Proper Subdivision. The Site has been properly subdivided or entitled to exception therefrom, and for all purposes the Site may be mortgaged, conveyed and otherwise dealt with as separate legal lot or parcel. The parties acknowledge, however, that this Agreement contemplates the creation of a separate legal parcel for the Mall Space and the Phase II Land.
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Sources: Funding Agents' Disbursement and Administration Agreement (Grand Canal Shops Mall Construction LLC)
Proper Subdivision. The Site has been properly subdivided or entitled to exception therefrom, and for all purposes the Site may be mortgaged, conveyed and otherwise dealt with as separate legal lot or parcel. The parties acknowledge, however, that this Agreement contemplates the creation of a separate legal parcel for each of the Mall Space Project Parcel (including sub-parcels relating to the common parking area and the Phase II Landretail facility), the Music Project Parcel, the Energy Project Parcel and the Optional Improvement Site.
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