Common use of Separate Tax Parcel Clause in Contracts

Separate Tax Parcel. A tax division has been effected with respect to the Land so that each separately described tract of the same, as shown on Exhibit A, is taxed for ad valorem taxation without regard to any other property. A subdivision has been effected with respect to the Land (or is not required) so that for all purposes the Borrower’s interest in the Land may be mortgaged, conveyed and otherwise dealt with as a separate lots or parcels.