Adjacent Real Property Clause Samples
The Adjacent Real Property clause defines the rights and responsibilities of parties concerning land or property that is directly next to or bordering the main property involved in the agreement. This clause typically addresses issues such as access, maintenance, or use of neighboring land, and may specify obligations regarding shared boundaries, easements, or encroachments. Its core function is to clarify how adjacent properties are to be treated, thereby preventing disputes and ensuring both parties understand their rights and duties related to neighboring land.
Adjacent Real Property. (a) Section 7.10(a) of the AREH Disclosure Letter contains (i) a complete and accurate list, legal descriptions and street addresses where available, of all real property and/or Improvements owned (or, with respect to the Restaurant Land, that may be owned at the Closing) by the AREH Subs, including without limitation the Adjacent Land (the “Adjacent Owned Property”) and (ii) a complete and accurate list, legal descriptions, and street addresses where available, of all real property leased or occupied pursuant to written occupancy agreements by the AREH Subs, as tenant, lessee, sub-lessee, licensee, manager, or otherwise, including, without limitation, all real property on which any parking lot operations, office or administrative operations are conducted or which are otherwise material to the operation of the AREH Subs’ businesses (each such leased property, an “Adjacent Leased Property”). The Adjacent Owned Property and the Adjacent Leased Property are referred to herein collectively as the “Adjacent Real Property” or the “Adjacent Properties.”
(b) The AREH Subs (or, with respect to the Restaurant Site, if the Restaurant Purchase is consummated prior to the Closing, will) hold title to each parcel of the Adjacent Real Property as set forth in the pro forma title policies set forth on Exhibit I-2 attached hereto (the “Adjacent Real Property Pro Forma Title Policies” and, together with the ACE Real Property Pro Forma Title Policies, the “Pro Forma Title Policies”).
(c) As of the Measurement Date, the AREH Selling Parties have provided to Buyer true, correct and complete copies of all agreements by any AREH Sub as lessor or sublessor and any third party in connection with the Adjacent Real Property, or any portion thereof (the “Assumed Leases”), each of which is in full force and effect on the date hereof, and there exists no default or event of default under such Assumed Lease on the date hereof on the part of either landlord or tenant thereunder. Except for the Assumed Leases, there are no other agreements, written or oral, between the AREH Subs and any other Person giving any Person or entity any rights to use, occupy or operate on or any interest in the Adjacent Real Property or any portion thereof or otherwise affecting or relating to the Adjacent Real Property. None of the AREH Subs is in material default under the documents governing the Assumed Leases and, to the AREH Selling Parties’ knowledge, no defaults (whether or not subsequently cured) by any...