Substitute Parcels Sample Clauses

Substitute Parcels. A Substitute Parcel will not be arbitrarily or capriciously refused and will be acceptable if it at a minimum consists of unencumbered real property (i) suitable for immediate irrigation using quantities of water not less than those previously used or planned for use on the Release Parcel and otherwise suitable for the uses contemplated under this Lease, (ii) is located not more than __________ distance from the remaining property, (iii) has a fair market value not less than the value of the Release Parcel, (iv) has access to it for ingress and egress, water and irrigation pipes, utility lines, and so forth, (v) is not subject to environmental contamination or other adverse conditions, and (vi) title to such Substitute Parcel is subject to a commitment to cause it to be insured as of the effective date of the substitution at Landlord’s expense without exception (other than taxes for the then current year) by an ALTA standard form owner’s and Tenant’s policies of title insurance in an amount not less than such value.
Sample 1
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Related to Substitute Parcels

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