Subsurface Rights definition
Examples of Subsurface Rights in a sentence
To the extent any street or alley is abandoned so that fee title to all or a portion of such street or alley reverts to the "owner" under applicable law, each Owner agrees that such land shall be split between the Owners into Surface Rights and Subsurface Rights as provided in this Agreement for the Main Parcel, subject to the Purchase Option and the Option to Lease Subsurface Rights granted pursuant to this Agreement.
Such Option to Lease Subsurface Rights may be exercised on multiple occasions, each with respect to various portions of such Subsurface Rights, as SCI may elect from time to time; provided, however, after any exercise of the Option to Lease Subsurface Rights by SCI, any subsequent exercise of the Option to Lease Subsurface Rights by SCI may be exercised not less than 2 years from the previous exercise of the Option to Lease Subsurface Rights..
Upon any exercise of the Option to Lease Subsurface Rights, SCI shall designate which Subsurface Rights SCI shall lease in connection with such exercise by means of a legal or otherwise satisfactory description (which may or may not include a metes and bounds description) specifying the location of such Subsurface Rights and depth restrictions, if any, included in such Subsurface Rights.
This conveyance and the CONVEYED SURFACE PROPERTY shall not include: any rights, title, estates, benefits or interests that are EXCEPTED AND RESERVED or referenced in Sections 2.3 through and including 2.10 of this Deed (all of the foregoing rights, title, estates, benefits or interests, including but not limited to the Easement Area, the Reserved Surface and Subsurface Rights and the COAL and MINERALS and OIL and GAS are collectively referred to as “EXCLUDED RIGHTS and INTERESTS”).
During the Production Term, Owner may grant to Subsurface Rights Holders the right to use the surface of the Owner’s Property (excluding any Lessee Property), provided that such use does not interfere with ▇▇▇▇▇▇’s rights hereunder as determined by ▇▇▇▇▇▇ in the exercise of its reasonable discretion.
With respect to any subdivision requirements, SCI and Motorola agree to cooperate (including, without limitation, each Owner's providing the relevant documents, financial information and personal information necessary to satisfy any subdivision requirements) with the appropriate governmental authorities in satisfying any subdivision requirements with respect to any exercise of the Purchase Option of all or any part of the Subsurface Rights of the Main Parcel.
In addition to options (i) and (ii) in the second preceding sentence, the parties hereto agree that at TPG Holding's option and to the extent it is reasonably feasible (taking into consideration Motorola's desire to avoid negative publicity), the Company's leasehold interest in the Existing Ground Lease shall be assigned from the Company to SCI LLC and SCI LLC shall exercise an option to purchase the Premises (as defined in the Existing Ground Lease) or to purchase the Subsurface Rights.
The Company has good and marketable title to the Company Assets owned by it, free and clear of all Liens except Permitted Liens and certain subsurface rights (the "Subsurface Rights") to the Company's real property.
Such Purchase Option may be exercised on multiple occasions, each with respect to various portions of the Subsurface Rights, the Pilot Treatment Plant Parcel and the Integrated Treatment Facility Parcel, as SCI may elect from time to time; provided, however, after any exercise of the Purchase Option by SCI, any subsequent exercise of the Purchase Option by SCI may be exercised not less than 2 years from the previous exercise of the Purchase Option.
Motorola is the Owner of the Radio Tower, the Remediation Equipment, the Credit Union Parcel, the Pilot Treatment Plant Parcel, the Integrated Treatment Facility Parcel, the Motorola Buildings and the Subsurface Rights to the Main Parcel; and SCI is the Owner of the SCI Buildings and the Surface Rights to the Main Parcel.