Lot Split Sample Clauses
A Lot Split clause defines the terms and conditions under which a parcel of land can be divided into two or more separate lots. Typically, this clause outlines the process for obtaining necessary approvals from local authorities, specifies how utilities and access will be managed for the new lots, and may address the allocation of costs related to the split. Its core practical function is to provide a clear framework for subdividing property, ensuring that all parties understand their rights and obligations, and helping to prevent disputes or legal issues related to land division.
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Lot Split. Seller has, at its sole cost, prior to execution hereof, obtained lot split approval to subdivide that portion of the Properties which is part of a larger tax parcel. In connection therewith, Buyer and Seller acknowledge that Seller is required to separate the domestic water service for the Properties from the domestic water service benefitting any other property. Seller shall commence, at its sole cost, upon full execution hereof, and thereafter prosecute with due diligence, to separate the domestic water service (and to the extent required by any governmental authority for the subdivision of the Properties from Seller’s remaining property, any other utility) for the Properties from the domestic water service benefitting any other property (as depicted in Exhibit A) (the “Utility Separation Work”). Any Utility Separation Work on the Properties and any change from the configuration shown on Exhibit “A” required in order to obtain such lot splits shall be subject to Buyer’s written consent, which consent shall not be unreasonably withheld. All Utility Separation Work which has not been performed prior to Closing shall be performed by Seller after Closing and one hundred percent (100%) of the cost to complete such Utility Separation Work shall be escrowed at Closing. Seller shall exercise good faith efforts and shall work diligently to complete the Utility Separation Work within sixty (60) days after Closing. Upon obtaining the lot split approval, Seller shall, at its sole cost, transfer fee title to the Properties into a newly formed, Ohio limited liability company special purpose entity (“SPE”) under the name “810 AC LLC”. In the event Seller elects an exemption from transfer taxes in connection with the transfer of the Properties to the SPE and a later third party claim is filed alleging that the transfer of the Properties to the SPE was not exempt, Seller shall indemnify Buyer and the SPE from such claim, including any transfer taxes assessed on the transfer to the SPE. Seller shall, at its cost, defend Buyer and Seller from such claim by legal counsel reasonably approved by Buyer. The documents for the creation of such entity shall be drafted by Seller and approved by Buyer prior to creation. The SPE shall be wholly controlled by Seller until Closing and the SPE shall be able to make the representations contained in Section 8(e) below. Seller shall be responsible for any and all transfer costs or expenses in connection with the transfer of the membershi...
Lot Split. Owner shall, at its expense, secure any lot splits necessary for the Premises in the event that Purchaser elects to Purchase less than all of the available 49.1
Lot Split. Landlord reserves the right to record a subdivision of the single legal parcel currently containing the Building and the building located at 5▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ into two (2) legal parcels (“Lot Split”) in the Official Records of San Diego County; provided, however, that any documentation of the Lot Split is subject to the review and reasonable approval by Tenant to ensure that Tenant’s vehicular and pedestrian access rights to the 5880 Building over the applicable areas of the 5870 Parcel are preserved for the benefit of Tenant. Following the Lot Split, one new parcel would consist of the portion of the original parcel located at 5▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (“5880 Parcel”), including the Building, and the other new parcel will consist of the portion of the original parcel located at 5▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (“5870 Parcel”), including the building thereon. If Landlord proceeds with the Lot Split, Tenant’s obligations under Section 3.3 will continue with respect to the 5880 Parcel, and all references to the “5880 Facilities” shall mean all facilities included within the definition thereof that are located on the 5880 Parcel.
Lot Split. Planning Commission approved the lot split plan for the T3 site at its June 15, 2016 meeting. Promptly following approval of the Survey by Avon, Avon shall, at its sole cost and expense, (i) submit the Survey to the Lorain County authorities necessary to effect a subdivision or lot split of the Parcel from the Property, and (ii) submit the meets and bounds narrative description of the Parcel Survey to the Lorain County Engineer for approval as the description for use in conveying the Parcel to T3. Subdivision and meets and bounds approval shall be completed by Avon as promptly as reasonably possible.