Retained Parcel definition
Examples of Retained Parcel in a sentence
Buyer and Lessor have agreed that Seller will complete a lot line adjustment whereby the Retained Parcel will be separated out from Buyer’s Parcel and reconveyed to Lessor.
If the Tax Parcel Separation has not been completed as of the Closing, then for purposes of determining the proration of real estate taxes applicable to the Property, the real estate taxes attributable to the Retained Parcel shall be deducted from the combined real estate taxes payable for the Property and Retained Parcel (each of such figures being actual, or estimated, as aforesaid).
Seller shall be advised by Purchaser of all meetings concerning the remediation of the Retained Parcel and shall be permitted to attend such meetings and to discuss all findings and proposed remediation with the agencies responsible for the approval of the remediation plan and the issuance of a No Further Action Letter ("NFA").
Purchaser shall be granted an option to purchase the Retained Parcel on the Initial Closing Date until ninety (90) days after Purchaser obtains the NFA as provided in Article 5.3, for the total Purchase Price of Ten Dollars ($10.00) and a memorandum of option shall be recorded against the Retained Parcel evidencing Purchaser's option to purchase, a copy of which is attached hereto as Exhibit J.
Seller has removed all underground storage tanks on the Retained Parcel and has received written approvals and clearances from all regulatory entities and agencies having jurisdiction thereof, with the exception of an underground oil separation tank and underground water tank that Seller has not and does not intend to remove.
Claims subject to Seller's indemnity herein shall not include Claims made by Purchaser or Purchaser's subsidiaries, affiliates, directors, officers, employees, lenders, agents, consultants and authorized representatives that conflict or are inconsistent with Purchaser's obligation to purchase the Property and Retained Parcel "AS IS" pursuant to Section 6.1.
The term “Minnesota Property” as it is referred to herein shall automatically be amended to mean the Shady Oak Property, and the Lease shall (i) permit Tenant’s sublease of the Seller Retained Parcel during the term of the Lease, and (ii) Tenant shall have a right of first offer to repurchase the entire Minnesota Property, subject to and upon the terms and conditions to be specified in the Lease.
After the Initial Closing, the provisions regarding loss or damage, as well as condemnation in Section 16.2 shall survive the Initial Closing until the later of the Closing of the purchase of the Retained Parcel or termination of the Ground Lease for the Retained Parcel.
Landlord shall provide Tenant with written notice of its intent to purchase the Tenant Retained Parcel, and the parties shall work together in good faith to consummate the closing as soon as reasonably practicable (the “TRP Closing”), provided that if Landlord exercises any right to terminate a TRP Sublease, Landlord has the right to delay Closing until a mutually agreeable date after the TRP Sublease has terminated.
For the sake of clarity, City shall not assume the forgoing obligations applicable to the Retained Parcel identified as Assessor’s parcel Number ▇▇▇-▇▇▇-▇▇▇.