Outparcels Clause Samples

The Outparcels clause defines the rights and obligations related to separate parcels of land within a larger development that are not included in the main leased premises. Typically, this clause specifies whether the tenant has any rights to use, access, or develop these outparcels, and may address issues such as parking, signage, or future development on these parcels. Its core function is to clarify the boundaries of the tenant's rights and prevent disputes over the use or control of adjacent or nearby land that is not part of the lease.
Outparcels. With respect to each Transferred Outparcel, upon the satisfaction of the following conditions, all of which DDR shall use commercially reasonable efforts to satisfy as quickly as feasible, DDR, as managing member of the Joint Venture, shall cause the LLC Subsidiaries to convey the Transferred Outparcels to DDR or its designees by special warranty deed for nominal stated consideration: (a) the delivery to the Joint Venture of a certified copy of a recorded plat of subdivision or instrument making such Transferred Outparcel a separate lot and tax parcel, duly approved by the municipality or governmental authority having jurisdiction over the subdivision of such real property and in compliance with all legal requirements including parking requirements; (b) satisfactory evidence that the conveyance will not cause the related Project or such Transferred Outparcel to fail to qualify as a Permitted Use; and (c) the release of such Transferred Outparcel from the lien of the Loan Documents. TRT and the Joint Venture covenant and agree to use all commercially reasonable efforts to satisfy all conditions to the release of the Transferred Outparcels from the lien of the Loan Documents.
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Outparcels. Provided that (i) no Event of Default has occurred and is continuing, and (ii) Mortgage Borrower shall have satisfied each of the conditions set forth in Section 2.3.6(b) of the Mortgage Loan Agreement, Borrower shall be permitted to cause First Mezzanine Borrower to cause Mortgage Borrower to request that Mortgage Lender release certain Outparcels in accordance with the terms of Section 2.3.6(b) of the Mortgage Loan Agreement without the consent of Lender.
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Outparcels. Those certain parcels of land located in the City known as and numbered 85, 99, and ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ and more particularly described in Exhibits F-1, F-2 and F-3 attached hereto and incorporated herein (the “Outparcels”). The Inland Property, the Mall Property, the Riverfront Property, Yard 21, and the Outparcels are sometimes referred to hereinafter as the “Property.” All other parcels of land in the ASP are sometimes referred to hereinafter as the “Third-Party Property.”
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Outparcels. Provided no Event of Default has occurred and is continuing, Borrower may request that Lender release certain portions of certain Individual Properties as described on Schedule X hereto (the “Outparcels”) in accordance with the terms of this Section 2.3.6(b). Prior to releasing any Outparcel, Borrower shall have satisfied the following conditions (collectively, “Outparcel Release Conditions”): (1) the Outparcel shall constitute a separate conveyable legal parcel in accordance with the subdivision map act or the equivalent thereof in the jurisdiction of the applicable Individual Property or other relevant granted government approvals in such jurisdiction; (2) to the extent any easements, covenants or restrictions benefiting or burdening such Outparcel are necessary or appropriate for the use or operation of such parcel or the remaining portions of the applicable Individual Property (such remaining portion of an applicable Individual Property, the “Remaining Property”), such easements, covenants or restrictions shall have been granted or reserved prior to or at the time of the release or reconveyance of such Outparcel and shall have been approved by Lender, which approval shall not be unreasonably withheld or delayed; (3) the Remaining Property shall remain a legal parcel (or parcels) in compliance in all material respects with all Legal Requirements, zoning, subdivision, land use and other applicable laws and regulations; (4) at the time of, but not prior to, any release or reconveyance, each Outparcel shall be transferred to a person or entity that does not result in a breach of Borrower’s obligation to be a Single Purpose Entity; (5) Lender shall have received satisfactory evidence that any tax, bond or assessment that constitutes a lien against the applicable Property has (i) prior to such release, been properly allocated between the Outparcel and the Remaining Property and (ii) after such release, will be properly assessed against the Outparcel and the Remaining Property separately; (6) Lender shall have received such endorsements to the Title Policy (or substantially equivalent assurance) for the applicable Property as Lender may reasonably require confirming continuing title insurance and that (A) the applicable Security Instrument constitutes a first priority lien (subject to Permitted Encumbrances) on the Remaining Property after the release, (B) the Remaining Property constitutes a separate tax lot or tax lots (or will constitute a separate tax lot...
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Outparcels. In addition to the Main Site, the Property consists of four (4) outparcels, listed on the Plat as "OUT PARCEL 1," "OUT PARCEL 2," "OUT PARCEL 3," and "OUT PARCEL 4" (individually an "Outparcel" and collectively the "Outparcels).
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Outparcels. Upon receipt of such proceeds at the applicable Outparcel Closing, Seller shall convey the applicable Outparcel to Buyer. It is understood that the sales price of the Outparcels to Third Party Buyers may total more than the cumulative Outparcel Purchase Price, and once the total cumulative Outparcel Purchase Price has been paid, Seller shall deliver title to all remaining Outparcels to Buyer.
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Outparcels. Provided that (i) no Event of Default has occurred and is continuing, and (ii) Mortgage Borrower shall have satisfied each of the conditions set forth in Section 2.3.6(b) of the Mortgage Loan Agreement, Borrower shall be permitted to cause Mortgage Borrower to request that Mortgage Lender release certain Outparcels in accordance with the terms of Section 2.3.6(b) of the Mortgage Loan Agreement without the consent of Lender.
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Related to Outparcels

  • Tax Parcels Each Mortgaged Property constitutes one or more complete separate tax lots or is subject to an endorsement under the related Title Policy insuring same, or in certain instances an application has been made to the applicable governing authority for creation of separate tax lots, which shall be effective for the next tax year.

  • B8 Property Where the Client issues Property free of charge to the Contractor such Property shall be and remain the property of the Client and the Contractor irrevocably licences the Client and its agents to enter upon any premises of the Contractor during normal business hours on reasonable notice to recover any such Property. The Contractor shall not in any circumstances have a lien or any other interest on the Property and the Contractor shall at all times possess the Property as fiduciary agent and bailee of the Client. The Contractor shall take all reasonable steps to ensure that the title of the Client to the Property and the exclusion of any such lien or other interest are brought to the notice of all sub-contractors and other appropriate persons and shall, at the Client’s request, store the Property separately and ensure that it is clearly identifiable as belonging to the Client.

  • Access; Utilities; Separate Tax Parcels Based solely on evaluation of the Title Policy (as defined in paragraph 8) and survey, if any, an engineering report or property condition assessment as described in paragraph 12, applicable local law compliance materials as described in paragraph 26, and the ESA (as defined in paragraph 43), each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has permanent access from a recorded easement or right of way permitting ingress and egress to/from a public road, (b) is served by or has access rights to public or private water and sewer (or well and septic) and other utilities necessary for the current use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been made or is required to be made to the applicable governing authority for creation of separate tax parcels (or the Mortgage Loan documents so require such application in the future), in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax parcels are created.

  • Project Site The “Project Site” is the place where the Work is being carried on.

  • The Property The Landlord agrees to lease the described property below to the Tenant: (enter the property information) Mailing Address: [PROPERTY MAILING ADDRESS] Residence Type: ☐ Apartment ☐ House ☐ Condo ☐ Other: [OTHER] Bedroom(s): [# OF BEDROOMS] Bathroom(s): [# OF BATHROOMS] The aforementioned property shall be leased wholly by the Tenant (“Premises”).