Common use of Partial Discharge Clause in Contracts

Partial Discharge. MVHC and the City acknowledge and agree that this Agreement and the Notice are only intended to apply to the Rental Units and not to the Parkade or any common property or amenity space or childcare space within the Development. The City covenants and agrees that concurrently with the registration of any subdivision plan (including an airspace subdivision plan, or a strata plan pursuant to the Strata Property Act (British Columbia)) that creates a separate legal parcel or parcels for any of the Parkade, common property or any amenity space or childcare space in the Development, or as a result of the subdivision of the Lands to create a separate legal parcel for the site of the Development, the City will execute in registrable form and deliver to MVHC for filing in the applicable land title office, a discharge of the Notice from title to the parcel so created that does not include any of the Rental Units or any portion thereof.