Examples of Land in a sentence
Owner shall only be granted air rights over or subsurface rights under the Land to the extent that any such rights are owned by MEDC as of the effective date of this Agreement.
Notwithstanding anything herein to the contrary, Owner shall have the right to terminate this Agreement on or before July 15, 2024, by written notice to City Parties, if Owner determines, in its sole and absolute discretion, that the Land is not suitable for construction of the Project Improvements as contemplated by Owner.
In the event Owner does not terminate the Agreement pursuant to this Section 3.3.2 on or before July 15, 2024, Owner’s failure to purchase the Land in accordance with this Section 3.3 shall constitute an event of default subject to the remedies set forth in Section 23.2.1. For the avoidance of doubt, Owner shall have no right to terminate this Agreement pursuant to the immediately foregoing sentence after July 15, 2024.
Seller and Purchaser acknowledge that the Land is presently zoned Planned Unit Development (PUD) for Commercial Use, as described in zoning ordinances of the City and as contemplated under the current Polaris Pointe at Northgate Master Plan approved by the City.
In consideration of and pursuant to the covenants, agreements and conditions set forth herein, MEDC agrees to sell, and Owner agrees to buy, all of MEDC’s right, title, and interest in and to the Land, subject to the Permitted Exceptions, under a special warranty deed containing a restrictive covenant prohibiting the Land from being used for multifamily residential purposes, and the rights and reservations of the MEDC under this Agreement.