Release of Excess Land Sample Clauses

Release of Excess Land. In the event that Borrower wishes to develop an additional building on a portion of the Excess Land containing not more than 91,000 rentable square feet (the “Additional Development”) at any time prior to the Maturity Date, then Borrower shall deliver written notice (the “Additional Development Notice”) to Lender which shall include the following: (i) a statement of Borrower’s intent to construct the Additional Development, (ii) a statement of Borrower’s belief that the Release Conditions (defined below) have been satisfied, and (iii) a copy of the Appraisal (defined below). During the thirty (30)‑day period following Lender’s receipt of the Additional Development Notice, Lender and Borrower shall negotiate in good faith to arrange construction and/or permanent financing with respect to the Additional Development. During such thirty (30)‑day period, Borrower shall negotiate exclusively and in good faith with Lender with respect to said financing. If Borrower and Lender are unable to agree upon terms with respect to such construction and/or permanent financing within the aforementioned thirty (30)‑day period, then upon written notice to Lender, Borrower may pursue the arrangement of construction and/or permanent financing with respect to the Additional Development from a third party lender.
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Release of Excess Land. Landlord acknowledges that Tenant has committed to convey the Excess Land to the Township of Whitehall, and Landlord shall, upon Tenant's request, convey the Excess Land to Tenant or Tenant's designee; provided, that the following conditions are satisfied: the Leased Premises shall have been subdivided in compliance with all applicable subdivision laws, Legal Requirements and Easement Agreements so that the Excess Land and the remainder of the Leased Premises (the "Retained Premises") are separate tracts, (ii) after such sale both the Excess Land and the Retained Premises shall comply with all applicable Laws, Legal Requirements and Easement Agreements, and (iii) all Costs of Landlord, Lender and Tenant in connection with the transfer of the Excess Land and in complying with the above conditions, including reasonable attorneys' fees, shall be borne solely by Tenant. If Landlord conveys the Excess Land, then this Lease and any Mortgage granted by Landlord shall terminate with respect to the Excess Land, but shall remain in full force and effect with respect to the Retained Premises, provided, however, that in no event will the release of the Excess Land from this Lease amend, reduce or modify any of the obligations and liabilities of Tenant hereunder, including the obligation to pay Basic Rent in the amount set forth in Exhibit "D" hereto.
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Release of Excess Land. (1) As of the Closing Date, the Lessee had not determined the precise location of the portion of the Site to be used for the annex building portion of the Facility, and the description of the “annex parcel” in Exhibit A hereto and to the Investment Agreement (the “Original Annex Parcel”) encompasses more land than is necessary for the intended annex building portion of the Facility. At any time during the Construction Term, the Lessee (either as such or as the Acquisition/Construction Agent) shall be entitled to furnish to the Lessor: (i) a legal description of the portion of the Original Annex Parcel which the Lessee has determined will be used as the location of the annex building portion of the Facility and will be adequate for such use, satisfying all requirements of the Lease and the Operative Documents pertaining to the Facility, and the representations and warranties of the Lessee with respect thereto (both as the Lessee and as the Acquisition/Construction Agent) insofar as such requirements relate to the annex building portion thereof (the “Revised Annex Parcel”); (ii) a legal description of the portion of the Original Annex Parcel which will not be needed for the annex building (the “Excess Annex Land”); (iii) an update of the Survey identifying the Revised Annex Parcel and the Excess Annex Land; (iv) a proposed form of special warranty deed or deeds pursuant to which the Lessor will release the Excess Annex Land from the Lease and from the Ground Lease, and transfer the Excess Annex Land to the Lessee free and clear of any Lessor Liens; and (v) a certificate of the Lessee (either as such or as the Acquisition/Construction Agent) to the effect that the Revised Annex Parcel will be adequate for such use, satisfying all requirements of the Lease and the Operative Documents pertaining to the Facility, and the representations and warranties of the Lessee with respect thereto . Upon the Lessor’s reasonable satisfaction with each of the foregoing, the Lessor shall execute and return to the Lessee such deed or deeds, and thereafter, the Excess Annex Land shall not constitute part of the Site or the Facility.
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Release of Excess Land. If at any time after the Closing the parcel of land included in the Premises referred to as Store No. 809, located at 4601 N. A St., Midland, Texas ("809 Premises") is subdivided or replxxxxx xx xxxxxx xxx xxxxxxxx parcels (the "Lot Split"), then the portion of the land not improved for use in and necessary for the conduct of the Permitted Concept at the 809 Premises (the "Excess Land"), shall be released from the lien of Lender, evidenced by the Mortgage on the 809 Premises, provided that the following conditions are satisfied:
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Release of Excess Land. 53 39. Miscellaneous............................... 53
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Release of Excess Land. On and after one year after the ---------------------- Commencement Date, at any time and from time to time, Lessee shall, within ten (10) days after receipt of a written request from Lessor, execute and acknowledge an instrument or instruments in recordable form reasonably acceptable to Lessor terminating this Lease with respect to all or any portion of the real property described on Exhibit "C" attached hereto (the "Excess ----------- Land"). Those portions of the Excess land released from time to time pursuant to this Paragraph 47.1 are hereinafter collectively referred to as the "Released Land". Lessor may exercise the right described in the immediately preceding sentence as many times as Lessor desires without exhausting such right. Upon the termination of this Lease with respect to the Released Land at any time, this Lease shall be deemed null, void and of no force and effect with respect to the Released Land and such Released Land shall not be considered part of the Premises. In no event shall the termination of-this Lease with respect to any Released Land cause or permit the reduction of any Rent otherwise due under this Lease.
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Release of Excess Land. The Administrative Agent is hereby authorized by the Lenders to, and shall, release its Liens on any parcel properly designated by the Borrowers as Excess Land, subject to fulfillment of the following conditions:
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Related to Release of Excess Land

