Common use of Outparcels Clause in Contracts

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.