Common use of Subdivision of Parcels Clause in Contracts

Subdivision of Parcels. In the event that the Contributor reasonably determines that a Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest contains more land than is necessary for the operation, use, maintenance and replacement of the Transmission Substation Facility and/or Transmission Facility located thereon, together with ingress and egress thereto, the Contributor may upon written notice to ATCLLC no later than 30 days before filing for subdivision approval, and at the cost and expense of the Contributor, subdivide the Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest into two or more parcels so that the parcel to be conveyed, which shall, for the purposes of Sections 3.2(a)(i) and 3.3(a)(i), be deemed to be the Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest being contributed, as the case may be, contains only the land actually necessary for the operation, use, maintenance, Expansion and replacement of the Transmission Substation Facility and/or Transmission Facility located thereon, together with ingress and egress thereto. In the event that: the Contributor has determined that a parcel should be subdivided, and in spite of the efforts of the parties hereto, the parcel has not, as of the Closing Date, been subdivided because the Contributor was unable to obtain all necessary governmental approvals prior to the Closing Date, then on the Closing Date at the Contributor's sole election, a document escrow shall be established with the title company coordinating document recordation pursuant to the terms of an escrow agreement substantially in the form of the "Escrow Agreement-Subdivided Parcel" attached as Exhibit 3.11(b). Pursuant to such escrow agreement, the Contributor shall place in escrow two signed and acknowledged deeds. One deed shall be to the entire undivided parcel and the second deed shall identify the subdivided parcel with the projected legal description following governmental approval and recordation of the subdivided parcel but with blanks for the recording information to be obtained following recordation of the certified survey map. The two deeds shall be held by the title company under the escrow agreement, which shall direct that the title company (x) complete and record the deed to the subdivided parcel following governmental approval of the certified survey map and the assignment of a map number and other information necessary for recordation or (y) if such map has not been recorded within six months of the Closing, to record the deed to the larger undivided parcel, whereupon an equitable adjustment shall be made between the Contributor and ATCLLC.

Subdivision of Parcels. In the event that the Contributor reasonably ---------------------- determines that a Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest contains more land than is necessary for the operation, use, maintenance and replacement of the Transmission Substation Facility and/or Transmission Facility located thereon, together with ingress and egress thereto, the Contributor may upon written notice to ATCLLC no later than 30 days before filing for subdivision approval, and at the cost and expense of the Contributor, subdivide the Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest into two or more parcels so that the parcel to be conveyed, which shall, for the purposes of Sections 3.2(a)(i) and 3.3(a)(i), be deemed to be the Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest being contributed, as the case may be, contains only the land actually necessary for the operation, use, maintenance, Expansion and replacement of the Transmission Substation Facility and/or Transmission Facility located thereon, together with ingress and egress thereto. In the event that: the Contributor has determined that a parcel should be subdivided, and in spite of the efforts of the parties hereto, the parcel has not, as of the Closing Date, been subdivided because the Contributor was unable to obtain all necessary governmental approvals prior to the Closing Date, then on the Closing Date at the Contributor's sole election, a document escrow shall be established with the title company coordinating document recordation pursuant to the terms of an escrow agreement substantially in the form of the "Escrow Agreement-Subdivided Parcel" attached as Exhibit 3.11(b). Pursuant to such --------------- escrow agreement, the Contributor shall place in escrow two signed and acknowledged deeds. One deed shall be to the entire undivided parcel and the second deed shall identify the subdivided parcel with the projected legal description following governmental approval and recordation of the subdivided parcel but with blanks for the recording information to be obtained following recordation of the certified survey map. The two deeds shall be held by the title company under the escrow agreement, which shall direct that the title company (x) complete and record the deed to the subdivided parcel following governmental approval of the certified survey map and the assignment of a map number and other information necessary for recordation or (y) if such map has not been recorded within six months of the Closing, to record the deed to the larger undivided parcel, whereupon an equitable adjustment shall be made between the Contributor and ATCLLC.

