Common use of Acre Parcel Clause in Contracts

Acre Parcel. ▇▇▇▇▇r is currently negotiating a contract (the "12 Acre Contract")with Lansdowne Community Development, LLC, a Virginia limited liability company, or one of its affiliates (collectively "LCD"), for a portion of the Land described on Exhibit C attached hereto containing approximately twelve acres (the "12 Acre Parcel"). If the 12 Acre Contract is executed prior to the end of the Inspection Period, the general business terms of the 12 Acre Contract shall be subject to Purchaser's approval; and, if the 12 Acre Contract is executed after the Inspection Period, the entire 12 Acre Contract shall be subject to Purchaser's approval. In either event Purchaser's approval shall not be unreasonably withheld, and in either event the 12 Acre Contract shall be assigned to Purchaser at Closing if executed by Seller prior to the Closing. Without limiting the foregoing, the 12 Acre Contract shall provide that it is subject to confirmation by Purchaser within twelve (12) months of the Closing that Purchaser can relocate the planned clubhouse for the Property to a new location on the Property which is satisfactory to Purchaser in its sole discretion, including the right to obtain any necessary legal approvals for such relocation. If Purchaser closes on the sale of the 12 Acre Parcel to LCD, Purchaser shall pay Seller from the closing proceeds, after deducting any closing costs (including title insurance costs, transfer taxes, reasonable legal fees and any market brokerage fees payable to independent third-party brokers for the sale of the 12 Acre Parcel), the first $1,600,000 of net sale proceeds and, after Purchaser has retained the next $272,000 of net sale proceeds, any net sale proceeds received by Purchaser thereafter; provided, however, Seller shall be solely responsible for the cost of enforcing the 12 Acre Contract. If the Mortgagee requires that the proceeds from the sale of the 12 Acre Parcel be deposited in escrow with the Mortgagee for use in making improvements to the Project, then such payments shall be made to Seller as and when such proceeds are released from the escrow to Purchaser by the Mortgagee; provided, however, to the extent such proceeds are used for improvements to the Project, Purchaser shall pay Seller, as the proceeds are used, the amount Seller would have been entitled to pursuant to this paragraph up to the amount so used for the improvements.

Acre Parcel. ▇▇▇▇▇r Seller is currently negotiating a contract (the "12 2-3 Acre Contract")with Lansdowne Community Development, LLC, a Virginia limited liability company, or one of its affiliates (collectively "LCD"), for a portion of the Land described on Exhibit C D attached hereto containing approximately twelve two to three acres (the "12 2-3 Acre Parcel")) for approximately $200,000 or $66,667 per acre. If the 12 2-3 Acre Contract is executed prior to the end of the Inspection Period, the general business terms of the 12 2-3 Acre Contract shall be subject to Purchaser's approval; and, if the 12 2-3 Acre Contract is executed after the Inspection Period, the entire 12 2-3 Acre Contract shall be subject to Purchaser's approval. In either event Purchaser's approval shall not be unreasonably withheld, and in either event the 12 2-3 Acre Contract shall be assigned to Purchaser at Closing if executed by Seller prior to the Closing. Without limiting the foregoing, the 12 2-3 Acre Contract shall provide that it is subject to confirmation by Purchaser within twelve (12) months that the sale of the Closing that Purchaser can relocate the planned clubhouse 2-3 Acre Parcel will not impact any zoning or other governmental approvals for the Property to a new location on remainder of the Property which is satisfactory to Purchaser in its sole discretion, including the right to obtain any necessary legal approvals for such relocationProject. If Purchaser closes on the sale of the 12 2-3 Acre Parcel to LCD, Purchaser shall pay Seller from the closing proceeds, after deducting any closing costs (including title insurance costs, transfer taxes, reasonable legal fees and any market brokerage fees payable to independent third-party brokers for the sale of the 12 2-3 Acre Parcel), in accordance with the first $1,600,000 formula set forth in Section 2(C) above (i.e., the proceeds from the sale of net the 2-3 Acre Parcel shall be aggregated with the proceeds from the sale of the 12 Acre Parcel and such aggregated proceeds and, after Purchaser has retained the next $272,000 of net sale proceeds, any net sale proceeds received by Purchaser thereaftershall be distributed in accordance with Section 2(C) above); provided, however, Seller shall be solely responsible for the cost of enforcing the 12 2-3 Acre Contract. If the Mortgagee requires that the proceeds from the sale of the 12 Acre Parcel be deposited in escrow with the Mortgagee for use in making improvements to the Project, then such payments shall be made to Seller as and when such proceeds are released from the escrow to Purchaser by the Mortgagee; provided, however, to the extent such proceeds are used for improvements to the Project, Purchaser shall pay Seller, as the proceeds are used, the amount Seller would have been entitled to pursuant to this paragraph up to the amount so used for the improvements.