Development Parcel. “Development Parcel” shall mean that certain parcel adjacent to the Land, as depicted on Exhibit D attached hereto, which is more particularly described on Exhibit W attached hereto, which Purchaser shall lease pursuant to the Development Parcel Lease.
Development Parcel. Notwithstanding anything herein to the contrary and so long as no Event of Default is continuing, in connection with the Development, Borrower shall have the right to (i) grant a non-exclusive access easement (the “Development Access Easement”) in favor of the Development Parcel Owner permitting owners and residents of the Development Parcel to access the Development Access Easement Area in order to access Salem Street from Mill Street, (ii) receive the benefit of the Development Parking Easement (as hereinafter defined), and (iii) comply with any other terms and conditions of the Decision that would not have a material adverse effect on the value, use or operations of the Property or are reasonably approved by Lender (collectively, the “Development Easements”), upon satisfaction of each of the following terms and conditions:
Development Parcel. Tenant acknowledges and agrees that, subject to the parties reaching the agreements herein provided for, Landlord has the exclusive right to develop additional buildings and other improvements on the land depicted/described in Exhibit ___(the “Development Parcel”). If from time to time, or at anytime, Landlord should desire to undertake any such development, Landlord will provide Tenant with written notice advising Tenant of the extent of the improvements Landlord desires to install. Thereafter, Landlord and Tenant shall cooperate in good faith to reach agreement on (i) the type, nature and scope of such improvements, (ii) any reciprocal access, parking and other easements and joint use and/or operating agreements required or desired in connection with the management and operation of the Development Parcel and the Premises, (iii) Tenant’s right, if any, to lease the completed apartment buildings (if any) that may be constructed by or for Landlord on the Development Parcel, and if so the rental rate therefor, (iv) Tenant’s right, if any, to manage such apartment buildings upon completion, and/or (v) Tenant’s right, if any, to provide corporate housing activities at such apartment buildings, and/or Tenant’s right to prohibit Landlord from providing Extended Stay Services in such apartment buildings through anyone other than Tenant (which rights in this clause (v) shall, at minimum, contain Tenant’s ROFR set forth in Section 21.1 below). Landlord and Tenant will also cooperate in good faith in reaching agreement on Landlord’s access, staging, and other matters relating to the performance of the work so that Landlord will not unreasonably interfere with Tenant’s activities at the Premises or the use and enjoyment of the Premises by the occupants thereof, and on the relocation or replacement of any parking facilities, driveways, accessways and other improvements and facilities that are located on the Development Parcel that service or otherwise benefit the Premises.
Development Parcel shall refer to the real property located in Marion County, Florida, described on attached Exhibit B.
