Development Parcels Clause Samples
The 'Development Parcels' clause defines and delineates specific portions of a larger property or project area that are designated for individual development. In practice, this clause typically outlines the boundaries, permitted uses, and any unique rights or obligations associated with each parcel, such as access rights, utility connections, or construction timelines. Its core function is to provide clarity and structure for the phased or segmented development of a larger site, ensuring that responsibilities and entitlements for each parcel are clearly allocated and reducing the risk of disputes among stakeholders.
Development Parcels. The Landowner covenants:
(a) not to develop any Land except in Development Parcels (which may comprise either a Phase or part of a Phase); and
(b) not to submit an application for approval of Reserved Matters other than with a plan showing the Development Parcel to which the application relates; PROVIDED ALWAYS that if the Landowner submits a set of Reserved Matters for an area smaller than the Development Parcel shown on the plan submitted in accordance with Paragraph 5(b) of this Part 1 of this Schedule 1 the area to which the set of Reserved Matters relate will be a deemed Development Parcel for the purposes of triggering payment under Paragraph 6 of this Part 3 of this Schedule 1 and if relevant triggering the long stop under Paragraph 7 of this Part 3 of this Schedule 1.
Development Parcels. Notwithstanding any restriction on land uses on the New Airport Site or in the Transportation Corridor north of 72nd Avenue as provided elsewhere in this Agreement, Denver may designate Development Parcels on which Denver, at its sole discretion, may allow any type of development or land use, with the following exceptions:
8.4.1. No Residential Land Use shall be allowed on any Development Parcel.
8.4.2. Any Hotel Rooms located on a Development Parcel shall be subject to the limitation on Hotel Rooms and associated conference and meeting space as set forth in paragraph 8.2.
8.4.3. Denver shall not designate or make use of Development Parcels for businesses or institutions that would compete with businesses or institutions located or potentially to be located at the University of Colorado Anschutz Medical Campus and the ▇▇▇▇▇▇▇▇▇▇ Life Sciences District in Aurora (the “▇▇▇▇▇▇▇▇▇▇ Site”). Accordingly, Denver shall not allow any business or institution to be located on a Development Parcel if the business or institution is directly involved with or related to biotechnology, drug development, pharmaceuticals, vaccines, diagnostics, medical testing, therapies, medical devices, health, wellness, medical care, life sciences, digital health or healthcare information technology ranging from idea, research, discovery, invention, development, or manufacturing; except under the following circumstances:
8.4.3.1. Denver may propose to locate on a Development Parcel a business or institution as described in paragraph
Development Parcels. (i) As provided under each Vertical DDA, Port will convey a leasehold interest in Development Parcel to the Vertical Developer in order to convey such leasehold interest in a Development Parcel to a Vertical Developer, Port and Tenant must execute, acknowledge, and record a Partial Release of Master Lease in the form attached hereto as Exhibit [XX] (“Partial Release of Master Lease”) for such Development Parcel.
(ii) Port will provide Tenant at least ten (10) business days’ prior notice of the anticipated conveyance date for each Development Parcel (“Anticipated Conveyance Date”) and where Tenant should deposit the executed and acknowledged Partial Release of Master ▇▇▇▇▇. Tenant will deposit into escrow the executed and acknowledged Partial Release of Master Lease at least five (5) business days before the Anticipated Conveyance Date. Tenant’s failure to timely execute, acknowledge and deliver the Partial Release of Master Lease into escrow will be a major default under this Lease and the DDA.
(iii) Once the Partial Release of Master Lease for the applicable Development Parcel is recorded in the Official Records, then Tenant’s leasehold interest in such applicable Development Parcel will be terminated and other than the obligations that survive the expiration or termination of this Lease, this Lease will be terminated as it applies to such Development Parcel.
Development Parcels. The “Development Parcels” means, collectively, the Phase I Development Parcel and the Phase II & III Development Parcel.
Development Parcels. The following Sellers, 15 Chaparral LLC (“15 Chaparral”) and 3175 Storage, LLC (“3175 Storage”), own certain vacant parcels of land described on Exhibit “A” attached hereto [collectively the “Development Parcels”, and individually referred to as the “Chaparral Parcel” and the “3175 Parcel”], which are in the process of being developed. The Chaparral Parcel is part of the Property located at ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇.
Development Parcels. Property Two Redeveloper and Property Three Redeveloper, respectively, have taken title to the Property Two Redeveloper Parcels and Property Three Redeveloper Parcel, but, in order to meet financing requirements for the redevelopment of the Master Project Area, prior to the construction of vertical improvements to those parcels, such land or portions thereof may be consolidated and resubdivided into several parcels (the “Development Parcels”) to accommodate the development of individual improvements and associated infrastructure. The Parties acknowledge that the Property Two Redeveloper Parcels and the Property Three Redeveloper Parcel may, as a result, be combined, in whole or in part, to create one or more single, newly subdivided Development Parcels.
Development Parcels. Borrower or a third party shall have provided to Administrative Agent, as applicable, for a Development Parcel: