Mitigation Land Clause Samples
Mitigation Land. To the extent provided in the Development Business Plan and consented to by Tejon during the Remaining Entitlement Period (which consent may be withheld in its sole and absolute discretion), after the Remaining Contribution Date, Tejon shall grant a non-exclusive access easement covering additional land owned by Tejon (or if required by the applicable governing agencies, convey in fee by grant deed additional land owned by Tejon), in the event the Company is required to dedicate such land for mitigation purposes to comply with its obligations or conditions of approval for the Entitlements (including conditions of approval imposed to settle any litigation challenging the Entitlements if such settlement has been approved by Tejon and the Executive Committee, in their respective sole and absolute discretion) (the “Mitigation Land”). Tejon hereby agrees to grant a non-exclusive access easement covering (or if required by the applicable governing agencies, convey in fee by grant deed to the Company as Mitigation Land) the North and South Mitigation Land at such time required by the applicable governing agencies but no sooner than the Remaining Contribution Date. Tejon shall not receive any credit to its Book Capital Account (or otherwise receive any reimbursement, compensation, or other amounts) as a result of conveying or otherwise granting any rights to any Mitigation Land pursuant to this Section 9.1.
Mitigation Land. Seller acknowledges that Buyer has entered into an agreement with The Environmental Trust, Inc. to acquire [CONFIDENTIAL TREATMENT REQUESTED] environmental credits within the ▇▇▇▇▇ Canyon Conservation Bank to be applied towards satisfaction of the mitigation land requirements imposed by the City as a condition to the development of the Property. Buyer hereby waives the condition set forth in Section 6.1.4 of the Agreement. Seller and Partnership hereby release Buyer and its successors and assigns from any obligation or responsibility to acquire the Mitigation Property. Seller and Partnership hereby further agree to CONFIDENTIAL TREATMENT REQUESTED release, indemnify and hold harmless Buyer and its successors and assigns, and, contingent upon the Close of Escrow, release the City of San Diego from and against any claim, liability, cause of action or expense, including attorneys' fees, which Seller or the Partnership may have, or claim to have, arising from the Mitigation Property not being acquired and used by Buyer, or not being accepted by the City, towards satisfaction of the mitigation land requirement for the Property.
Mitigation Land. The Partnership owns and holds fee simple title to that certain real property comprising approximately 17 gross acres located in the City and County of San Diego ("County") legally described on Exhibit "C" and depicted on Exhibit "D" attached hereto (the "Mitigation Land"). As used herein, the "Mitigation Property" means the Mitigation Land together with: (a) all easements and other rights appurtenant thereto, including the Partnership's interest (if any) in appurtenant water and mineral rights; and (b) the Partnership's entire right, title and interest in and to all governmental permits, entitlements and approvals applicable to the Mitigation Land, and all other contracts or agreements with respect to the Mitigation Land that are approved in writing by Buyer. On or before expiration of the Due Diligence Period, as a condition to Buyer's obligations, Buyer and Seller shall execute and deliver a Purchase and Sale Agreement and Joint Escrow Instructions under a separate escrow with Escrow Agent for the purchase and sale of the Mitigation Property (the "Mitigation Property Agreement"). The Purchase Price for the Mitigation Property shall be [CONFIDENTIAL TREATMENT REQUESTED].
Mitigation Land