Common use of Actions Required of the Title Holder Clause in Contracts

Actions Required of the Title Holder. So long as no Event of Default shall have occurred and be continuing, Landlord shall take any and all action required of Landlord by the Permitted Encumbrances or otherwise required of Landlord by Applicable Laws or reasonably requested by Tenant (including granting any utility easements required in connection with construction of Improvements); provided that (i) actions Tenant may require of Landlord under this subparagraph shall be limited to actions that can only be taken by Landlord as the owner of the Leased Property, as opposed to any action that can be taken by Tenant or any third party (and the payment of any monetary obligation shall not be an action required of Landlord under this subparagraph unless Landlord shall first have received funds from Tenant, in excess of any other amounts due from Tenant hereunder, sufficient to pay such monetary obligations), (ii) Tenant requests the action to be taken by Landlord (which request must be specific and in writing, if required by Landlord at the time the request is made) and (iii) the action to be taken will not constitute a violation of any Applicable Laws or compromise or constitute a waiver of Landlord's rights hereunder or under the Purchase Agreement, the Pledge Agreement or Environmental Indemnity or otherwise be reasonably objectionable to Landlord. So long as no Event of Default shall have occurred and be continuing, Tenant shall have the option from time to time during the Term to purchase one or more undeveloped portions of the Real Property, consisting of one or more tracts or lots of the Land which can be sold under Applicable Laws separate and apart from the rest of the Land (each, a "Parcel"), for an amount equal to the Release Price (as defined below) with respect thereto. Tenant may exercise such option by delivering to Landlord not less than ninety (90) days prior written notice, which written notice shall describe the Parcel or Parcels to be purchased, the date such Parcels are to be conveyed by Landlord and an estimate by Tenant of the Release Price to be paid by Tenant. In each case Landlord's obligation to convey such Parcels to Tenant shall be subject to Tenant's satisfaction of each of the following conditions:

Actions Required of the Title Holder. So long as no Event of Default shall have occurred and be continuing, Landlord shall take any and all action required of Landlord by the Permitted Encumbrances or otherwise required of Landlord by Applicable Laws or reasonably requested by Tenant (including granting any utility easements required in connection with construction of Improvements)Tenant; provided provided, that (i) actions which Tenant may require of Landlord under this subparagraph shall be limited to actions that can only be taken by Landlord as the owner of the Leased Property, as opposed to any action that can be taken by Tenant or any third party (and the payment of any monetary obligation shall not be an action required of Landlord under this subparagraph unless Landlord shall first have received funds from Tenant, in excess of any other amounts due from Tenant hereunder, sufficient to pay such monetary obligations), (ii) Tenant requests the action to be taken by Landlord (which request must be specific and in writing, if required by Landlord at the time the request is made) and (iii) the action to be taken will not constitute a violation of any Applicable Laws or compromise or constitute a waiver of Landlord's rights hereunder or under the Purchase Agreement, the Pledge Environmental Indemnity Agreement or Environmental Indemnity the Purchase Agreement or otherwise be reasonably objectionable to Landlord. The actions Landlord shall perform if reasonably requested by Tenant will include, without limitation, but subject to the conditions set forth in the proviso of the preceding sentence, executing or consenting to, or exercising or assisting Tenant to exercise rights under any (I) grant of easements, licenses, rights of way, and other rights in the nature of easements encumbering the Real Property, (II) release or termination of easements, licenses, rights of way or other rights in the nature of easements which are for the benefit of the Real Property or any portion thereof, (III) dedication or transfer of portions of the Real Property not improved with a building, for road, highway or other public purposes, (IV) agreements for the use and maintenance of common areas, for reciprocal rights of parking, ingress and egress and amendments to any covenants and restrictions affecting the Real Property or any portion thereof, (V) documents required to create or administer a governmental special benefit district or assessment district for public improvements and collection of special assessments, (VI) instruments necessary or desirable for the exercise or enforcement of rights or performance of obligations of the buyer under the Contract or the exercise of rights or performance of obligations under any Permitted Encumbrance or any contract, permit, license, franchise or other right included within the term "Leased Property" (including, without limitation, under the Development Contracts), (VII) modifications of Permitted Encumbrances (including any Development Contracts), (VIII) permit applications or other documents required to accommodate Construction Projects permitted by this Lease, (IX) confirmations of Tenant's rights under any particular provisions of this Lease which Tenant may wish to provide to a third party or (X) execution or filing of a tract or parcel map subdividing the Real Property into lots or parcels. However, the determination of whether any such action is reasonably requested or reasonably objectionable to Landlord may depend in whole or in part upon the extent to which the requested action shall result in a lien to secure payment or performance obligations against Landlord's interest in the Leased Property, shall cause a decrease in the value of the Leased Property to less than thirty percent (30%) of Stipulated Loss Value after any Qualified Payments that may result from such action are taken into account, or shall impose upon Landlord any present or future obligations greater than the obligations Landlord is willing to accept in reliance on the indemnifications provided by Tenant hereunder. So long as no Event of Default shall have occurred and be continuing, Tenant shall have the option from time to time during the Term to purchase or to designate one or more assignees to purchase one or more undeveloped portions of the Real Property, Property consisting of one or more tracts or lots of the Land which can be sold under Applicable Laws separate and apart from the rest of the Land (each, a "Parcel"), for an amount equal to the Release Price Appraised Value thereof (as defined below) such amount with respect theretoto each Parcel being referred to herein as the "Parcel Release Price"). Tenant may exercise such option by delivering to Landlord not less than ninety (90) days prior written notice, which written notice shall describe the Parcel or Parcels to be purchased, the date such Parcels are to be conveyed by Landlord and whether the conveyance will be to Tenant or an estimate by Tenant of the Release Price to be paid by Tenantassignee designated in such notice. In each case Landlord's obligation to convey such Parcels to Tenant or Tenant's assignee shall be subject to Tenant's and/or such assignee's satisfaction of each of the following conditions:

