ESPLANADE AREA Sample Clauses

ESPLANADE AREA. LESSEE shall have the right to develop, improve and/or maintain the portion of the Esplanade (the “Esplanade Area”), which, although not forming part of the Property, is located in front of the Property, for the purposes of ensuring the aesthetic integrity of the Project and the seamless development of the Leased Property, and enhancing the marketability of the Project; Provided, that during the Lease Period (as defined hereunder), the LESSEE shall pay all taxes and fees that may be due on the Esplanade Area; Provided, further, that any and all income generating activities derived from the Esplanade Area shall be subject to an agreement which shall be executed between the Parties prior to LESSEE’s development of the Esplanade. For this purpose, the Parties undertake that they will, in good faith and with their best efforts, enter into an agreement for the purpose of determining the respective shares of LESSOR and LESSEE in the income to be generated by or from the Esplanade Area, with principal consideration to (i) the total value of the improvements that LESSEE shall have made and/or constructed; and (ii) the LESSOR’s agreement with the PRA on the Esplanade Area. LESSEE shall comply with the development parameters under the Boulevard 2000 integrated Framework Plan and such other Declaration of Restrictions that may be implemented in the Property. For this purpose, LESSEE shall include in the Master Development Plan (the “MDP”) for the Leased Property the development plan for the Esplanade Area.
Sample 1
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