Development Parcels. The Landowner covenants:
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. The “Development Parcels” means, collectively, the Phase I Development Parcel and the Phase II & III Development Parcel.
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:
Development Parcels. (d) Borrower or a third party shall have provided to Administrative Agent, as applicable, for a 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 0000 Xxxxxxx Xxxxx Xxxx, Xxxxxxxxx, X.X. It is a condition to Buyer’s obligation to close the Chaparral Parcel that 15 Chaparral deliver the Chaparral Parcel to Buyer with Site Plan Approval documentation issued by the City of Asheville to construct 36,000 gross square feet of self-storage. The 3175 Parcel currently consists of an office/warehouse building totaling approximately 32,214 square feet located on 3.72 acres. It is a condition to Buyer’s obligation to close the 3175 Parcel that 3175 Storage deliver to Buyer the 3175 Parcel with Site Plan Approval documentation issued by the City of Asheville for Phase I development only of 66,100 gross square feet of self-storage as described on Exhibit “D” attached hereto. For purposes herein, “Site Plan Approval” (also known as “site work approval”) shall mean receipt of a letter or electronic mail notification that the City of Asheville has approved site related components to a project and that two (2) permits are ready to be issued: (a) zoning compliance permit; and (b) grading, drainage and storm water management permit. Site Plan Approval shall NOT mean actual issuance of these permits. The issuance of such permits and “site work approval” is conditioned upon attendance by Buyer at the City of Asheville’s pre-construction meeting along with the requisite parties (i.e. Buyer’s contractor, landscape architect, etc) after Buyer takes ownership of the Chaparral Parcel and 3175 Parcel.
