Examples of Unimproved Parcel in a sentence
As used herein, "Unimproved Parcel" shall mean, with respect to a Leased Property, one or more land areas comprising such Leased Property on which no improvements generating Receipts are situate, and not materially required for the generation of Receipts.
As such, except as specifically provided herein, Developer is solely responsible for any and all capital, operating, maintenance, and replacement costs and any other costs and expenses that result from Developer’s development and use of the Unimproved Parcel, including, but not limited to, the construction of the Sublease Project.
Upon the closing of the District’s acquisition of the Unimproved Parcel from the County, (i) this Sublease shall terminate and (ii) District and Developer shall concurrently enter into a lease (the “GPLET Lease”).
Unimproved Parcel is the result of subdividing unimproved land into one or more lots that each meet the city subdivision ordinance requirements and that is absent of any structures.
Any Fixtures not removed when this Sublease terminates (other than as a result of a sale of the Unimproved Parcel to District) will, at the election of County, become the property of County without payment to District or Developer, or be deemed abandoned and removed by County at Developer’s expense.