Released Land Sample Clauses

The 'Released Land' clause defines the process and conditions under which a portion of leased or encumbered property is removed from the scope of a lease, mortgage, or similar agreement. Typically, this clause outlines the requirements that must be met—such as payment of a specified amount or satisfaction of certain obligations—before the land can be released, and may describe how the boundaries of the released area are determined. Its core practical function is to provide flexibility for the parties, allowing the owner or tenant to free up part of the property for other uses or transactions, thereby facilitating development, sales, or refinancing while maintaining clarity about the rights and obligations related to the remaining land.
Released Land. (a) Owner and Agent acknowledge that certain of the Land Improvement Contracts may require that title to certain improvements relating to the Project (the "Released Improvements") and the land on which such Released Improvements are or will be located (the "Released Land") be transferred to the Applicable Contracting Party pursuant to the provisions of the applicable Land Improvement Contract. (b) Upon the request of Agent, and provided that no Event of Loss, Event of Default, Potential Default, Event of Project Termination, Potential Event of Project Termination or Termination Event under this Agreement and no Event of Loss, Event of Default or Potential Default under the Lease has occurred and is continuing, Owner shall cooperate with Agent to transfer the Released Improvements and the Released Land, as applicable, to the Applicable Contracting Party in an "as is" condition without warranty or representation of any kind, and without recourse to Owner, if (1) such transfer is required pursuant to the applicable Land Improvement Contract and (2) such transfer is customary in projects similar to the Project, including the release of the Released Improvements and/or the Released Land from the terms of the Lease, the Ground Lease and the provisions of any Financing Arrangements; provided, however, that after giving effect to such transfer and release (i) any such transfer or release will not cause the Project to fail to comply with the provisions of this Agreement, the Lease, the Construction Documents or the Project Contracts; (ii) Owner will have sufficient rights and interests in the Released Improvements and the Released Land as necessary to operate the Project in compliance with the provisions of this Agreement, the Lease, the Construction Documents and the Project Contracts, and (iii) such transfer and release will not (x) adversely impair the fair market value, utility, residual value or remaining useful life of the Project, or (y) materially adversely affect the ability of Agent to observe and perform its obligations under the Operative Documents, or any of the Construction Documents or the Project Contracts. (c) All Released Improvements are to be constructed in compliance with the terms of the applicable Land Improvement Contract, and all applicable terms, conditions and requirements of the Governmental Authorities. (d) Owner's release of the Released Improvements and/or the Released Land pursuant to any applicable Land Improvement Contract shall be...
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Released Land. (a) The parties have identified certain land subject to the Core Lease at the locations listed in section 2(h) below, that can be made surplus and released from the Core Lease. Tranz Rail has agreed to facilitate the release and sale of this land. The parties have agreed that Tranz Rail will be paid the Relevant Proportion (as defined in section 2(f) below) of the net value of the property after deducting any costs incurred in making the property available for sale. (b) The parties shall identify the specific land to be released at each such location in accordance with the Steering Group processes identified in this Agreement including Schedule 2. If the parties are unable to reach agreement in respect of any location by Completion then: (i) any such land that forms part of the Retained Land shall be retained by Tranz Rail subject to the Core Lease; and (ii) any such land that forms part of the Surrender Land will be surrendered to the Crown in accordance with this Agreement, and no payment shall be due to Tranz Rail in respect thereof. (c) For the specific land identified and agreed by the parties under (b) above (“Released Land”), the Crown and Tranz Rail will within 14 days from the execution of this Agreement appoint its own valuer to value the property and contemporaneously notify the other party of such appointment. If a party fails to appoint a valuer within such period then the valuation for the relevant property produced by the other party’s valuer shall be binding on the parties for purposes of the operation of this Schedule. If those two valuers cannot agree a valuation within 10 days of the last of them being appointed in respect of any property, then those two valuers shall within 5 days appoint a third suitably qualified independent party to act as an umpire. If such appointment is not made within 5 days of the failure to reach agreement on valuation of the relevant property, then the umpire shall be appointed by the President of the New Zealand Law Society. That umpire shall carry out a valuation of the relevant property with all due expediency and such umpire’s valuation will be final and binding on the parties for purposes of the operation of this section 2. The appointed valuers and the umpire, if appointed, shall be acting as experts and not arbitrators and the provisions of the Arbitration Act 1996 shall not apply. (d) The value to be determined by the valuers shall be fair market value. In the case of the properties at ▇▇ ▇▇▇▇, Welling...
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Released Land. If the value of any of the Released Land identified under Schedule 3 by Completion has not been established by that date under that Schedule, the amount of the purchase price relating to the Released Land shall be paid by the Crown within 14 days of that value being established in accordance with Schedule 3.
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Released Land. 5.1 The Clawback Price for Clawback Land that is Released Land shall be an amount equal to the aggregate of the following amounts: (a) if the land has already been surrendered, the Release Price paid by the Crown to Toll Rail for the Requested Land under Schedule 11 (determined in accordance with paragraph 5.3, if applicable); (b) the costs of reconfiguring the Requested Land under Schedule 11 arising or accruing before the Clawback Date that are or will be met by the Crown (determined in accordance with paragraph 5.3, if applicable); (c) any other amount reasonably necessary to leave the Crown in the same financial position it would have been in had the Clawback Land been Retained Land rather than Released Land, including:
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Related to Released Land

