Parking Lot Easement definition
Examples of Parking Lot Easement in a sentence
Tenant agrees to use the Parking Premises in accordance with the terms of the Parking Lot Easement, and Tenant shall not commit, or permit to be committed, any act or omission that would violate any term of the Parking Lot Easement.
In the event that Landlord acquires fee title to the Parking Premises pursuant to the Parking Lot Easement or otherwise, this Lease shall continue in full force and effect according to its terms.
Tenant may contest the validity of an assessment against the Parking Premises as long as (i) Tenant deposits with an escrow agent approved by Landlord, irrevocable instructions to pay to the taxing authority upon written instruction from Landlord, sufficient funds to satisfy any amount determined to be owing at the conclusion of the proceeding to contest the assessment, and (ii) Landlord’s interest in the Parking Premises or Parking Lot Easement is not jeopardized.
In the event that the Town sells the Town Parcel, the Parties agree to execute and record an instrument releasing the Parking Lot Easement.
Landlord agrees that it will not enter into amendment or modification of the Parking Lot Easement without the prior written consent of Tenant.
Tenant shall not use or allow the Parking Premises to be used (a) in violation of the Parking Lot Easement, any recorded covenants, conditions and restrictions affecting the Parking Premises, any applicable law or governmental rule or regulation, or of any certificate of occupancy issued for the Parking Premises, or (b) for any improper, immoral, unlawful or reasonably objectionable purpose.
By not later than three (3) business days after the date of recordation of the Parking Lot Easement, Tenant shall pay Landlord the sum of One Hundred Thousand and No/100 Dollars ($100,000.00), as its initial rent payment for the Parking Premises (“Initial Rent”).
In the event that the Town sells the Town Parcel to a non-governmental entity, the Parties agree to execute and record an instrument releasing the Town Parking Lot Easement and the Petruzziello Parking Lot Easement.
The Petruzziello Parking Lot Easement is subject to all existing rights of others in the Petruzziello Parcel, and the Town Parking Lot Easement is subject to all existing rights of others in the Town Parcel, provided that in each case such existing rights do not materially and adversely interfere with the Party’s use of its respective easement.
The parties hereto acknowledge and agree that this Parking Lot Lease and all rights and interests hereunder are subject to the terms, provisions and interests under the Parking Lot Easement.