Common use of Seller’s Right to Reverter and Deposit Clause in Contracts

Seller’s Right to Reverter and Deposit. Notwithstanding anything to the contrary contained herein, or in the Deed, if subsequent to conveyance of the Property to Buyer and prior to issuance of the Certificate: i. Buyer or any successor defaults on or violates its obligations under this Agreement with respect to the Project, including the nature of, and the dates for beginning and completion there of construction thereof, or abandons or substantially suspends construction other than suspension pursuant to Section 13, and any such default, violation, abandonment or suspension shall not be cured, ended or remedied with 90 days after Seller written demand so to do; or ii. Buyer or any successor fails to pay real estate taxes, special assessment or special changes on the Property or any part thereof when due, or shall place thereon any encumbrance or lien unauthorized by this Agreement, or shall suffer any levy, lien, or attachment to be made, or any materialman, mechanic , or construction lien, or any other unauthorized encumbrance or lien to attach, and such taxes or assessment shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to Seller made for such payment, removal or discharge, within 90 days after Seller written demand so to do; or iii. there is any transfer of the Property or any part thereof in violation of this Agreement, and such violation shall not be cured within 90 days after Seller written demand; then the Seller shall have the right to reenter and take possession of the Property and to record against the Property in the Milwaukee County Register of Deeds Office a “Notice of Reverter.” Buyer agrees that the recording of such Notice of Reverter shall have the effect of delivering and recording a deed from Buyer to Seller, and shall automatically terminate all of the Buyer’s rights, title and interest in and to the Property (and any interest of any successor that has taken title from or through Buyer, except Permitted Successors) and revest in Seller, subject to rights of Permitted Successors, the full estate conveyed by the Deed. The intent of this provision, together with other provisions of this Agreement, is that the conveyance of the Property to Buyer pursuant and subject to this Agreement shall be made upon a condition subsequent to the conveyance that in the event of any default, failure, violation, breach or other action or inaction by Buyer specified in subsections (a), (b) or (c) above, and the failure on the part of Buyer to remedy, end, abrogate or otherwise cure such default, failure, violation, breach or other action or inaction, within the period and in the manner stated in such subdivisions, Seller at its option may effect a termination of the estate conveyed to Buyer in favor of Seller in which case all rights and interests of Buyer (and of any successor or assign to Buyer or the Property, except Permitted Successors), shall revert to, and thereafter be solely and fully vested in, Seller. And such revesting of title in Seller shall be subject to, limited by, and shall not defeat, render invalid or limit (a) the lien of any mortgage authorized by this Agreement, (b) any right or interest provided in the Agreement for the protection of the holder of such mortgage and (c) any right of any Permitted Successor, including any lessee or buyer authorized by this Agreement. If Seller exercises its reversionary right as set forth above, Seller may also retain the Deposit. Seller’s reversionary right is a material provision of this Agreement, without which, Seller would not have entered into this transaction. This Agreement is binding upon the parties hereto and their successors and assigns, including successors in interest to the Property. Notwithstanding the foregoing, until issuance of the Certificate, Buyer may not assign this Agreement or its rights hereunder without Seller’s prior written consent.

