Subdivision Approval. (A) This Purchase Agreement shall be subject to and contingent upon Seller obtaining a subdivision of the Overall Property into separate and distinct parcels to create the Premises as generally shown as Lot 4 on EXHIBIT “A” (“Subdivision Approval”) within [****] following the Investigation Period Notice Date (“Subdivision Approval Period”). Subdivision Approval includes, without limitation, the following: (i) review and approval by the Planning Board of the Town of Smithtown and expiration of any appeals period, (ii) review and approval by the Suffolk County Department of Health Services under Article 6 of the Suffolk County Sanitary Code and expiration of any appeals period, and (iii) delivery of a stamped copy of the subdivision map filed in the Office of the Clerk of the County of Suffolk. Seller has made application to the Town of Smithtown (“Town”) and will make application to the County of Suffolk Department of Health Services for the Subdivision Approval promptly following the Investigation Period Notice Date and shall use commercially reasonable efforts to pursue the Subdivision Approval. Purchaser shall fully cooperate with Seller’s pursuit of the Subdivision Approval and, at Seller’s request, attend any and all meetings and public hearings with respect to the Subdivision Approval. Upon the filing of the subdivision map in the Office of the Clerk of the County of Suffolk, Escrow Agent shall immediately release the Deposit to Seller.
(B) In the event Seller fails to obtain the Subdivision Approval prior to the expiration of the Subdivision Approval Period, Seller and Purchaser shall each have the right to terminate this Purchase Agreement by delivering written notice to the other party on or before 5:00pm New York time on the last day of the Subdivision Approval Period. Notwithstanding the foregoing and provided Seller’s application for the Subdivision Approval has not been denied, Seller shall have the right to extend the Subdivision Approval Period for one period of [****] (“Subdivision Extension Option”) upon delivery of written notice to Purchaser prior to the expiration of the Subdivision Approval Period. In the event Seller exercises the Subdivision Extension Option but fails to obtain the Subdivision Approval on or before the expiration of the Subdivision Approval Period, as extended, Seller and Purchaser shall each have the right to terminate this Purchase Agreement upon written notice to the other delivered no later than 5:00pm New York ti...
Subdivision Approval. Each Lot proposed to be released shall be shown on a subdivision plat approved by all applicable Governmental Authorities, approved by Lender and recorded among the Land Records.
Subdivision Approval. Each subdivision in which any Unit is to be acquired or constructed for which a Unit Request is made must be approved by Lender.
Subdivision Approval. 6.3.1 If the Premises constitute only a portion of a current tax parcel or legal lot under current zoning laws the Seller shall deliver all necessary documentation to establish the division has or had been approved, if required, in accordance with local and state law. Furthermore, if the Premises constitute only a portion of a current tax parcel, the Seller shall deliver a certificate of apportionment (with memorandum of apportionment prior to closing) from the municipal assessor’s office, establishing the percentage of such tax parcel’s assessed value to be attributed to the Premises. In lieu of a certificate of apportionment, the parties may agree to establish the percentage by other reasonable method.
Subdivision Approval. This offer is contingent upon Buyer Seller obtaining all requisite approvals from any governing body having jurisdiction for subdivision approval of the property. Buyer and Seller agree to make joint application for subdivision approval by and diligently pursue the application. The final approval, upon conditions acceptable to Buyer and Seller, shall be obtained on or before .
Subdivision Approval. The Seller shall have obtained final subdivision approval from the Falmouth Planning Board reasonably satisfactory to Seller, beyond all appeal periods, to establish a 6-lot residential subdivision on the Seller’s Retained Land (“Subdivision Approval”). In the event that the Seller, despite reasonable best efforts, fails for any reason to obtain Subdivision Approval within one (1) year of the Effective Date of this Agreement, unless the parties agree otherwise, either party may terminate this Agreement by written notice thereof to the other party and upon such termination the Deposit shall be promptly returned to Buyer and the parties shall be relieved of all further obligations under this Agreement except for such obligations as by their terms survive termination of this Agreement.
Subdivision Approval. Seller shall have (i) obtained the -------------------- subdivision consents and approvals and made all related filings contemplated by the first sentence of Section 5.9(b), or (ii) obtained the written waivers or exemptions and other assurances contemplated by the second sentence of Section 5.9(b), or (iii) if Seller shall have been unable to comply with the foregoing clause (i) or (ii), Seller shall have entered into and delivered to Buyer the Triple Net Lease and Seller Mortgage and any modification to this Agreement, required by Section 5.9(b), such Triple Net Lease, Seller Mortgage and modification to this Agreement to be in form and substance reasonably satisfactory to Buyer.
Subdivision Approval. In the event Seller shall have been unable ------------------- to comply with the provisions of the first or second sentences of Section 5.9(b), Buyer shall have entered into and delivered the Triple Net Lease and any modification to this Agreement required by Section 5.9(b), and Buyer shall have accepted the Seller Mortgage, such Triple Net Lease, Seller Mortgage and modification to this Agreement to be in form and substance reasonably satisfactory to Seller.
Subdivision Approval. 14.1 Any subdivision approval needed to consummate the transaction contemplated herein shall be obtained by Buyer at Buyer’s sole cost, and expense. Seller shall cooperate with Buyer in obtaining said approval, to the extent necessary or required. Because such approvals may be preempted by federal law, the parties do not anticipate filing for such approvals.
Subdivision Approval. This Agreement does not remove the Developer from their obligation to adhere to the City's established Subdivision approval process. The developer shall comply with all time frames specified in the City Code. Approval will be based on substantial compliance with Exhibit B.
