Expansion Parcels Clause Samples
The EXPANSION PARCELS clause defines the terms under which additional parcels of land or space may be added to an existing agreement, such as a lease or development contract. Typically, this clause outlines the process for identifying, designating, and incorporating new parcels, including any conditions, timelines, or approvals required from the parties involved. Its core practical function is to provide a clear mechanism for future growth or changes to the property covered by the agreement, thereby reducing uncertainty and facilitating planned expansion.
Expansion Parcels. The Master Developer may acquire and add certain Expansion Parcels to the MPD requiring either a Minor or Major Amendment of the MPD Permit Approval and additional State Environmental Policy Act (“SEPA”) review. If a defined Expansion Parcel is neither designated with an MPD Overlay on the City’s Comprehensive Plan Future Land Use Map nor is zoned MPD, then a Comprehensive Plan Amendment and rezone shall be required.
Expansion Parcels. (a) Subject to the provisions of Section 29(b), during the first fifteen (15) years Lease Years of the Term, Agency shall have the full right to use the Expansion Parcels, without payment of consideration to Redeveloper. Any such use shall be of a type which shall not disturb Redeveloper's quiet enjoyment of the balance of the Property or otherwise adversely affect the use thereof. Agency shall retain all rentals and other revenues payable on account of the Expansion Parcels. Provided, however, that Redeveloper shall have the right, upon ninety (90) days notice in writing to Agency, to terminate Agency's use of the Expansion Parcels. Redeveloper shall terminate Agency's use of the Expansion Parcels only upon delivery to Agency of plans and specifications and financing commitments, as described in Section 11 hereof, for a new card club or casino or other use permitted by the Agency on the Expansion Parcels, together with reasonable evidence satisfactory to Agency that Redeveloper shall open the new card club or casino or other use permitted by the Agency for business within nine (9) months after the termination date of Agency's right to use the Expansion Parcels.
(b) If Redeveloper does not open the new card club or casino or other use permitted by the Agency for business on the Expansion Parcels or another portion of the Property in compliance with Section 9(g) hereof prior to the expiration of the 15th Lease Year, and Agency receives a bona fide proposal, from a reputable third party developer with the capacity to perform, which proposal Agency wishes to accept, Agency shall give notice in writing thereof to Redeveloper. Unless, within said ninety (90) day notice period, Redeveloper irrevocably commits to either (i) open a new casino or card club or other permitted use on the Expansion Parcels within one year thereafter, or (ii) undertake the same type of development as has been proposed by the offeror or one meeting or exceeding the benefit to the Agency of that of the offeror, Agency shall have the right to proceed with the other transaction, and, upon the closing thereof, all Redeveloper's rights in the Expansion Parcels shall terminate and shall be of no further force or effect. In such event, the purchase price set forth in the Option (described below), shall be reduced as provided in Section 30(e) hereof, and the Base Rent shall be equitably reduced (based upon the values established in the Agency's original appraisal for the parcels comprising the ...
Expansion Parcels. Pursuant to Conditions of Approval Nos. 134 and 162 of the MPD Permit Approval, any or all of the Expansion Parcels as set forth in Exhibit “S” may be developed during the Build‐Out Period subject to the process and standards set forth in Sections 10 and 12 of this Agreement.
Expansion Parcels. The Master Developer and the City anticipate that the Master Developer may acquire and add certain Expansion Parcels to the MPD requiring either a Minor or Major Amendment of the MPD Approval and additional State Environmental Policy Act (“SEPA”) review.
Expansion Parcels