Common use of Purchase and Sale of Development Rights Clause in Contracts

Purchase and Sale of Development Rights. (a) On the terms and subject to the conditions herein set forth, Seller will sell and Purchaser will purchase, free from all liabilities, mortgages, security interests, liens, or other encumbrances, the Subject Floor Area Development Rights. (b) Purchaser hereby acknowledges and agrees that Seller shall retain all rights in and to the Utilized Floor Area Development Rights and the Retained Development Rights unto itself and all other rights (in each case exclusive of the Subject Floor Area Development Rights) unto itself pertaining to the Seller's Premises as the same exists on the date hereof, and reserves the right to use such Utilized Floor Area Development Rights and Retained Development Rights for any and all lawful purposes which may include, without limitation, the development, redevelopment, construction in addition to reconstruction, and renovation of the Seller’s Improvements and the transfer by Seller of such Utilized Floor Area Development Rights and Retained Development Rights with any other Development Rights that Seller may now or in the future obtain. In the event that any of Seller's Improvements are demolished prior to the Closing, the amount of Utilized Development Rights shall decrease by the amount of Development Rights previously utilized by such demolished improvements and, accordingly, the amount of Excess Floor Area Development Rights shall increase in the same amount. Notwithstanding anything in this Section 2(b), Seller shall not take any action that will diminish, limit, delay, or interfere with the Seller's ability to transfer the Subject Floor Area Development Rights to Purchaser as contemplated hereunder.

Purchase and Sale of Development Rights. (a) On the terms and subject to the conditions herein set forth, Seller will sell and Purchaser will purchase, free from all liabilities, mortgages, security interests, liens, or other encumbrances, the Subject Floor Area Development Rights. (b) Purchaser hereby acknowledges and agrees that Seller shall retain all rights in and to the Utilized Floor Area Development Rights and the Retained Development Rights unto itself and all other rights (in each case exclusive of the Subject Floor Area Development Rights) unto itself pertaining to the Seller's Premises as the same exists on the date hereof, and reserves the right to use such Utilized Floor Area Development Rights and Retained Development Rights for any and all lawful purposes which may include, without limitation, the development, redevelopment, construction in addition to reconstruction, and renovation of the Seller’s Improvements and the transfer by Seller of such Utilized Floor Area Development Rights and Retained Development Rights with any other Development Rights that Seller may now or in the future obtain, subject to the Deed Restriction (hereinafter defined). In the event that any of Seller's Improvements are demolished prior to the Closing, the amount of Utilized Development Rights shall decrease by the amount of Development Rights previously utilized by such demolished improvements and, accordingly, the amount of Excess Floor Area Development Rights shall increase in the same amountimprovements. Notwithstanding anything in this Section 2(b), Seller shall not take any action that will diminish, limit, delay, or interfere with the Seller's ability to transfer the Subject Floor Area Development Rights to Purchaser as contemplated hereunder.

Purchase and Sale of Development Rights. (a) On the terms and subject to the conditions herein set forth, Seller will sell and Purchaser will purchase, free from all liabilities, mortgages, security interests, liens, or other encumbrances, the Subject Floor Area Development Rights. (b) Purchaser hereby acknowledges and agrees that Seller shall retain all rights in and to the Utilized Floor Area Development Rights and the Retained Development Rights unto itself and all other rights (in each case exclusive of the Subject Floor Area Development Rights) unto itself pertaining to the Seller's Premises as the same exists on the date hereof, and reserves the right to use such Utilized Floor Area Development Rights and Retained Development Rights for any and all lawful purposes which may include, without limitation, the development, redevelopment, construction in addition to reconstruction, and renovation of the Seller’s Improvements and the transfer by Seller of such Utilized Floor Area Development Rights and Retained Development Rights with any other Development Rights that Seller may now or in the future obtain. In the event that any of Seller's Improvements are demolished prior to the Closing, the amount of Utilized Development Rights shall decrease by the amount of Development Rights previously utilized by such demolished improvements and, accordingly, the amount of Excess Floor Area Development Rights shall increase in the same amountimprovements. Notwithstanding anything in this Section 2(b), Seller shall not take any action that will diminish, limit, delay, or interfere with the Seller's ability to transfer the Subject Floor Area Development Rights to Purchaser as contemplated hereunder.

Purchase and Sale of Development Rights. (a) On the terms and subject to the conditions herein set forth, Seller will sell and Purchaser will purchase, free from all liabilities, mortgages, security interests, liens, or other encumbrances, the Subject Floor Area Development Rights. (b) Purchaser hereby acknowledges and agrees that Seller shall retain all rights in and to the Utilized Floor Area Development Rights and the Retained Development Rights unto itself and all other rights (in each case exclusive of the Subject Floor Area Development Rights) unto itself pertaining to the Seller's ’s Premises as the same exists on the date hereof, and reserves the right to use such Utilized Floor Area Development Rights and Retained Development Rights for any and all lawful purposes which may include, without limitation, the development, redevelopment, construction in addition to reconstruction, and renovation of the Seller’s Improvements and the transfer by Seller of such Utilized Floor Area Development Rights and Retained Development Rights with any other Development Rights that Seller may now or in the future obtain. In the event that any of Seller's ’s Improvements are demolished prior to the Closing, the amount of Utilized Development Rights shall decrease by the amount of Development Rights previously utilized by such demolished improvements and, accordingly, the amount of Excess Floor Area Development Rights shall increase in the same amountimprovements. Notwithstanding anything in this Section 2(b), Seller shall not take any action that will diminish, limit, delay, or interfere with the Seller's ’s ability to transfer the Subject Floor Area Development Rights to Purchaser as contemplated hereunder.