Resort Property Sample Clauses

Resort Property. (a) During the Resort Project Purchase Option Period, GC/EV Seller does hereby grant to Buyer (which may be assigned to an Affiliate of Buyer) the sole and exclusive option (the “Resort Project Purchase Option”) to purchase not less than all of the Resort Property owned or leased, as applicable, by GC/EV Seller, together with any improvements and buildings located or to be located CONFIDENTIAL TREATMENT REQUEST BY EMPIRE RESORTS, INC. IRS EMPLOYER IDENTIFICATION NUMBER 00-0000000 CONFIDENTIAL TREATMENT REQUESTED WITH RESPECT TO CERTAIN PORTIONS HEREOF DENOTED WITH “***” thereon and any licenses, fixtures and other property owned by GC/EV Seller and used at the premises, and together with the benefit of all easements and rights of way appurtenant thereto, upon the terms and conditions set forth in this Agreement. The Resort Project Purchase Option cannot be exercised by Buyer hereunder unless the Purchase Option has been or is simultaneously exercised and Buyer may close under the Resort Project Purchase Option only after or concurrently with the closing under the Purchase Option. The Resort Project Purchase Option shall commence on the Effective Date and shall continue in full force and effect until the earlier of (i) the expiration of the Purchase Option Period, or the (ii) 10-year anniversary of the earlier to occur of (A) the Lease Commencement Date or (B) the Exercise Date (such period, the “Resort Project Purchase Option Period”). Subject to Section 5 of this Agreement, the purchase price for the Resort Property (the “Resort Property Purchase Price”) shall be $***, as may be adjusted by CPI each year following the Lease Commencement Date and as reduced by the immediately succeeding sentence. The Resort Property Purchase Price shall not be subject to any of the purchase credits set forth under the Agreement, except as set forth in Section 5 of this Agreement and in the following sentence hereunder. To the extent less than all of the Resort Property remains subject to the Resort Project Purchase Option at the time the Resort Project Purchase Option is exercised due to any sale, lease or other Transfer in accordance with Section 7(a) below, then the Resort Property Purchase Price shall be reduced pro rata by the proportion (determined by acreage) of the Resort Property transferred in relation to the total acreage of the Resort Property that was subject to the Resort Project Purchase Option immediately prior to such Transfer. Buyer shall exercise the Reso...
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Resort Property. Section 1.1(iiii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
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Resort Property. The term "Resort Property" shall mean a timeshare project to be developed by Borrower on the Property.
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Resort Property. Collectively, that certain real property of approximately Ten Thousand Two Hundred Seventy-Six and Ninety-Six One Hundredths (10,276.96) square meters located in Cancun Mexico, that certain real property of approximately Twenty-Four Thousand Nine Hundred Thirty-Six and Eight Hundred Nineteen One Thousandths (24,936.819) square meters located in Puerto Vallarta, Mexico, and that certain real property of approximately Thirty-Eight Thousand Five Hundred Seventy and Nine One Thousandths (38,570.009) square meters located in Los Cabos, Mexico, all as more fully described in Exhibit C, attached hereto and incorporated herein by this reference together with all related and appurtenant property, both real and personal, amenities, facilities, furniture, furnishings, equipment, appliances, fixtures, easements, licenses, rights and interests as established by and more fully described in the Declaration and the other Timeshare Documents, as the same may be amended from time to time.
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Resort Property. 12 1.49 Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 1.50
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Related to Resort Property

  • Other Properties If any Imposition shall be levied, charged, filed, assessed, or imposed upon or against the Leased Property, and if such Imposition shall also be a levy, charge, assessment, or imposition upon or for any other real or personal property that does not constitute a part of the Leased Property, then the computation of the amounts to be deposited under this Section 4.6 shall be based upon the entire amount of such Imposition and the Lessee shall not have the right to apportion any deposit with respect to such Imposition.

  • Property or Properties As the context requires, any, or all, respectively, of the Real Property acquired by the Company, either directly or indirectly (whether through joint venture arrangements or other partnership or investment interests).

