Legal Parcel. The Property shall constitute a legal parcel under the California Subdivision Map Act (California Government Code Section 66411, et. seq.
Legal Parcel. To the best of Seller's knowledge, the Realty constitutes a legal parcel that has been subdivided in compliance with all applicable laws, ordinances, and other requirements of the State of Nevada and local governmental authorities.
Legal Parcel. The Lot (or group of Lots) to be released constitute a legally subdivided interest in real property, the remaining Collateral shall constitute a legally subdivided interest in new property, and the release of such Lot will not impair access to the remaining Collateral or otherwise violate any requirements of any document of record covering the Approved Subdivision or any applicable law regarding subdivisions, parcel maps, lots or parcels and/or the sale of real property.
Legal Parcel. The Property is comprised of a single legal parcel or multiple legal parcels created pursuant to the subdivision map act or similar statutes or regulations, and the Property can be conveyed by Owner to Optionee without the need for any parcel map or similar subdivision approvals.
Legal Parcel. To Seller's knowledge the Property is a legal lot ------------ or parcel which for all purposes may be mortgaged, conveyed and otherwise dealt with as separate parcel and is taxed as a separate parcel.
Legal Parcel. 28 18.2 Conditions to Subdivision........................ 28 18.3
Legal Parcel. The Land is not currently composed of a legal parcel. ------------ Landlord, at its sole cost and expense, shall undertake to obtain from the City of El Segundo or such other municipal or regulatory authority as may be appropriate (collectively, the "City") a lot line adjustment, parcel merger, or other modification under the Subdivision Map Act (the "Act") in order to subdivide the Project such that the Land shall be one (1) or more legal parcels (the "Subdivision"). Tenant shall cooperate in Landlord's efforts to effect the Subdivision. Landlord acknowledges and agrees that Tenant shall have the right to participate in any meetings between Landlord and the City regarding the Subdivision, provided that the City does not refuse to allow Tenant to participate therein. Upon the completion of the Subdivision, the new legal description for the Land shall be attached to this Lease as Exhibit A. ---------
Legal Parcel. If the Collateral requested to be released is REO Collateral, and is contiguous to other REO Collateral that will remain in the Borrowing Base Collateral, then the REO Collateral to be released must constitute a legally subdivided interest in real property, and the release of such REO Collateral will not impair ingress/egress to the remaining Borrowing Base Collateral or otherwise violate any requirements of any document of record covering the Borrowing Base Collateral or any applicable law regarding subdivisions, parcel maps, lots or parcels and/or the sale of real property.
Legal Parcel. The land comprising the Subject Property is, or shall be at the Closing Date, a separate and distinct legal parcel created in accordance with all applicable laws, codes, ordinances and regulations. The representations and warranties contained in this Agreement shall be true and correct on the Effective Date of this Agreement and on the Closing Date and shall survive the closing. The obligation of the Buyer to close this transaction is expressly conditioned upon said representations and warranties being true and correct on the Closing Date. The Seller shall indemnify the Buyer against and hold the Buyer harmless from any damages or losses including, without limitation, reasonable attorney fees, sustained as a consequence of any of the foregoing representations or warranties not being true and correct as of the Effective Date of this Agreement or the Closing Date. The Seller acknowledges that each of the representations and warranties contained in this Section 10, and elsewhere in this Agreement, is material to the Buyer. EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, THE SELLER DISCLAIMS ALL WARRANTIES OF ANY KIND OR NATURE WHATSOEVER (INCLUDING WARRANTIES OF HABITABILITY AND FITNESS FOR A PARTICULAR PURPOSE), WHETHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES WITH RESPECT TO THE PRESENCE ON OR BENEATH THE SUBJECT PROPERTY OF HAZARDOUS SUBSTANCES OR MATERIAL, OR THE SUITABILITY OF THE SUBJECT PROPERTY FOR THE BUYER'S INTENDED USE. THE BUYER FURTHER ACKNOWLEDGES THAT THE SELLER IS CONVEYING THE SUBJECT PROPERTY "AS IS" AND IN ITS PRESENT CONDITION AND THAT THE BUYER IS NOT RELYING UPON ANY REPRESENTATIONS OF ANY KIND OR NATURE MADE BY THE SELLER OR BY THE SELLER'S AGENTS WITH RESPECT TO THE SUBJECT PROPERTY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT. THE BUYER ACKNOWLEDGES THAT THE BUYER'S OPPORTUNITY FOR INSPECTION AND INVESTIGATION OF THE SUBJECT PROPERTY AS SET FORTH IN THIS AGREEMENT TOGETHER WITH THE SELLER'S REPRESENTATIONS AND WARRANTIES AS SPECIFICALLY SET FORTH IN THIS AGREEMENT ARE ADEQUATE TO ENABLE THE BUYER TO MAKE THE BUYER'S OWN DETERMINATION WITH RESPECT TO THE SUBJECT PROPERTY.
Legal Parcel. The Parties acknowledge and agree that, pursuant to Government Code sections 66426.5 and 66428(a)(2), Optionor’s conveyance of the Property to Optionee is exempt from the provisions of the California Subdivision Map Act (Government Code section 66410 et seq.).
