Additional Parcel Clause Samples
The "Additional Parcel" clause defines the terms under which extra land or property, beyond the main parcel described in the agreement, may be included in the transaction. This clause typically specifies the location, size, and legal description of the additional parcel, and outlines any conditions or procedures for its inclusion, such as price adjustments or required approvals. Its core function is to provide a clear mechanism for expanding the scope of the property involved, thereby preventing disputes and ensuring both parties understand what is being conveyed.
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Additional Parcel. Section 4.01(A)(j) Additional Work Allowance Premises................ Section 6.05(a) Additional Work Allowance......................... Section 6.05(a) Affiliate of Landlord..........................
Additional Parcel. The Lessee covenants and agrees that, pursuant to the Additional Parcel Agreement of Covenants and Restrictions, it shall acquire title to the Additional Parcel. Upon the Additional Parcel Inclusion Date, (x) the instrument of conveyance shall be substantially in the form attached hereto as Exhibit M, (y) this Agreement shall be deemed to include the Additional Parcel within the Land subject to this Agreement, without any further action required from the Agency or the Lessee and (z) the Lessee and the Agency shall execute new memoranda of the Company Lease and this Agreement showing the Additional Parcel as part of the respective leasehold estates, and the Lessee shall at its sole cost and expense record each of the same at the appropriate Office of the City Register of The City of New York.
Additional Parcel. As of and following the Effective Date, the parcel of land commonly known as ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇ and more particularly described in Exhibit A attached hereto shall be added to the description of the real property leased to Lessee pursuant to the Lease and shall thereafter be subject to the terms and provisions of the Lease.
Additional Parcel. The property commonly known as 43 Newburgh Road, Hackettstown, New Jersey, shall be prior to Closi▇▇, ▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ce, provided, however, no entry or adjustment shall be made to the Closing Balance Sheet relating to such parcel.
Additional Parcel. The property commonly known as 43 N▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇all be prior to Closing, or has been, transferred back to Amerace, provided, however, no entry or adjustment shall be made to the Closing Balance Sheet relating to such parcel.
Additional Parcel. The initial location of the Additional Parcel shall be the portion of the Property upon which a certain portion of the nominal 24” diameter coated steel pipe is currently stored, plus such additional working area surrounding such pipe as is necessary in Lessee’s determination, up to a maximum total area of approximately 3.7 acres, as such initial Additional Parcel is depicted for identification purposes only on Exhibit A attached hereto. In the event that Lessor requires the use of the land constituting the Additional Parcel, Lessor shall have the right to relocate the Additional Parcel to a mutually agreeable alternate location, due consideration being given to Lessee’s operations on the remainder of the Premises, by providing written notice of such intent to Lessee (the “Relocation Notice”). Promptly upon delivery of the Relocation Notice, Lessor and Lessee shall cooperate in good faith to determine a mutually acceptable new location for the Additional Parcel, and the parties shall acknowledge such agreement in an amendment to the Lease. Lessee shall have a period of 30 days after such amendment is signed by both parties in which to move Lessee’s property from the existing Additional Parcel to the new Additional Parcel. Lessee shall have the right, from time to time, to request that the Additional Parcel (including any new Additional Parcel) be expanded, in which events Lessor and Lessee shall cooperate in good faith to determine a mutually acceptable location or locations for expansion of the Additional Parcel. Upon the mutual agreement of the parties as to such location(s), the parties shall acknowledge such agreement by signing and delivering each to the other a notice of expansion in substantially the form of Exhibit B hererto.
Additional Parcel. At least fifteen (15) Business Days before the commencement of the Primary Term (as defined in the Lease), the Company shall Make Available to the Purchasers its decision whether to exercise its rights to reduce the property subject to the Lease under Section 4.01(c) of the Lease, together with reasonably satisfactory information supporting such decision.