Active Rail Service. The City acknowledges that as of the Effective Date of this Agreement, the Property is not “railbanked” (as defined and described in Section 8(d) of the National Trails Systems Act, also known as the “Rails to Trails Act,” 16 USC §1247(d) and 49 CFR §1152.29) and is presently subject to active freight rail operations pursuant to the O&M Agreement as described in Recital E. As of the Effective Date of this Agreement, Excursion Rail Service (as defined in the O & M Agreement) on the Property is not an active use and was not commenced in a timely manner by GNP Rly., Inc., the original “TPO” under the O&M Agreement.
Appears in 5 contracts
Samples: Real Estate Purchase and Sale Agreement, Real Estate Purchase and Sale Agreement, Ancillary Property Purchase and Sale Agreement