Subdivision of Parcels. In the event that the Contributor ------------------------- reasonably determines that a Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest contains more land than is necessary for the operation, use, maintenance and replacement of the Transmission Substation Facility and/or Transmission Facility located thereon, together with ingress and egress thereto, the Contributor may upon written notice to ATCLLC no later than 30 days before filing for subdivision approval, and at the cost and expense of the Contributor, subdivide the Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest into two or more parcels so that the parcel to be conveyed, which shall, for the purposes of Sections 3.2(a)(i) and 3.3(a)(i), be deemed to be the Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest being contributed, as the case may be, contains only the land actually necessary for the operation, use, maintenance, Expansion and replacement of the Transmission Substation Facility and/or Transmission Facility located thereon, together with ingress and egress thereto. In the event that: the Contributor has determined that a parcel should be subdivided, and in spite of the efforts of the parties hereto, the parcel has not, as of the Closing Date, been subdivided because the Contributor was unable to obtain all necessary governmental approvals prior to the Closing Date, then on the Closing Date at the Contributor's sole election, a document escrow shall be established with the title company coordinating document recordation pursuant to the terms of an escrow agreement substantially in the form of the "Escrow Agreement-Subdivided Parcel" attached as Exhibit 3.11(b). ---------------- Pursuant to such escrow agreement, the Contributor shall place in escrow two signed and acknowledged deeds. One deed shall be to the entire undivided parcel and the second deed shall identify the subdivided parcel with the projected legal description following governmental approval and recordation of the subdivided parcel but with blanks for the recording information to be obtained following recordation of the certified survey map. The two deeds shall be held by the title company under the escrow agreement, which shall direct that the title company (x) complete and record the deed to the subdivided parcel following governmental approval of the certified survey map and the assignment of a map number and other information necessary for recordation or (y) if such map has not been recorded within six months of the Closing, to record the deed to the larger undivided parcel, whereupon an equitable adjustment shall be made between the Contributor and ATCLLC.

Subdivision of Parcels. In the event that the Contributor reasonably determines that a Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest contains more land than is necessary for the operation, use, maintenance and replacement of the Transmission Substation Facility and/or Transmission Facility located thereon, together with ingress and egress thereto, the Contributor may upon written notice to ATCLLC TRANSLink no later than 30 thirty (30) days before filing for subdivision approval, and at the cost and expense of the Contributor, subdivide the Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest into two or more parcels so that the parcel to be conveyed, which shall, for the purposes of Sections 3.2(a)(i) and 3.3(a)(i), be deemed to be the Transmission Only Transmission Substation Fee Interest or Transmission Only Transmission Line Fee Interest being contributed, as the case may be, conveyed contains only the land actually necessary for the operation, use, maintenance, Expansion and replacement of the Transmission Substation Facility and/or Transmission Facility located thereon, together with ingress and egress thereto. In the event that: that the Contributor has determined determines that a parcel should be subdivided, and in spite of the efforts of the parties hereto, the parcel has not, as of the Closing Operations Date, been subdivided because the Contributor was unable to obtain all necessary governmental approvals prior to the Closing Operations Date, then then, on the Closing Date Operations Date, at the Contributor's ’s sole election, a document escrow shall be established with the title company coordinating document recordation pursuant to the terms of an escrow agreement agreement, substantially in a form reasonably acceptable to the form of the "Escrow Agreement-Subdivided Parcel" attached as Exhibit 3.11(b)Contributor and TRANSLink. Pursuant to such escrow agreement, the Contributor shall place in escrow two signed and acknowledged deeds. One deed shall be to the entire undivided parcel and the second deed shall identify the subdivided parcel with the projected legal description following governmental approval and recordation of the subdivided parcel but with blanks for the recording information to be obtained following recordation of the certified survey map. The two deeds shall be held by the title company under the escrow agreement, which shall direct that the title company (x) complete and record the deed to the subdivided parcel following governmental approval of the certified survey map and the assignment of a map number and other information necessary for recordation or (y) if such map has not been recorded within six months of following the ClosingOperations Date, to record the deed to the larger undivided parcel, whereupon an equitable adjustment shall be made between the Contributor and ATCLLCTRANSLink.