  • Leasehold Estate Each Mortgaged Property consists of a fee simple estate in real estate or, if the related Mortgage Loan is secured in whole or in part by the interest of a Mortgagor as a lessee under a ground lease of a Mortgaged Property (a "Ground Lease"), by the related Mortgagor's interest in the Ground Lease but not by the related fee interest in such Mortgaged Property (the "Fee Interest"), and as to such Ground Leases:

  • Cooperative Property The real property and improvements owned by the Cooperative Corporation, that includes the allocation of individual dwelling units to the holders of the Cooperative Shares of the Cooperative Corporation.

  • The Properties 3.1 All of the Properties are in England, Wales or Scotland.

  • Leasehold Estate Only If any Mortgage Loan is secured by the interest of a Borrower as a lessee under a ground lease of all or a material portion of a Mortgaged Property (together with any and all written amendments and modifications thereof and any and all estoppels from or other agreements with the ground lessor, a "Ground Lease"), but not by the related fee interest in such Mortgaged Property or such material portion thereof (the "Fee Interest"), then:

  • Real Estate Collateral The Borrowers shall, and shall cause their respective Subsidiaries to, deliver to the Collateral Agent as soon as practicable and in any event within 90 calendar days after the Incremental Loan Funding Date (or such longer period as the Collateral Agent may agree in its sole discretion), (a) an amendment to each Mortgage encumbering the Mortgaged Properties in form suitable for recording that shall provide such Mortgage remains in full force and effect and continues to secure the Obligations, as amended by this Incremental Amendment, which mortgage amendment shall be in form and substance reasonably acceptable to the Collateral Agent and its counsel in all respects, (b) endorsements to the mortgagee’s title insurance policies reflecting the amendment to the insured Mortgage as well as a date down endorsement in respect of each of the Mortgaged Properties, reflecting that there are no encumbrances affecting the Mortgaged Properties except as permitted under the Credit Agreement, and in each case in form and substance reasonably satisfactory to the Collateral Agent, (c) a customary opinion of local counsel in each jurisdiction in which a Mortgage Property is located for the benefit of the Collateral Agent with respect to the enforceability of the Mortgages as amended, together with such other opinions as the Collateral Agent shall require, and in form and substance reasonably acceptable to the Collateral Agent and (d) such further documents, instruments, acts or agreements as the Collateral Agent may reasonably request to affirm, secure, renew or perfect the liens of the Mortgages as amended; provided that if and to the extent that on or prior to the Incremental Loan Funding Date the Borrowers deliver to the Collateral Agent (x) an opinion of local counsel in form and substance reasonably acceptable to the Collateral Agent affirming that no amendment to an existing Mortgage is necessary for such Mortgage to remain in full force and effect and to secure the Obligations, as modified by the transactions contemplated by this Incremental Amendment, as well as (y) a title report (or title update) showing no Liens, other than Liens permitted by the applicable Mortgage, have arisen with respect to such property since the date of the latest title policy or date-down endorsement, then the Collateral Agent will accept such deliveries in lieu of the requirements set forth in clauses (a) through (d) of this sentence with respect to such property. All of the actions referenced above shall be taken, and documents referenced above shall be delivered, at the sole expense of the Borrowers, including any recording charges, taxes, or other associated costs related thereto.

  • The Property The term “Property” shall also include the following:

  • NO ESTATE IN LAND This contract and Lease shall create the relationship of landlord and tenant between Landlord and Tenant; no estate shall pass out of Landlord; and Tenant has only a usufruct which is not subject to levy and sale.

  • Foreclosure Property Notwithstanding any other provision of this Agreement, the Servicer, shall not rent, lease, or otherwise earn income on behalf of the REMIC with respect to any REO which might cause such REO to fail to qualify as "foreclosure" property within the meaning of section 860G(a)(8) of the Code (e.g., rent based upon the earnings of the lessee) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of section 860F(a)(2) of the Code (e.g., income attributable to any asset which is not a qualified mortgage, a cash flow or reserve fund investment, or personal property not incidental to the REO) or any "net income from foreclosure property" which is subject to tax under the REMIC Provisions unless the Master Servicer has received an Opinion of Counsel (at the Servicer's expense) to the effect that, under the REMIC Provisions and (where appropriate, any relevant proposed legislation) any income generated for the REMIC by the REO would not result in the imposition of a tax upon the REMIC. In general, the purpose of this Section 3.2 and the REMIC Provisions (which this section is intended to implement) is to ensure that the income earned by the REMIC is passive type income such as interest on mortgages and passive type rental income on real property.

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