Lot Split and Combination Sample Clauses

Lot Split and Combination. Within one hundred twenty (120) days after the Closing Date, Buyer shall at its sole cost and expense: (a) legally subdivide the Property from the larger parcel of real property owner by Seller (of which parcel the Property is a part as of the date of this Agreement), and (b) cause the Property to be legally combined with the adjacent parcel of real property owned by Buyer. Seller will cooperate reasonably with Buyer in Buyer’s processing and completing such land subdivision and combination efforts. If Buyer fails to complete such land subdivision and combination within one hundred twenty (120) days after the Closing Date, Seller may at Buyer’s sole cost and expense process to completion the subdivision and combination of the Property as described above, and Buyer following demand therefor shall reimburse Seller for all costs and expenses incurred by Seller related thereto. Until such reimbursement occurs, Seller shall have the right to record in the Official Records of Maricopa County, Arizona, a lien against the Property to secure Buyer’s obligation to reimburse such costs, which lien may be foreclosed in the manner provided by Arizona law for foreclosure of mortgages. The foregoing obligations of Buyer shall survive the closing.
Sample 1
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