Seller’s Right to Reverter and Deposit. Notwithstanding anything to the contrary contained herein, or in the Deed, if subsequent to conveyance of the Property to Buyer and prior to issuance of the Certificate: i. Buyer or any successor defaults on or violates its it obligations under this Agreement with respect to the Project, including the nature of, and the dates for beginning commencement and completion there of construction thereofconstruction, or abandons or substantially suspends construction other than suspension pursuant to Section 13construction, and any such default, violation, abandonment or suspension shall not be cured, ended or to remedied with 90 days after Seller Seller’s written demand so to dodemand; or ii. Buyer or any successor fails to pay real estate taxes, special assessment or special changes on the Property or any part thereof when due, or shall place thereon any encumbrance or lien unauthorized not authorized by this Agreement, or shall suffer any levy, lien, or attachment to be made, or any materialman, mechanic , or construction lien, or any other unauthorized encumbrance or lien to attach, and such taxes or assessment shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to Seller made for such payment, removal or discharge, within 90 days after Seller written demand so to do; or iii. there is any transfer of the Property or any part thereof in violation of this Agreement, and such violation shall not be cured within 90 days after Seller Seller’s written demand; then the Seller shall have the right to reenter and take possession of the Property and to record against the Property in the Milwaukee County Register of Deeds Office a “Notice of Reverter.” Buyer agrees that the recording of such Notice of Reverter shall have the effect of delivering and recording a deed from Buyer to Seller, and shall automatically terminate all of the Buyer’s rights, title to and interest in and to the Property (and any interest of any successor that has taken title from or through Buyer, except Permitted Successors) and revest in Seller, subject to rights of Permitted Successors, the full estate conveyed by the Deed. The intent of this provision, together with other provisions of this Agreement, is that the conveyance of the Property to Buyer pursuant and subject to this Agreement shall be made upon a condition subsequent to the conveyance that in the event of any default, failure, violation, breach or other action or inaction by Buyer specified in subsections (a), (b) or (c) above, and the failure on the part of Buyer to remedy, end, abrogate or otherwise cure such default, failure, violation, breach or other action or inaction, within the period and in the manner stated in such subdivisions, Seller at its option may effect a termination of the estate conveyed to Buyer in favor of Seller in which case all rights and interests of Buyer (and of any successor or assign to Buyer or the Property, except Permitted Successors), shall revert to, and thereafter be solely and fully vested in, Seller. And such revesting of title in Seller shall be subject to, limited by, and shall not defeat, render invalid or limit (a) the lien of any mortgage authorized by this Agreement, (b) any right or interest provided in the Agreement for the protection of the holder of such mortgage and (c) any right of any Permitted Successor, including any lessee or buyer authorized by this Agreement. If Seller exercises its reversionary right as set forth above, Seller may also retain the Deposit. Seller’s reversionary right is a material provision of this Agreement, without which, Seller would not have entered into this transaction. This Agreement is binding upon the parties hereto and their successors and assigns, including successors in interest to the Property. Notwithstanding the foregoing, until issuance of the Certificate, Buyer may not assign this Agreement or its rights hereunder without Seller’s prior written consent.

Seller’s Right to Reverter and Deposit. Notwithstanding anything to the contrary contained herein, or in the Deed, if subsequent to conveyance of the Property to Buyer and prior to issuance of the Certificate: i. Buyer or any successor defaults on or violates its it obligations under this Agreement with respect to the Project, including the nature of, and the dates for beginning and completion there of construction thereofthere, or abandons or substantially suspends construction other than suspension pursuant to Section 13construction, and any such default, violation, abandonment or suspension shall not be cured, ended or to remedied with 90 days after Seller written demand so to do; or ii. Buyer or any successor fails to pay real estate taxes, special assessment or special changes on the Property or any part thereof when due, or shall place thereon any encumbrance or lien unauthorized by this Agreement, or shall suffer any levy, lien, or attachment to be made, or any materialman, mechanic , or construction lien, or any other unauthorized encumbrance or lien to attach, and such taxes or assessment shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to Seller made for such payment, removal or discharge, within 90 days after Seller written demand so to do; or iii. there is any transfer of the Property or any part thereof in violation of this Agreement, and such violation shall not be cured within 90 days after Seller written demand; then the Seller shall have the right to reenter and take possession of the Property and to record against the Property in the Milwaukee County Register of Deeds Office a “Notice of Reverter.” Buyer agrees that the recording of such Notice of Reverter shall have the effect of delivering and recording a deed from Buyer to Seller, and shall automatically terminate all of the Buyer’s rights, title and interest in and to the Property (and any interest of any