Common use of Separate Lot Clause in Contracts

Separate Lot. Each Project is taxed separately without regard to any other real estate and constitute a legally subdivided lot under all applicable Legal Requirements (or, if not subdivided, no subdivision or platting of any Project is required under applicable Legal Requirements), and for all purposes may be mortgaged, encumbered, conveyed or otherwise dealt with as an independent parcel. No Project benefits from any tax abatement or exemption.