Common use of Right of Reverter Clause in Contracts

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. (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 Developer agrees to execute such documents as reasonably necessary to cause XxxxxxxxxDeveloper'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 the 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. (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 Borrower in the Property. Xxxxxxxxx Borrower agrees to execute such documents as reasonably necessary to cause XxxxxxxxxBorrower'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 Developerthe Borrower; (2) Second, to reimburse the County for damages to which it is entitled under this Agreement by reason of DeveloperBorrower's default; (3) Third to the County, to repay the Loan; (4) Fourth, to Developer Borrower in the amount of the reasonable cost of the improvements Developer Borrower has placed on the Property that were not financed by the County; and (5) Fifth, any balance to the County.