Transferable Development Rights Sample Clauses
The Transferable Development Rights clause establishes the terms under which development rights associated with a property can be transferred to another property or party. Typically, this clause outlines the process for identifying eligible rights, the conditions for transfer, and any necessary approvals from relevant authorities. For example, a landowner may transfer unused building density from one parcel to another to facilitate higher development in a designated area. The core function of this clause is to provide flexibility in land use planning and to enable property owners to maximize the value of their assets while complying with zoning regulations.
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Transferable Development Rights. By executing this Easement, Grantor hereby transfers and conveys to Grantee all of the residential development rights in the Property that are not specifically reserved to Grantor in Paragraph 1 above and in Exhibit C. Grantee agrees to hold all such development rights in perpetuity without exercising them, and without transferring them off of the Property if a transferable development right program is adopted or sanctioned at any time in Gallatin County. ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇ hereby agree to execute and record any additional instruments as may be necessary or appropriate to effectuate the transfer of said development right from Grantor to Grantee.
Transferable Development Rights. A new Article XIX is added to the Agreement as follows:
Transferable Development Rights. Pursuant to that certain Certificate of Transfer of Development Rights (Transfer Number Seven) dated as of May 6, 2002, by and among Theodore Cardinal McCarrick, Roman Catholic Archbishop ▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇rst & M Street Investing Company, LLC, and the District of Columbia Government, recorded as Instrument Number 2002116594 among the District of Columbia land records (the "TDR Agreement"), Seller, as successor to First & M Street Investing Company, LLC, is the owner of 11,538 square feet of transferable development rights ("TDR"), as defined therein and under applicable District of Columbia law. Seller shall transfer and convey to Buyer, at Closing, all right, title and interest in and to the TDR as set forth in the TDR Agreement, which transfer shall be effected pursuant to the Deed (as defined below).
Transferable Development Rights. Receipt by Project Administrative Agent on or before March 14, 2000 of certified copies of the fully executed Transferable Rights Development Agreements, each with terms and conditions acceptable to the Project Administrative Agent (including without limitation, approval of the City of the purchase price set forth therein), pursuant to which the Borrower will acquire the transferable development rights necessary for the Borrower to construct the Project; and
Transferable Development Rights. All right, title and interest of Mortgagor in and to (i) that certain original Certificate of Eligibility for Zoning Bonus, dated June 26, 2002 issued by the City of New York Department of Housing Preservation and Development under Docket Number LIH #66, in favor of 731 Residential LLC, evidencing a zoning bonus of 78,024 square feet (site of affordable units: 351-353 East 61st Street, New York, New York), (ii) that certain ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇us, dated June 26, 2002 issued by the City of New York Department of Housing Preservation and Development under Docket Number LIH #66, in favor of 731 Residential LLC, evidencing a zoning bonus of 3,064 square feet, which is in addition to and not in lieu of any portion of the 78,024 square foot zoning bonus referred to in subsection (i) of this Section 1.1(p) (site of affordable units: 351-353 East 61st Street, New York, New York), (iii) that certai▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇us, dated June 26, 2002 issued by the City of New York Department of Housing Preservation and Development under Docket Number LIH #66, in favor of 731 Residential LLC, evidencing a zoning bonus of 16,284 square feet, which is in addition to and not in lieu of any portion of the 78,024 square foot zoning bonus referred to in subsection (i) of this Section 1.1(p) and/or the 3,064 square foot zoning bonus referred to in subsection (ii) of this Section 1.1(p) (site of affordable units: 351-353 East 61st Street, New York, New York), (iv) that certain ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇us, dated June 26, 2002 issued by the City of New York Department of Housing Preservation and Development under Docket Number LIH #77, in favor of 731 Residential LLC, evidencing a zoning bonus of 42,507 square feet (site of affordable units: 346-348 East 21st Street, New York, New York) and (v) any furthe▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇us that may be issued at any time during the term of the Loan by the City of New York Department of Housing Preservation and Development in favor of 731 Commercial LLC or 731 Residential LLC, provided that Mortgagor shall have the right to sell a portion of the aforementioned Certificates of Eligibility for Zoning Bonus to the extent (and after) it acquires any "Certificates of Eligibility for Zoning Bonus" in excess of the total "Bonus Area" required for the Improvements;