Separation of Shared Amenities Sample Clauses

Separation of Shared Amenities. The parties acknowledge that the Property is currently served by certain common utility facilities, common access drives and other shared amenities benefiting the Property and adjacent land owned by the Seller (the “Shared Amenities”). This Agreement is contingent upon the adoption of a plan for separating the shared amenities, as provided in this paragraph. Seller will prepare and deliver to Buyer a plan for: (A) the separation of the Shared Amenities; (B) the construction of roads, sidewalks and other improvements necessary for satisfactory ingress and egress to the Property and Seller’s retained land (see following paragraph); and (C) the construction of fences and other barriers to appropriately secure the common boundary between the Property and Seller’s retained land (the “Separation Plan”). A preliminary description of the essential elements of the Separation Plan is attached as Schedule H. Buyer will have 15 days to deliver written notice to Seller objecting to the proposals described in the Separation Plan. If Buyer delivers an objection notice within this time period, Seller shall promptly schedule a meeting to discuss Buyer’s concerns. At the meeting, the parties shall work together in good faith to attempt to agree on modifications to the Separation Plan but, if no agreement is reached at the meeting or within fifteen (15) days after the meeting, then either party may terminate this Agreement by written notice to the other. If the parties agree on modifications either at the meeting or during the subsequent 15-day period, Seller shall revise the Separation Plan and (when the plan has been revised to Buyer’s satisfaction) Buyer shall sign an agreement accepting the Separation Plan as so revised. If Buyer does not object to the Separation Plan or if Buyer accepts a revised Separation Plan as provided in this Paragraph, Seller shall obtain bids (or estimates acceptable to Seller) for the cost of performing the work necessary to implement the approved Separation Plan. If Seller, in its sole discretion, determines that the cost of implementing the approved Separation Plan will exceed $250,000, then Seller will have the right to terminate this Agreement. If Seller does not terminate the Agreement, Seller shall prepare and deliver a schedule to Buyer outlining the time period for completing separation of the Shared Amenities in compliance with the approved Separation Plan. If the anticipated completion date is later than the Closing Date, Buyer (subje...
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Related to Separation of Shared Amenities

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