successor that has taken title from or through Buyer, except Permitted Successors) and revest in Seller, subject to rights of Permitted Successors, the full estate conveyed by the Deed. The intent of this provision, together with other provisions of this Agreement, is that the conveyance of the Property to Buyer pursuant and subject to this Agreement shall be made upon a condition subsequent to the conveyance that in the event of any default, failure, violation, breach or other action or inaction by Buyer specified in subsections (a), (b) or (c) above, and the failure on the part of Buyer to remedy, end, abrogate or otherwise cure such default, failure, violation, breach or other action or inaction, within the period and in the manner stated in such subdivisions, Seller at its option may effect a termination of the estate conveyed to Buyer in favor of Seller in which case all rights and interests of Buyer (and of any successor or assign to Buyer or the Property, except Permitted Successors), shall revert to, and thereafter be solely and fully vested in, Seller. And such revesting of title in Seller shall be subject to, limited by, and shall not defeat, render invalid or limit (a) the lien of any mortgage authorized by this Agreement, (b) any right or interest provided in the Agreement for the protection of the holder of such mortgage and (c) any right of any Permitted Successor, including any lessee or buyer authorized by this Agreement. If Seller exercises its reversionary right as set forth above, Seller may also retain the Deposit. Seller’s reversionary right is a material provision of this Agreement, without which, Seller would not have entered into this transaction. This Agreement is binding upon the parties hereto and their successors and assigns, including successors in interest to the Property. Notwithstanding the foregoing, until issuance of the Certificate, Buyer may not assign this Agreement or its rights hereunder without Seller’s prior written consent.

Seller’s Right to Reverter and Deposit. Notwithstanding anything to the contrary contained herein, or in the Deed, if subsequent to conveyance of the Property to Buyer and prior to issuance of the Certificate: i. Buyer or any successor defaults on or violates its obligations under this Agreement with respect to the Project, including the nature of, and the dates for beginning and completion there of construction thereof, or abandons or substantially suspends construction other than suspension pursuant to Section 13, and any such default, violation, abandonment or suspension shall not be cured, ended or remedied with 90 days after Seller written demand so to do; or ii. Buyer or any successor fails to pay real estate taxes, special assessment or special changes on the Property or any part thereof when due, or shall place thereon any encumbrance or lien unauthorized by this Agreement, or shall suffer any levy, lien, or attachment to be made, or any materialman, mechanic , or construction lien, or any other unauthorized encumbrance or lien to attach, and such taxes or assessment shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to Seller made for such payment, removal or discharge, within 90 days after Seller written demand so to do; or iii. there is any transfer of the Property or any part thereof in violation of this Agreement, and such violation shall not be cured within 90 days after Seller written demand; then the Seller shall have the right to reenter and take possession of the Property and to record against the Property in the Milwaukee County Register of Deeds Office a “Notice of Reverter.” Buyer Xxxxx agrees that the recording of such Notice of Reverter shall have the effect of delivering and recording a deed from Buyer to Seller, and shall automatically terminate all of the Buyer’s rights, title and interest in and to the Property (and any interest of any successor that has taken title from or through Buyer, except Permitted Successors) and revest in Seller, subject to rights of Permitted Successors, the full estate conveyed by the Deed. The intent of this provision, together with other provisions of this Agreement, is that the conveyance of the Property to Buyer pursuant and subject to this Agreement shall be made upon a condition subsequent to the conveyance that in the event of any default, failure, violation, breach or other action or inaction by Buyer specified in subsections (a), (b) or (c) above, and the failure on the part of Buyer to remedy, end, abrogate or otherwise cure such default, failure, violation, breach or other action or inaction, within the period and in the manner stated in such subdivisions, Seller at its option may effect a termination of the estate conveyed to Buyer in favor of Seller in which case all rights and interests of Buyer (and of any successor or assign to Buyer or the Property, except Permitted Successors), shall revert to, and thereafter be solely and fully vested in, Seller. And such revesting of title in Seller shall be subject to, limited by, and shall not defeat, render invalid or limit (a) the lien of any mortgage authorized by this Agreement, (b) any right or interest provided in the Agreement for the protection of the holder of such mortgage and (c) any right of any Permitted Successor, including any lessee or buyer authorized by this Agreement. If Seller exercises its reversionary right as set forth above, Seller may also retain the Deposit. Seller’s reversionary right is a material provision of this Agreement, without which, Seller would not have entered into this transaction. This Agreement is binding upon the parties hereto and their successors and assigns, including successors in interest to the Property. Notwithstanding the foregoing, until issuance of the Certificate, Buyer may not assign this Agreement or its rights hereunder without Seller’s prior written consent.

