Lot Line Adjustment. The City shall initiate lot line adjustments within the Project Area reasonably sufficient to permit development of the Project. The City acknowledges that approval of such lot line adjustments is a condition that must be satisfied prior to execution of the Land Disposition Agreement.
Lot Line Adjustment. Lessee shall reimburse Lessor for all out-of-pocket expenses associated with Lessor perfecting the lot line adjustment to combine the 2.765 acres of Parcel A with Tract A. In the event that Lessor is unable to obtain the required governmental approvals within 60 days from the date hereof, this Amendment will terminate, and each party hereto agrees to release the other from all of the obligations contained herein. It is understood that no improvements shall commence until Lessor advises Lessee that all governing authorities have approved said lot line adjustment.
Lot Line Adjustment. Seller shall have until the Close of ------------------- Escrow to cause a lot line adjustment (the "Lot Line Adjustment") to be recorded in the Official Records of Los Angeles County, which adjustment is necessary in order for the Property to be conveyed to Buyer in accordance with all applicable subdivision laws and regulations.
Lot Line Adjustment. Before the expiration of the Feasibility Study Period, Buyer shall have the right, at Buyer's sole cost and expense, to obtain all governmental approvals for and arrange for the recording of a lot line adjustment or other document transferring a portion of Lot 29 to the Real Property, as necessary to increase the square footage that can be developed on the Real Property as an administrative/laboratory building to at least 78,000 square feet (calculated in accordance with the Planned Industrial Development ("PID") regulations governing the Real Property) (the "Lot Line Adjustment"). Buyer shall have the right to terminate this Agreement upon written notice to Seller at any time prior to the end of the Feasibility Study Period if Buyer is unable to timely complete the Lot Line Adjustment, otherwise such contingency shall be deemed waived as of the expiration of the Feasibility Study Period.
Lot Line Adjustment. (LLA)
a. The Lot Line Adjustment shall be in substantially the same form as the attached Exhibit C.
b. Not later than twelve (12) months after execution of this Agreement, the Owner will have completed the LLA process.
c. The completed LLA will depict the right-of-way grant intended for the construction of Xxxxx Parkway as determined by the City Engineer and described in Exhibit D.
d. Concurrent with or immediately following approval of the LLA, the City shall convey the approximately 44 feet of the City Property described herein by quit claim deed to Owner and the Owner shall accept same, subject to the terms and reservations set forth in Section 2.
Lot Line Adjustment. Notwithstanding any other provision of this Agreement, if at any time Borrower is able to effect a lot line adjustment for the Land such that all of the Improvements are or may be lawfully situated on Parcel A only, Lender shall partially reconvey Parcel B and each and all of the interests therein from the lien and security of any and all of the instruments and documents that secure the Loan, but subject to the satisfaction or waiver of each of the following conditions precedent, which are solely for the benefit of, and may be waived solely by, Lender:
13.1.1 No uncured Event of Default shall then exist and no event or circumstance shall exist as of the date of the Extension Notice which with notice, passage of time or both would constitute an Event of Default.
13.1.2 No material adverse change shall have occurred in the financial condition of the Borrower or the Guarantor, as determined in the sole and absolute discretion of Lender.
13.1.3 Title Insurer shall have issued, at Borrower’s sole cost and expense, such endorsements as are satisfactory to Lender in its sole discretion to insure the continuing validity and first priority of the lien of the Deed of Trust.
13.1.4 Borrower shall have paid all costs and expenses incurred by Lender, including without limitation any attorneys’ and appraisers’ fees, in connection with the partial reconveyance of the Deed of Trust.
13.1.5 Borrower and Guarantor and Peony shall execute, acknowledge and deliver such documents as Lender may require, in its reasonable discretion, to evidence and to continue to secure the Loan.
Lot Line Adjustment. The current owner of the gas station land located on Carmenita Avenue, consisting of approximately 0.7 acres (the "Gas Station Parcel") shall retain title thereto. Seller acknowledges and agrees that Seller shall, at Seller's sole cost and expense, process a lot line adjustment and/or parcel map, if required ("Lot Line Adjustment"), to adjust the property line of the Gas Station Parcel in accordance with all applicable subdivision laws so that the Gas Station Parcel shall be configured approximately as shown on Exhibit A and so that the Gas Station Parcel, as so reconfigured, shall contain approximately 50,000 square feet of gross land area, or 1.15 acres.
Lot Line Adjustment. The parties understand that the Seller must receive approval from the County of Yolo to sever a portion of the Premises from an existing parcel and to adjust the lot lines of an existing parcel before the Premises may be conveyed to the Buyer as contemplated under this Contract. The Seller will use all commercially reasonable efforts to obtain such consent prior to the date the Close of Escrow is to take place. If those approvals are not obtained by that date, Buyer shall have the option exercisable by written notice within ten (10) days thereafter, to either (i) extend the date for the Close of Escrow an additional forty five (45) days, or (ii) terminate this Contract without liability to either party, in which case the Deposit(s) held by the Escrow Holder shall be returned to the Buyer with interest, less documented expenses of Escrow Agent. In the event that Buyer elects to extend the date for the Close of Escrow as provided herein, and the adjustments to be completed by Seller are still not completed following the expiration of such forty five (45) day period, Buyer shall have an additional option exercisable by written notice within ten (10) days after the expiration of the previously extended date for the Close of Escrow, to either (i) extend the date for the Close of Escrow an additional forty five (45) days, or (ii) terminate this Contract without liability to either party, in which case the Deposit(s) held by the Escrow Holder shall be returned to the Buyer with interest, less documented expenses of Escrow Agent. In the event that Buyer elects to extend the date for the Close of Escrow an additional time and after the expiration of such time period Seller has still not completed the adjustments, this Contract shall terminate without liability to either party and the Deposit(s) held by the Escrow Holder shall be returned to the Buyer with interest, less documented expenses of Escrow Agent.
Lot Line Adjustment. The recordation of the LBA.
Lot Line Adjustment. The City acknowledges that in order for the Project Site to encompass the entire retail shell space (including all required setbacks relating to the retail shell space), the Developer will require a transfer of certain property that is currently owned by the City and a lot line adjustment of the Project Site (the “Retail Lot Line Adjustment”). The City agrees to transfer fee title of such property to the Developer, and to complete the Retail Lot Line Adjustment as soon as reasonably possible following the execution of this Agreement but in no event later than Developer’s commencement of construction of the retail shell space.
