Private Sale Commercial Parcels Sample Clauses

Private Sale Commercial Parcels. A. Before offering to any other Person any of the Retail Parcels (subject to the next succeeding paragraph), Multi-Family Parcels, Office Parcels and Industrial Parcels (as such terms are defined below), such parcels will be offered for sale to Tejon (and its affiliates) and Xxxxx (and its affiliates) (collectively, the “Commercial Developers”), as commercial builders, without initially offering such Retail Parcels, Multi-Family Parcels, Office Parcels and Industrial Parcels for sale on the open market (collectively, the “Private Sale Commercial Parcels”), in accordance with the terms of this Section 10.4. Each of the Commercial Developers, shall have the right to offer to purchase fifty percent (50%) of the Private Sale Commercial Parcels. Of the parcels approved under the Entitlements for the development of retail improvements (collectively, the “Retail Parcels”), parcels containing forty percent (40%) of the square footage entitled for retail development are to be offered for sale to the Commercial Developers (or their Affiliates) without initially offering such Retail Parcels for sale on the open market (the “Private Sale Retail Parcels”), in accordance with the terms of this Section 10.4, and the remaining Retail Parcels (i.e., Retail Parcels containing sixty percent (60%) of all of the square footage entitled for retail development) (the “Open Market Retail Parcels”) are to be sold on the open market to other buyers (which may include one (1) or more of the Members or their Affiliates).
Sample 1
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Related to Private Sale Commercial Parcels

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