PARCEL RECONFIGURATION Sample Clauses
PARCEL RECONFIGURATION. It is currently acknowledged that, as of the Effective Date, the Property does not constitute a legal lot or parcel of land (“Legal Lot”) that may be conveyed as a separate lot or parcel in accordance with the California Subdivision Map Act as codified in California Government Code Section 66499.30, et seq. (the “Map Act”). SELLER shall, at its sole cost and expense, use diligent efforts to obtain all necessary governmental approvals legally required as specified in the applicable provisions of the Map Act and the City’s Municipal Code or other applicable laws or regulations for and to complete a lot line adjustment, parcel map or subdivision map (the “Subdivision”), to bring the Property into compliance with the Map Act such that the same constitutes two (2) Legal Lots (one of which will be comprised of the Property and the other of which will be the Remaining Property). After the completion of the Subdivision, the Remaining Property shall also be comprised of two (2) Legal Lots. (Thereafter, any further Subdivision of the Remaining Property shall be undertaken by the County at the County’s sole cost and expense.) Upon completion of the Subdivision, the final legal description of the Property shall be established and used as the legal description for the Property in the Grant Deed, Restrictive Covenant, and in any other transfer and conveyance documents relating thereto. As soon as reasonably possible during the Due Diligence Period, but no later than sixty (60) days after the Effective Date, SELLER will provide to BUYER the proposed exact boundaries of the Property to be used as part of the Subdivision for BUYER’s approval (the “Proposed Reconfiguration Notice”). BUYER shall have fourteen (14) days from receipt of the Proposed Reconfiguration Notice to notify SELLER in writing of SELLER’s approval or disapproval thereof. If BUYER fails to timely approve or disapprove of the Proposed Reconfiguration Notice as originally submitted to BUYER, or as revised, within said 14-day period and such failure continues for an additional three (3) business days after BUYER’s receipt of a second Proposed Reconfiguration Notice citing to this Paragraph 14, then BUYER shall be deemed to have approved of the applicable Proposed Reconfiguration Notice. If approved, then BUYER shall diligently seek to obtain the Subdivision, provided that nothing herein shall be deemed to require BUYER to approve of the Subdivision, except to the extent that such is legally required as speci...
PARCEL RECONFIGURATION. The Agency shall prepare an Agency parcel map to merge or reconfigure the two parcels prior to the Agency and the Museum executing the Project Lease.
PARCEL RECONFIGURATION. Landlord and Tenant acknowledge that the Project contains six (6) separate buildings (collectively, the "PROJECT BUILDINGS," and individually, a "PROJECT BUILDING") located on the Land and that the Premises are located in Building "B" and Building "F" as described in Section 1.2 above. The Land consists of the parcels described in Exhibit "A" to the Original Lease ("ORIGINAL PARCELS"). Landlord shall have the right to divide the Land into parcels other than as included in the Original Parcels, by subdivision, lot line adjustment or other means, and to configure such parcels (collectively, the "RECONFIGURED PARCELS," and individually, a "RECONFIGURED PARCEL") and the Project Buildings so that one or more Project Buildings are situated on a separate parcel or parcels.