Release of Excess Land Sample Clauses

Release of Excess Land. If at any time after the Closing the parcel of land included in the Premises referred to as Store No. 809, located at 4601 N. A St., Midland, Texas ("809 Premises") is subdivided or replxxxxx xx xxxxxx xxx xxxxxxxx parcels (the "Lot Split"), then the portion of the land not improved for use in and necessary for the conduct of the Permitted Concept at the 809 Premises (the "Excess Land"), shall be released from the lien of Lender, evidenced by the Mortgage on the 809 Premises, provided that the following conditions are satisfied: (i) Borrower shall have requested such release in writing and provided evidence that the Lot Split has been accomplished in accordance with all applicable laws, ordinances and regulations; (ii) The 809 Premises without consideration of the Excess Land (the "Store Parcel") shall have legal ingress and egress to and from adjoining public streets necessary for the successful operation of a Permitted Concept, as determined by Lender in its reasonable discretion; (iii) Lender shall have received a copy of the plat or other instrument creating the Lot Split, and if deemed necessary by Lender, Lender shall have received a revised TLTA or ALTA equivalent survey of the Store Parcel, certified to Lender, setting forth, without limitation, the location of all plottable easements, known encumbrances and points of access; (iv) The Store Parcel shall constitute a separate tax parcel; (v) The Store Parcel and improvements located thereon shall comply in all respects to the applicable zoning ordinance then in effect; (vi) The Store Parcel shall have adequate utility service, with existing utilities entering through public streets or established easements; SCS Finance II, L.P. Mortgage Loan (vii) Lender shall have received any endorsement to the title policy in effect for the 809 Premises as Lender deems necessary to insure that the priority of the lien on the Store Parcel remains unaffected by the Lot Split and the release of the Excess Land, in a form reasonably acceptable to Lender; (viii) Borrower shall have entered into reciprocal easements to insure that ingress and egress is provided as necessary between the Excess Land and the Store Parcel; (ix) The Store Parcel shall be sufficient for the operation of a Permitted Concept and shall operate as a Permitted Concept; (x) The Personal Property shall be located entirely on the Store Parcel; and (xi) Borrower shall have paid to Lender any reasonable costs incurred by Lender in connection with the ...
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Release of Excess Land. In the event that Borrower wishes to develop an additional building on a portion of the Excess Land containing not more than 91,000 rentable square feet (the “Additional Development”) at any time prior to the Maturity Date, then Borrower shall deliver written notice (the “Additional Development Notice”) to Lender which shall include the following: (i) a statement of Borrower’s intent to construct the Additional Development, (ii) a statement of Borrower’s belief that the Release Conditions (defined below) have been satisfied, and (iii) a copy of the Appraisal (defined below). During the thirty (30)‑day period following Lender’s receipt of the Additional Development Notice, Lender and Borrower shall negotiate in good faith to arrange construction and/or permanent financing with respect to the Additional Development. During such thirty (30)‑day period, Borrower shall negotiate exclusively and in good faith with Lender with respect to said financing. If Borrower and Lender are unable to agree upon terms with respect to such construction and/or permanent financing within the aforementioned thirty (30)‑day period, then upon written notice to Lender, Borrower may pursue the arrangement of construction and/or permanent financing with respect to the Additional Development from a third party lender.
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Release of Excess Land. Landlord acknowledges that Tenant has committed to convey the Excess Land to the Township of Whitehall, and Landlord shall, upon Tenant's request, convey the Excess Land to Tenant or Tenant's designee; provided, that the following conditions are satisfied: the Leased Premises shall have been subdivided in compliance with all applicable subdivision laws, Legal Requirements and Easement Agreements so that the Excess Land and the remainder of the Leased Premises (the "Retained Premises") are separate tracts, (ii) after such sale both the Excess Land and the Retained Premises shall comply with all applicable Laws, Legal Requirements and Easement Agreements, and (iii) all Costs of Landlord, Lender and Tenant in connection with the transfer of the Excess Land and in complying with the above conditions, including reasonable attorneys' fees, shall be borne solely by Tenant. If Landlord conveys the Excess Land, then this Lease and any Mortgage granted by Landlord shall terminate with respect to the Excess Land, but shall remain in full force and effect with respect to the Retained Premises, provided, however, that in no event will the release of the Excess Land from this Lease amend, reduce or modify any of the obligations and liabilities of Tenant hereunder, including the obligation to pay Basic Rent in the amount set forth in Exhibit "D" hereto.
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Release of Excess Land. On and after one year after the ---------------------- Commencement Date, at any time and from time to time, Lessee shall, within ten (10) days after receipt of a written request from Lessor, execute and acknowledge an instrument or instruments in recordable form reasonably acceptable to Lessor terminating this Lease with respect to all or any portion of the real property described on Exhibit "C" attached hereto (the "Excess ----------- Land"). Those portions of the Excess land released from time to time pursuant to this Paragraph 47.1 are hereinafter collectively referred to as the "Released Land". Lessor may exercise the right described in the immediately preceding sentence as many times as Lessor desires without exhausting such right. Upon the termination of this Lease with respect to the Released Land at any time, this Lease shall be deemed null, void and of no force and effect with respect to the Released Land and such Released Land shall not be considered part of the Premises. In no event shall the termination of-this Lease with respect to any Released Land cause or permit the reduction of any Rent otherwise due under this Lease.
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Release of Excess Land. 53 39. Miscellaneous............................... 53
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Release of Excess Land. The Administrative Agent is hereby authorized by the Lenders to, and shall, release its Liens on any parcel properly designated by the Borrowers as Excess Land, subject to fulfillment of the following conditions: (a) The Borrowers shall have satisfied each of Excess Land Release Conditions with respect to such parcel; (b) With respect to each such parcel, (i) such parcel shall not be a part of the footprint of any existing hotel, casino or resort property (including related parking structures and/or support facilities) or (ii) the development of condominium developments, retail shopping pads or any similar development on such parcel shall not materially and adversely affect any of the Borrowers’ hotel, casino or resort properties with respect to ingress and egress, delivery or maintenance access, property marquis sign visability, or otherwise materially and negatively impact the level of Adjusted EBITDA generated by the existing development of the adjoining property of the Borrowers. (c) No Default or Event of Default shall then exist or result from the proposed release; and (d) Following ten Business Days notice to the Lenders of the requested release, the Requisite Lenders shall not have delivered written notice to the Administrative Agent that they have determined that the proposed release or development may be expected to (a) materially and adversely impact customer ingress and egress, delivery or maintenance access, property marquis sign visibility, or (b) otherwise materially impact the level of EBITDA generated by the existing development of the adjoining property of the Borrowers.
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Related to Release of Excess Land

