Retained Lands definition
Examples of Retained Lands in a sentence
The Owner shall deliver to the Municipality a draft reference plan, showing the Severed Lands and the Retained Lands, to be prepared by an Ontario Land Surveyor for the purposes of facilitating the completion of the works contemplated by this Servicing Agreement, and that this plan be approved by the Municipality prior to being deposited with the Land Registry Office.
The Purchaser is intending to purchase the Severed Lands under file B38-22 and the Owner is intending on maintaining ownership of the Retained Lands.
Development of the Town Parcels shall not compete with Applicant’s residential development on the East Parcel and the Applicant Retained Lands.
Upon receipt of the Purchase Notice, the Purchaser will have the exclusive first right and option, exercisable up to but not after the expiration of the Exclusivity Period, to purchase the Subject Retained Lands, by delivering to the Vendor written notice (the “Purchase Acceptance”) that the Purchaser wishes to purchase the Subject Retained Lands for the Price and upon the terms and conditions set forth in such Third Party Offer, or as otherwise modified in writing by the Purchaser and Vendor.
The terms and conditions which may be required by any Authorized Authority in relation to the subdivision of the Retained Lands shall be acceptable to Purchaser, acting reasonably, and shall not materially interfere with Purchaser’s use and operation of the Purchased Assets.
The Owner shall connect the Severed Lands and Retained Lands to the Municipal water supply and to the Municipal sewer facilities with all costs, including applicable fees and charges borne by the Owner, all to the satisfaction of the Municipality.
The Purchaser agrees to purchase the Subject Retained Lands on a “then as is” condition and acknowledges that the Vendor makes no representations or warranties of any kind whatsoever.
On Closing, Smart, as the owner of the Retained Lands, and the Limited Partnership, as the owner of the Lands, shall enter into a reciprocal easement and operating agreement (“REOA”) which shall on Closing be registered on title to the Lands and the Retained Lands.
The Access Easement shall include a covenant whereby the parties to the Access Easement agree to modify or replace the Access Easement with a new registered easement, as required, in order to permit the relocation of the road, a public road dedication, or the development of the Real Properties or the Retained Lands; provided, however, that the parties to the Access Easement shall retain substantially the same access rights as those set out in the Access Easement.
In the event that the terms and conditions imposed by any Authorized Authority in respect of subdivision of the Retained Lands are unacceptable to Purchaser and Vendor disagrees with Purchaser’s determination, Vendor may refer such matter to dispute resolution in accordance with Article 14.