Examples of Undeveloped Property in a sentence
Notwithstanding the foregoing, the activities of Manager to be performed under this Agreement with respect to each Development Agreement shall be subject to supervision by the applicable Developer and the activities of Manager to be performed under this Agreement with respect to each Undeveloped Property shall be subject to the supervision by the applicable Property Owner.
No condemnation, eminent domain, or similar proceeding exists, is pending or, to the best Knowledge of the Acquired Companies, is threatened with respect to, or that could affect, any Developed or Undeveloped Property, Leased Real Property, or property held pursuant to a Land Contract.
Notwithstanding the foregoing, a Non-Managing Member may increase its interest in the Company by the Capital Contribution of Undeveloped Property or Development Property, or the achievement of the right to receive Earnout Amounts in accordance with the terms of the Contribution Agreement.
During the term provided in Section 5 hereof and subject to Section 3 hereof, Xx. Xxxxx shall not, and will cause his Affiliates to not, with respect to any property located within the Restricted Area, directly or indirectly, other than through the Company and its Subsidiaries (i) engage in the ownership, development, management, leasing, expansion or acquisition of Shopping Malls or (ii) acquire any Developed Property or Undeveloped Property.
In such event, the LLC Units of such Non-Managing Member will be increased by the Contribution Value of the Undeveloped Property and the Development Property and by the Earnout Amount for each Earnout Property, respectively, as determined in accordance with Sections 3.4, 3.5 and 3.6 of the Contribution Agreement, and the Managing Member shall so acknowledge in writing.