Laserfiche WebLink
(a) Upon an Agency Fault termination preceding the close of Escrow, Developer's <br />deposit shall be refunded in full. <br />(b) Upon a No Fault termination preceding the close of Escrow, Agency shall <br />reimburse one-half of Developer's deposit, $5,000, and retain the balance. <br />(c) Upon a Developer termination preceding the close of Escrow, Agency shall retain <br />Developer's deposit. <br />(d) Upon a No-Fault or Developer Fault termination following the close of Escrow but <br />prior to commencement of construction, Agency shall have the right to demand a reverter of title to the <br />Property back to Agency, in which case Agency shall refund to Developer all sums paid to date to Agency <br />by Developer minus Agency's portion of Closing costs. The cost and expense of revesting title in Agency <br />shall be borne by Developer. <br />(e) Upon an Agency Fault termination following the close of Escrow but prior to <br />commencement of construction, Agency shall have the right to demand a reverter of title to the Property <br />back to Agency, in which case Agency shall refund to Developer all sums paid to date to Agency by <br />Developer without deduction of any portion of Closing costs, and the cost and expense of revesting title in <br />Agency shall be borne by Agency. <br />(f) Upon a Developer Fault termination following close of Escrow but during <br />construction, Agency shall have the right to demand a reverter of title to the Property back to Agency, in <br />which case Agency shall refund to Developer all sums paid to date to Agency by Developer minus (i) <br />Agency's portion of Closing costs; and (ii) Agency's costs to either demolish the existing improvements, if <br />any, or design revised plans around said existing improvements. <br />(g) Upon an Agency Fault termination following close of Escrow but during <br />construction, Agency shall have the right to demand a reverter of title to the Property back to Agency, in <br />which case Agency shall refund to Developer all sums paid to date to Agency by Developer without <br />deduction of any portion of Closing costs and reimburse Developer the costs and expenses attributable to <br />improvements constructed to date and land acquisition. The cost and expense of revesting title in Agency <br />shall be borne by Agency. <br />(h) Upon a No-Fault termination following close of Escrow but during construction and <br />prior to substantial completion of construction, Agency shall have the right to demand a reverter of title to <br />the Property back to Agency, in which case Agency shall refund to Developer all sums paid to date to <br />Agency by Developer minus Agency's portion of Closing costs. The cost and expense of revesting title in <br />Agency shall be borne by Agency. There may be no No-Fault termination at or subsequent to substantial <br />completion of construction. <br />Article Six: SPECIFIC REQUIREMENTS REGARDING REMEDIES <br />6.01 Right of Reverter. <br />