  • No Release of Tenant, Sharing of Excess Rents Notwithstanding any assignment or subletting, Tenant and any guarantor or surety of Tenant’s obligations under this Lease shall at all times remain fully and primarily responsible and liable for the payment of Rent and for compliance with all of Tenant’s other obligations under this Lease. If the Rent due and payable by a sublessee or assignee (or a combination of the rental payable under such sublease or assignment plus any bonus or other consideration therefor or incident thereto in any form) exceeds the sum of the rental payable under this Lease, (excluding however, any Rent payable under this Section) and actual and reasonable brokerage fees, legal costs and any design or construction fees directly related to and required pursuant to the terms of any such sublease) (“Excess Rent”), then Tenant shall be bound and obligated to pay Landlord as Additional Rent hereunder 50% of such Excess Rent within 10 days following receipt thereof by Tenant. If Tenant shall sublet the Premises or any part thereof, Tenant hereby immediately and irrevocably assigns to Landlord, as security for Tenant’s obligations under this Lease, all rent from any such subletting, and Landlord as assignee and as attorney-in-fact for Tenant, or a receiver for Tenant appointed on Landlord’s application, may collect such rent and apply it toward Tenant’s obligations under this Lease; except that, until the occurrence of a Default, Tenant shall have the right to collect such rent.

  • RENTAL ADJUSTMENT The lesser of (i) 2%, or (ii) 1.25 times the change in the Price Index, as described in Section 4.02.

  • Refund of Excess Cash If at any time the credit balance of Timber Sale Account exceeds the charges for timber that Forest Service estimates will be cut within the next 60 days, any portion of such excess that is due to cash in the account shall be refunded, if re- quested by Purchaser, unless deposited under B4.211,

  • Lease of Premises Landlord hereby demises and leases to Tenant for the Term of this Lease and upon the terms and conditions hereinafter set forth, and Tenant hereby accepts from Landlord, the Premises.

  • Offer to Purchase by Application of Excess Proceeds In the event that the Issuers shall be required to commence an offer to all Holders to purchase Notes pursuant to Section 4.11 (an “Asset Sale Offer”), they shall follow the procedures specified below. The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuers shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.11 (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. Unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date. If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no Special Interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer. Upon the commencement of an Asset Sale Offer the Issuers shall send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state: (a) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.11 and the length of time the Asset Sale Offer shall remain open; (b) the Offer Amount, the purchase price and the Purchase Date; (c) that any Note not tendered or accepted for payment shall continue to accrue interest; (d) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; (e) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in minimum denominations of $2,000 and in multiple integrals of $1,000 in excess thereof only; (f) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer the Note by book-entry transfer, to the Issuers, the Depositary or the Paying Agent at the address specified in the notice at least three days before the Purchase Date; (g) that Holders shall be entitled to withdraw their election if the Issuers, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuers shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in minimum denominations of $2,000 or integral multiples of $1,000 in excess thereof, shall be purchased); and (i) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). On or before the Purchase Date, the Issuers shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of this Section 3.09. The Issuers, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note, and the Trustee, upon written request from the Issuers, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers shall publicly announce the results of the Asset Sale Offer on the Purchase Date. Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06.

  • Lease of Equipment Lessor leases to Lessee, and Lessee leases from Lessor, all the property described in the Lease Schedules which are signed from time to time by Lessor and Lessee.

  • Expansion Premises In addition to the Original Premises, commencing on the Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Expansion Premises.

  • Change from Prior Year FY2020 County Executive Request

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax under Section 4973 of the Internal Revenue Code for that year by withdrawing the excess contribution and its earnings on or before the due date, including extensions, of the tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may be subject to a 10% early distribution penalty tax if you are under age 59½. In addition, in certain cases an excess contribution may be withdrawn after the time for filing your tax return. Finally, excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years.

  • Release of Property Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

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