New Subdivision Plan Sample Clauses

New Subdivision Plan. The Property is comprised of (i) an approximate one (1) acre portion (the "One Acre Portion") out of a parcel currently containing approximately 9.77 acres and known as 5 Omni Way, Chelmsford, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇ on Exhibit A attached hereto (the "5 Omni Way Parcel"), said 5 Omni Way Parcel being a ▇▇▇▇▇▇▇▇ed parcel subject to the jurisdiction of the Land Court of Massachusetts, and (ii) all of a parcel containing approximately 9.16 acres and known as 297 Billerica Road, Chelms▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇ ▇ on Exhibit A attached hereto (the "Non-Registered Parcel"), which is not a registered parcel. It is the parties' intent that the One Acre Portion be subdivided from the 5 Omni Way Parcel pursuant ▇▇ ▇ ▇▇▇ subdivision plan (the "New Subdivision Plan") that must be approved by the Land Court of Massachusetts. Seller has heretofore been pursuing approval of the New Subdivision Plan and will continue to use reasonable efforts to obtain such approval prior to the Outside Date for Closing. Among other things, such approval will require that the current tenant of the 5 Omni Way Parcel, Sun Microsystems, Inc. ("Sun Microsystems"), agree to release the One Acre Portion from its leasehold estate by the execution of an amendment to its existing lease, and further that Seller's current mortgagee of the 5 Omni Way Parcel ("Selle▇'▇ ▇▇▇▇▇r") agree to release the One Acre Parcel from the lien of its mortgage. Seller shall use reasonable efforts to cause Sun Micro Systems to agree to release the One Acre Portion from its leasehold estate, and to cause Seller's Lender to release the One Acre Portion from the lien of its mortgage, prior to the Outside Date for Closing, but Seller shall not be obligated to incur any material cost or expense whatsoever in connection therewith, except that Seller agrees to pay the release price required by Seller's Lender, and Seller shall further pay any reasonable, usual and customary legal fees of Seller's counsel (but not any legal fees or other fees that may be charged by Seller's Lender) in connection with said release. Purchaser shall reasonably cooperate with Seller in satisfying the conditions of this paragraph, and shall reimburse Seller for its costs and expenses in connection therewith in accordance with the terms of Section 12.20 hereof. Approval of the New Subdivision Plan is a condition precedent to both Seller's and Purchaser's obligation to close in accordance with Subsection 7.2.4 hereof. T...