Common use of Development Rights Clause in Contracts

Development Rights. The Property shall not be developed except as expressly permitted by this Deed. Subject to valid existing rights of record, all development rights associated with the Property are vested in Grantee. The Parties agree that these development rights are terminated and extinguished and may not be used on or transferred off of the Property to any other property or otherwise used.

Development Rights. The Property shall not be developed except as expressly permitted by this Deed. Subject to valid existing rights of recordrecord and those rights specifically reserved to the Grantor, all development rights associated with the Property are vested in Grantee. The Parties agree that these development rights are terminated and extinguished and may not be used on or transferred off of the Property to any other property or otherwise used.