Possible Sale of Eatontown Vacant Parcel Sample Clauses

Possible Sale of Eatontown Vacant Parcel. (a) Tenant and Landlord acknowledge and agree that it is proposed that, after the Effective Date, the Eatontown Vacant Parcel (as defined below), will be re-conveyed to Landlord or a designee of Landlord and shall be leased to Tenant pursuant to this Lease. Such re-conveyance shall not result in a change to the Investment Amount or Base Rent under this Lease. Following such re-conveyance, Tenant acknowledges that Landlord may sell the Eatontown Vacant Parcel (the "Eatontown Sale"). In connection with the Eatontown Sale, [1] Landlord shall require that such Land be subjected to a restrictive covenant or other arrangement reasonably acceptable to Tenant which restricts such Land from being utilized in the future for the purpose of seniors housing (including skilled nursing, long term care, assisted living, independent living or dementia care); [2] prior to such sale, Landlord shall grant a perpetual signage easement in favor of the operator of that certain nursing facility known as the “Jersey Shore Center”, located adjacent to the Eatontown Vacant Parcel, and any of its successors and assigns, which easement shall be in the form attached hereto as Exhibit Y and [3] Landlord shall not accept a purchase price for such Land of less than the fair market value thereof as reasonably determined by Landlord without Tenant’s approval, such approval not to be unreasonably withheld, conditioned or delayed. Tenant and Landlord shall execute such amendments to the Lease as are necessary to give effect to the foregoing, including amending Exhibit A at the time of the re-conveyance to add the Eatontown Vacant Parcel. "Eatontown Vacant Parcel" means the approximately two acres of vacant Land located at 0 Xxxxxxxxxx Xxx Xxxx, Xxxxxxxxx, Xxx Xxxxxx, more particularly described in Exhibit Z.
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Related to Possible Sale of Eatontown Vacant Parcel

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