  • Partial Release of Collateral Lender hereby releases the following collateral:

  • Release of Individual Property Concurrently with the release of an Individual Property from the Lien of the Mortgage (and related Mortgage Loan Documents) pursuant to Section 2.5.1 of the Mortgage Loan Agreement (a “Release” and such Individual Property, a “Release Property”), Borrower may obtain the release of the related Individual Borrower with an indirect ownership interest in such Individual Property (a “Release Borrower”) and such Release Borrower’s obligations under the Loan Documents with respect to the Release Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions:

  • Release of Company Receipt of severance and health benefits pursuant to this Section 10 shall be in lieu of all other amounts payable by the Company to Employee and in settlement and complete release of all claims Employee may have against the Company or its directors, officers, or shareholders, other than those arising out of the severance benefits due and payable under this Agreement and Employee’s rights under this Agreement. Employee acknowledges and agrees that execution of a general release of claims by Employee in a form reasonably acceptable to the Company shall be a condition precedent to the Company’s obligation to pay severance benefits hereunder.

  • Lease of Premises Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the Premises for the Term and upon the terms, covenants and conditions provided in this Lease.

  • Release of D&O Lock-up Period If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreements described in Section 2.24 hereof for an officer or director of the Company and provide the Company with notice of the impending release or waiver at least three (3) Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Exhibit C hereto through a major news service at least two (2) Business Days before the effective date of the release or waiver.

  • LEASE OF EQUIPMENT Lessor leases to Lessee, and Lessee leases from Lessor, all the property described in the Lease Schedules which are signed from time to time by Lessor and Lessee.

  • Expansion Premises In addition to the Original Premises, commencing on the Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Expansion Premises.

  • Release of Property Except as set forth in this Section 2.6, no repayment, prepayment or defeasance of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

  • Release of Escrow Fund (a) On the first Business Day after the date that is six (6) months from the closing of the Merger (the “Termination Date”), the Escrow Agent shall distribute and deliver to each Owner certificates representing shares of Parent Common Stock equal to the original number of shares placed in such Owner’s account, less that number of shares in such Owner’s account equal to the sum of (i) the number of shares applied in satisfaction of Indemnification Claims made prior to that date and (ii) the number of shares in the Pending Claims Reserve allocated to such Owner’s account, as provided in the following sentence. If, at such time, there are any Indemnification Claims with respect to which Notices have been received but which have not been resolved pursuant to Section 3 hereof or in respect of which the Escrow Agent has not been notified of, and received a copy of, a final determination (after exhaustion of any appeals) by a court of competent jurisdiction, as the case may be (in either case, “Pending Claims”), and which, if resolved or finally determined in favor of Parent, would result in a payment to Parent in excess of the Deductible, the Escrow Agent shall retain in the Pending Claims Reserve that number of shares of Parent Common Stock having a Fair Market Value equal to the dollar amount for which indemnification is sought in such Indemnification Claim in excess of the Deductible to the extent all Established Claims have not exceeded, in the aggregate, the Deductible, allocated pro rata from the account maintained on behalf of each Owner. The Parent Representative and the Holder Representative shall certify to the Escrow Agent the Fair Market Value to be used in calculating the Pending Claims Reserve, and the number of shares of Parent Common Stock to be retained therefor. Thereafter, if any Pending Claim becomes an Established Claim, the Parent Representative and the Holder Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to deliver to Parent the number of shares in the Pending Claims Reserve in respect thereof determined in accordance with paragraph 3(f) above and to deliver to each Owner the remaining shares in the Pending Claims Reserve allocated to such Pending Claim, all as specified in a Joint Notice. If any Pending Claim is resolved against Parent, the Parent Representative and the Holder Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to pay to each Owner its pro rata portion of the number of shares allocated to such Pending Claim in the Pending Claims Reserve.

  • Release of Landlord If, during the term of this Lease, Landlord shall sell its interest in the Building or Complex of which the Leased Premises form a part, or the Leased Premises, then from and after the effective date of the sale or conveyance, Landlord shall be released and discharged from any and all obligations and responsibilities under this Lease, except those already accrued.

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