Excess Land Sample Clauses
The Excess Land clause defines and addresses any portion of a property that is not required for the current intended use or development. In practice, this clause identifies land within a larger parcel that remains unused or is surplus to the needs of the primary project, and may specify how such land is to be treated, sold, or developed separately. Its core function is to clarify ownership rights and future use of surplus property, preventing disputes and ensuring that all parties understand how excess land will be managed or disposed of.
Excess Land. Prior to Substantial Completion, Landlord shall convey the portion of the Premises described on Exhibit F (the “Excess Land”) to Tenant in accordance with this section; provided, if there is a material adverse change affecting the Excess Land (including, but not limited to, any material adverse change in the physical condition of the Excess Land not provided for in the Final Plans and Specifications (as subsequently modified by Change Order), title to the Excess Land, or the environmental condition of the Excess Land) prior to such conveyance, Tenant may elect not to have the Excess Land conveyed to it. Landlord shall give Tenant at least sixty (60) days advance written notice of the date upon which Landlord intends to convey the Excess Land to Tenant pursuant to this section (the “Excess Land Conveyance Date”). Tenant shall have the right to: (i) inspect the Excess Land, from time to time; (ii) obtain an updated title insurance commitment, survey, and Phase I and Phase II environmental assessments of the Excess Land; and (iii) review any and all information related to the Excess Land in Landlord’s possession or control. ▇▇▇▇▇▇▇▇ agrees to cooperate and assist with ▇▇▇▇▇▇’s efforts to obtain a Phase I and Phase II environmental assessment of the Excess Land, and Landlord shall furnish information reasonably required in connection therewith to the extent in its possession or control. Tenant acknowledges that Landlord intends to mine fill from the Excess Land as required by the Final Plans and Specifications and that mining such fill will change the physical characteristics of the Excess Land from the condition in which it exists as of the Effective Date to the condition provided for in the Final Plans and Specifications and this section. Such changes do not constitute a material adverse change for purposes of this Section 2.03 so long as the same are consistent with the Final Plans and Specifications and this section. Except for such changes, Landlord will not make any Alterations to the Excess Land, and Landlord shall cause the areas disturbed as a result of the mining of fill material in accordance with the Final Plans and Specifications to be (i) placed in a condition that complies with Applicable Laws, (ii) sloped in a manner that reasonably protects against erosion and does not result in any unsafe grades or precipices, and (iii) properly seeded with grass overlaid by straw. In addition, Landlord shall not place any debris, spoils or other material the...
Excess Land. Landlord and Tenant acknowledge and agree that Landlord is acquiring more land than is necessary for the development and construction of the Building covered by this Lease. The excess land consists of approximately 136,561 square feet and is outlined in yellow on attached EXHIBIT A (Excess Land). Landlord and Tenant agree, as follows, with respect to the Excess Land:
A. Landlord will refrain from proceeding with development of the Excess Land for a period of four (4) years, from and after the Commencement Date of this Lease (the "Holding Period"). Tenant shall have the right to shorten the Holding Period by written notice to Landlord given not less than one (1) year prior to the earlier termination of the Holding Period.
B. In consideration thereof, Tenant will reimburse Landlord for all real estate taxes, assessments and insurance costs attributable to the Excess Land from the Commencement Date of this Lease until the earlier of the expiration of the said Holding Period or the date that development of the Excess Land is completed. These costs will be reimbursed by Tenant to Landlord, monthly, as a part of the operating expenses that Tenant pays Landlord pursuant to Section 2.2 hereof.
C. Tenant will also reimburse Landlord for the costs of carrying the Excess Land for the remainder of the Holding Period after the first year thereof. For the purposes of this provision, carrying costs shall mean interest on the costs incurred by Landlord to acquire the Excess Land from and after the date incurred. Interest shall be at a rate equal to the rate on Four Year Treasury Securities, in effect on the Commencement Date of this Lease, plus two percent (2%). Tenant shall reimburse Landlord for carrying costs, as aforesaid, in cash, upon expiration of said Holding Period, unless, prior to that time, Landlord and Tenant have entered into a binding lease agreement for Tenant s occupancy of a building to be constructed on the Excess Land, in which case, Tenant's obligation to reimburse Landlord shall be deemed waived and of no force and effect.
D. Tenant may, at its option and upon written notice given not less than one hundred twenty (120) days prior to expiration of the said Holding Period, extend said Holding Period, for an additional two (2) years. Tenant may exercise said option only by providing written notice as aforesaid and by paying to Landlord the full reimbursement due to Landlord pursuant to Subsections B and C above. In the event Tenant exercises this option...
