Common use of Parking Issues Clause in Contracts

Parking Issues. From the Closing and through the third anniversary thereof, Buyer and Seller shall share equally the actual costs in connection with providing parking for the Theater known as the Metro Ten and Seller agrees to promptly reimburse Buyer for its share of such costs. Buyer acknowledges that Seller is currently involved in pending and/or threatened litigation concerning parking for the Metro Ten Theater. Seller acknowledges that, notwithstanding the next sentence, Seller will remain liable for all claims, costs, attorneys fees, expenses, judgments, settlements and damages relating to such litigation in connection with parking issues at the Metro Ten Theater. Buyer shall have the right to control such litigation and to defend, settle or take to trial any claims raised therein, all at Seller's expense. Buyer agrees to provide to Seller in writing a status report on the litigation (a) on a quarterly basis and (b) upon the occurrence of any major development