer shall, subject to the provisions of Section 805 below:
Right of Reverter. The term “
Right of Reverter. Subject to Developer’s right to an extension of time to perform in the event of an Enforced Delay, City shall have the right, at its option, to reenter and take possession of the City Parcels with all improvements thereon and to terminate and, for the Purchase Price (as reduced by any mortgage, deed of trust, or other security interests permitted by this Agreement; and any rights or interests provided in this Agreement for the protection of the holders of such mortgages, deeds of trust, or other security interests), revest in the City the estate conveyed to the Developer, if after Closing and prior to the recordation of the Release of Construction Covenants, the Developer (or his successors in interest) shall commit a material default by:
Right of Reverter. (a) In the event that, following the Close of Escrow, this Agreement is terminated pursuant to Section 7.4 and such termination occurs prior to issuance of a Certificate of Completion for the Improvements, then the County has the right to reenter and take possession of the Property and all improvements thereon and to revest in the County the estate of the Developer in the Property.
(b) Upon vesting or revesting in the County of title to the Property, the County will promptly use its best efforts to resell the Property consistent with the County's obligations under applicable laws. Upon sale the proceeds will be applied as follows:
(1) First, to reimburse the County for any costs it incurs in managing or selling the Property (after exercising its right of reverter), including but not limited to amounts to discharge or prevent liens or encumbrances arising from any acts or omissions of the Developer;
(2) Second, to reimburse the County for damages to which it is entitled under this Agreement by reason of the Developer's default;
(3) Third, to the Developer up to the sum of the purchase price Developer paid for the Property pursuant to Section 3.2 and the reasonable cost of the Improvements the Developer has placed on the Property and such other reasonable costs Developer has incurred directly in connection with development of the Property that were not financed by the County; and
(4) Fourth, any balance to the County.