Excess Land. Landlord and Tenant acknowledge and agree that Landlord is acquiring more property than is necessary for the development and construction of the Building, and that development and construction of a second building on the easterly portion of the property, and site improvements related solely thereto, will be subject to the terms and conditions set forth in Section 14.13
Excess Land. 35 37. Miscellaneous.......................................................... 35 EXHIBITS -------- Exhibit "A-1" - Premises Exhibit "A-2" - Excess Land Exhibit "B" - Machinery and Equipment Exhibit "C" - Schedule of Permitted Encumbrances Exhibit "D" - Rent Schedule Exhibit "E" - Financial Covenants Exhibit "F" - Post-Closing Obligations LEASE AGREEMENT, made as of this 31/st/ day of March, 1999, between DELAWARE COMP LLC, a Delaware limited liability company ("Landlord"), with an -------- address c/o W. P. ▇▇▇▇▇ & Co., Inc., ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, and COMPUCOM SYSTEMS, INC., a Delaware corporation ("Tenant"), ------ with an address at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇. In consideration of the rents and provisions herein stipulated to be paid and performed, Landlord and Tenant hereby covenant and agree as follows:
Excess Land. If, at any time following the Closing, the any portion of that parcel of land included in the Property referred to as Store No. 647 located at 701 N. Resler Drive, El Paso, Texas ("647 Premises") is released fro▇ ▇▇▇ ▇▇▇▇ ▇▇ the Mortgage in favor of Lender, as permitted by the Loan Documents, then this Lease shall automatically terminate as to the portion of the 647 Premises released from such Mortgage, but not as to the remaining portion of the 647 Premises, without any reduction in the Base Annual Rental, Base Monthly Rental, any Additional Rental or any other amount owing by Lessee under this Lease or any other obligation of Lessee under this Lease.
Excess Land. (a) Landlord and Tenant acknowledge and agree that Landlord, or an affiliate of Landlord (the "EXCESS LAND OWNER") is the owner of the Excess Land, and, except for the revocable license provided in paragraph 2(e), Tenant disclaims any right, title or interest in the Excess Land. Landlord has advised Tenant that Excess Land Owner may, in its sole and absolute discretion, develop any or all of such Excess Land in any manner and for any reason whatsoever.
(b) Tenant agrees and acknowledges that it has a good faith obligation to cooperate with Landlord (or Landlord's affiliate) in Landlord's (or Landlord's affiliate's) development of the Excess Land, including the execution of releases or quit claims affecting such Excess Land and participation and cooperation in any zoning or other land use petitions. Tenant agrees that failure to so cooperate with Landlord shall constitute a material breach of this Lease. Tenant hereby agrees and acknowledges that Landlord or Landlord's affiliate may transfer or sell the Excess Land or any portion thereof at any time to another affiliate of Landlord or to any third party without Tenant's consent.
(c) Determination of whether any portion of the Premises consists of Excess Land shall be made by Landlord in its sole and absolute discretion.
Excess Land. Subject to and in accordance with the terms and conditions set forth in the Lease and this Amendment, Landlord shall convey the Excess Land to Tenant on October 30, 2018 (“Excess Land Conveyance Date”); provided, (i) Tenant may, at its option, postpone the Excess Land Conveyance Date for up to fifteen (15) days by giving written notice to Landlord and (ii) nothing herein shall limit Tenant's right under the Lease to elect not to have the Excess Land conveyed to it. The phrase “Prior to Substantial Completion,” is deleted in the first (1st) sentence of Section 2.03 and the entire second (2nd) sentence of Section 2.03 is hereby deleted.
Excess Land. Key No. 14-02-28-500-002.004-005 Form: WD-1 [This description is subject to any and all easements, rights of way, covenants, or restrictions; recorded or observable.] This description was prepared from information obtained from the Recorder’s Office and other sources which were not necessarily checked by a field survey. ▇▇▇▇▇▇▇ ▇▇▇▇ Croix ▇▇▇▇▇▇, 10/18/2012
Excess Land. Landlord will use commercially reasonable efforts to sell, as soon as practicable and subject to applicable laws, rules and regulations (including without limitation subdivision and zoning codes) such excess land and structures thereon (each, an “Excess Property;” collectively, the “Excess Properties”) as broadly identified on Schedule 5 attached hereto and incorporated herein by this reference, it being understood that the more particular identification of Excess Properties shall be in Landlord’s sole and absolute discretion. Nothing herein shall obligate Landlord to sell any Excess Property other than for a price and on such terms as are acceptable to Landlord in its sole discretion. Until sale, such Excess Properties shall continue to comprise part of the “Premises” under the Master Lease, subject to all terms and provisions applicable thereto. Upon sale of any Excess Property, (a) the sale proceeds (net of Landlord’s reasonable costs incurred in connection therewith) shall be disbursed to Landlord at close of escrow (the “Land Sale Proceeds”), (b) Landlord shall deliver to Tenant written notice of the corresponding Reduction Amount, which Reduction Amount shall be final, absent manifest error, and (c) the amount of Base Rent then in effect shall be reduced (effective from and after the next payment of Base Rent due) by the Reduction Amount.
Excess Land. Designate as Excess Land any parcel which (a) is a part of the footprint of any existing hotel, casino or resort property (including related parking structures and/or support facilities) or (b) with respect to such parcel, the development of condominium developments, retail shopping pads or any similar development on such Excess Land will materially and adversely affect any of the Borrowers’ hotel, casino or resort properties with respect to ingress and egress, delivery or maintenance access, property marquis sign visability, or otherwise materially and negatively impact the level of Adjusted EBITDA generated by the existing development of the adjoining property of the Borrowers.