Actions Required of the Title Holder. So long as no Event of Default shall have occurred and be continuing, Landlord shall take any and all action required of Landlord by the Permitted Encumbrances or otherwise required of Landlord by Applicable Laws or reasonably requested by Tenant (including granting any utility easements required in connection with construction of Improvements); provided that (i) actions Tenant may require of Landlord under this subparagraph shall be limited to actions that can only be taken by Landlord as the owner of the Leased Property, as opposed to any action that can be taken by Tenant or any third party (and the payment of any monetary obligation shall not be an action required of Landlord under this subparagraph unless Landlord shall first have received funds from Tenant, in excess of any other amounts due from Tenant hereunder, sufficient to pay such monetary obligations), (ii) Tenant requests the action to be taken by Landlord (which request must be specific and in writing, if required by Landlord at the time the request is made) and (iii) the action to be taken will not constitute a violation of any Applicable Laws or compromise or constitute a waiver of Landlord's rights hereunder or under the Purchase Agreement, the Pledge Agreement or Environmental Indemnity or otherwise be reasonably objectionable to Landlord. So long as no Event Any Losses incurred by Landlord because of Default any action taken pursuant to this subparagraph shall have occurred and be continuing, Tenant shall have covered by the option from time to time during the Term to purchase one or more undeveloped portions of the Real Property, consisting of one or more tracts or lots of the Land which can be sold under Applicable Laws separate and apart from the rest of the Land (each, a "Parcel"indemnification set forth in subparagraph 8.(y). Further, for an amount equal to the Release Price (as defined below) with respect thereto. Tenant may exercise purposes of such option by delivering to Landlord not less than ninety (90) days prior written noticeindemnification, which written notice shall describe the Parcel or Parcels to be purchased, the date such Parcels are to be conveyed any action taken by Landlord and an estimate by will be deemed to have been made at the request of Tenant if made pursuant to any request of the Release Price to be paid by Tenant. In each case Landlord's obligation to convey such Parcels to Tenant shall be subject to Tenant's satisfaction counsel or of each any officer of Tenant (or with their knowledge, and without their objection) in connection with the following conditions:closing under the Existing Contract.

Actions Required of the Title Holder. So long as no Event of Default shall have occurred and be continuing, Landlord shall take any and all action required of Landlord by the Permitted Encumbrances or otherwise required of Landlord by Applicable Laws or reasonably requested by Tenant (including granting any utility easements required in connection with construction of Improvements)Tenant; provided that (i) actions Tenant may require of Landlord under this subparagraph shall be limited to actions that can only be taken by Landlord as the owner of the Leased Property, as opposed to any action that can be taken by Tenant or any third party (and the payment of any monetary obligation shall not be an action required of Landlord under this subparagraph unless Landlord shall first have received funds from Tenant, in excess of any other amounts due from Tenant hereunder, sufficient to pay such monetary obligations), (ii) Tenant requests the action to be taken by Landlord (which request must be specific and in writing, if required by Landlord at the time the request is made) and (iii) the action to be taken will not constitute a violation of any Applicable Laws or compromise or constitute a waiver of Landlord's rights hereunder or under the Purchase Agreement, the Pledge Agreement Documents or Environmental Indemnity or otherwise be reasonably objectionable to Landlord. So long as no Event Any Losses incurred by Landlord because of Default any action taken pursuant to this subparagraph shall have occurred and be continuing, Tenant shall have covered by the option from time to time during the Term to purchase one or more undeveloped portions of the Real Property, consisting of one or more tracts or lots of the Land which can be sold under Applicable Laws separate and apart from the rest of the Land (each, a "Parcel")indemnification set forth in subparagraph z. Further, for an amount equal to the Release Price (as defined below) with respect thereto. Tenant may exercise purposes of such option by delivering to Landlord not less than ninety (90) days prior written noticeindemnification, which written notice shall describe the Parcel or Parcels to be purchased, the date such Parcels are to be conveyed any action taken by Landlord and an estimate by will be deemed to have been made at the request of Tenant if made pursuant to any request of the Release Price to be paid by Tenant. In each case Landlord's obligation to convey such Parcels to Tenant shall be subject to Tenant's satisfaction counsel or of each any officer of Tenant (or with their knowledge, and without their objection) in connection with the following conditions:closing under the Existing Contract.