  • B8 Property Where the Client issues Property free of charge to the Contractor such Property shall be and remain the property of the Client and the Contractor irrevocably licences the Client and its agents to enter upon any premises of the Contractor during normal business hours on reasonable notice to recover any such Property. The Contractor shall not in any circumstances have a lien or any other interest on the Property and the Contractor shall at all times possess the Property as fiduciary agent and bailee of the Client. The Contractor shall take all reasonable steps to ensure that the title of the Client to the Property and the exclusion of any such lien or other interest are brought to the notice of all sub-contractors and other appropriate persons and shall, at the Client’s request, store the Property separately and ensure that it is clearly identifiable as belonging to the Client.

  • Release of Encumbrances The Company shall have filed (where necessary) ----------------------- and delivered to Buyer all documents necessary to release the Assets from all Encumbrances which documents shall be in a form reasonably satisfactory to Buyer's counsel.

  • Leased Real Property (i) Ibis does not own any real property and the ownership of any real property is not necessary for the operation of the Business. Ibis does not lease, sublease, license or otherwise grant any Person the right to use any real property. Neither Isis nor any of its Affiliates leases, subleases, licenses or occupies any real property used or occupied by, or necessary for the operation or conduct of, the Business. (ii) Schedule 5.1(w)(ii) sets forth the names of the lessor and lessee, the address of each parcel of real property used by Ibis (collectively, the “Leased Real Property”), and a list of all leases, subleases, licenses and other agreements (whether written or oral) (collectively, “Leases”) for each such Leased Real Property. None of the Leases is a ground lease. Ibis and Isis have delivered to AMI a true and complete copy of each such Lease document, and in the case of any oral Lease, a written summary of the material terms of such Lease. Ibis does not own any structures, improvements or fixtures located on any Leased Real Property (collectively, “Leasehold Improvements”) and no Leasehold Improvements other than those provided to Ibis under the Corporate Services Agreement are material to the operation of the Business. (iii) Each such Lease is legal, valid, binding, enforceable and in full force and effect. (iv) Neither Ibis nor, to Isis’ or Ibis’ Knowledge, any other party to a Lease is in breach or default under such Lease, no event has occurred or circumstance exists which, with the delivery of notice, the passage of time or both, could reasonably be expected to constitute such a breach or default, or permit the termination, modification or acceleration of rent under such Lease and neither Ibis nor Isis has received notice that the Leased Real Property is in violation of any Applicable Law. (v) No security deposit or portion thereof deposited with respect to such Lease has been applied in respect of a breach or default under such Lease which has not been redeposited in full. Neither Ibis nor any other Person owes any brokerage commissions, finder’s fees, free rent or allowances with respect to such Lease.

  • Hazardous Materials; Remediation (a) If any material release or disposal of Hazardous Materials shall occur or shall have occurred on any real property or any other assets of any Borrower or any other Credit Party, such Credit Party will cause the prompt containment and removal of such Hazardous Materials and the remediation of such real property or other assets as is necessary to comply with all applicable Environmental Laws and Healthcare Laws and to preserve the value of such real property or other assets. Without limiting the generality of the foregoing, each Credit Party shall comply in all material respects with each Environmental Law and Healthcare Law requiring the performance at any real property by any Borrower or any other Credit Party of activities in response to the release or threatened release of a Hazardous Material. (b) Credit Parties will provide Agent within thirty (30) days after written demand therefor with a bond, letter of credit or similar financial assurance evidencing to the reasonable satisfaction of Agent that sufficient funds are available to pay the cost of removing, treating and disposing of any Hazardous Materials or Hazardous Materials Contamination and discharging any assessment which may be established on any property as a result thereof, such demand to be made, if at all, upon Agent’s reasonable business determination that the failure to remove, treat or dispose of any Hazardous Materials or Hazardous Materials Contamination, or the failure to discharge any such assessment could reasonably be expected to have a Material Adverse Effect.

  • Collateral Releases The Lenders hereby empower and authorize the Agent to execute and deliver to the Borrower on their behalf any agreements, documents or instruments as shall be necessary or appropriate to effect any releases of Collateral which shall be permitted by the terms hereof or of any other Loan Document or which shall otherwise have been approved by the Required Lenders (or, if required by the terms of Section 8.2, all of the Lenders) in writing.