Seller’s Right to Reverter and Deposit. Notwithstanding anything to the contrary contained herein, or in the Deed, if subsequent to conveyance of the Property to Buyer and prior to issuance of the Certificate: i. Buyer or any successor defaults on or violates its it obligations under this Agreement with respect to the Project, including the nature of, and the dates for beginning and completion there of construction thereofthere, or abandons or substantially suspends construction other than suspension pursuant to Section 13construction, and any such default, violation, abandonment or suspension shall not be cured, ended or to remedied with 90 days after Seller written demand so to do; or ii. Buyer or any successor fails to pay real estate taxes, special assessment or special changes on the Property or any part thereof when due, or shall place thereon any encumbrance or lien unauthorized by this Agreement, or shall suffer any levy, lien, or attachment to be made, or any materialman, mechanic , or construction lien, or any other unauthorized encumbrance or lien to attach, and such taxes or assessment shall not have been paid, or the encumbrance or lien removed or discharged or provision satisfactory to Seller made for such payment, removal or discharge, within 90 days after Seller written demand so to do; or iii. there is any transfer of the Property or any part thereof in violation of this Agreement, and such violation shall not be cured within 90 days after Seller written demand; then the Seller shall have the right to reenter and take possession of the Property and to record against the Property in the Milwaukee County Register of Deeds Office a “Notice of Reverter.” Buyer Xxxxx agrees that the recording of such Notice of Reverter shall have the effect of delivering and recording a deed from Buyer to Seller, and shall automatically terminate all of the Buyer’s rights, title and interest in and to the Property (and any interest of any successor that has taken title from or through Buyer, except Permitted Successors) and revest in Seller, subject to rights of Permitted Successors, the full estate conveyed by the Deed. The intent of this provision, together with other provisions of this Agreement, is that the conveyance of the Property to Buyer pursuant and subject to this Agreement shall be made upon a condition subsequent to the conveyance that in the event of any default, failure, violation, breach or other action or inaction by Buyer specified in subsections (a), (b) or (c) above, and the failure on the part of Buyer to remedy, end, abrogate or otherwise cure such default, failure, violation, breach or other action or inaction, within the period and in the manner stated in such subdivisions, Seller at its option may effect a termination of the estate conveyed to Buyer in favor of Seller in which case all rights and interests of Buyer (and of any successor or assign to Buyer or the Property, except Permitted Successors), shall revert to, and thereafter be solely and fully vested in, Seller. And such revesting of title in Seller shall be subject to, limited by, and shall not defeat, render invalid or limit (a) the lien of any mortgage authorized by this Agreement, (b) any right or interest provided in the Agreement for the protection of the holder of such mortgage and (c) any right of any Permitted Successor, including any lessee or buyer authorized by this Agreement. If Seller exercises its reversionary right as set forth above, Seller may also retain the Deposit. Seller’s reversionary right is a material provision of this Agreement, without which, Seller would not have entered into this transaction. This Agreement is binding upon the parties hereto and their successors and assigns, including successors in interest to the Property. Notwithstanding the foregoing, until issuance of the Certificate, Buyer may not assign this Agreement or its rights hereunder without Seller’s prior written consent.