Common use of Signage Plan Clause in Contracts

Signage Plan. Within sixty (60) days following the Effective Date, Seller, with reasonable input from Buyer, shall develop, and thereafter submit to the applicable local authority(ies) for approval, a proposed signage plan applicable, in whole or in part, to the Property which would impose signage requirements and standards on the Property (the “Signage Plan”). The Signage Plan shall be subject to Buyer’s prior written approval, not to be unreasonably withheld. Buyer and Seller shall reasonably cooperate to timely develop and diligently pursue approval of the Signage Plan, including, without limitation, by executing and delivering such documentation as may be necessary in connection with obtaining such approvals. In addition, the Signage Plan shall include a provision that permits (or, otherwise, this Section 5.11 shall serve as evidence that Buyer does hereby authorize) Seller to amend such Signage Plan in the future without Buyer’s prior consent provided that such amendment does not render Buyer’s existing signage non-conforming or in violation of the Signage Plan, as amended. In addition, the "Common Signage Plan" (CSP) applicable to this area and approved by the City of Durham shall include a provision that permits (or, otherwise, this Section 5.11 shall serve as evidence that Buyer does hereby authorize) Seller to amend such Signage Plan in the future without Buyer’s prior consent provided that such amendment (i) does not require any modification to Buyer's existing signage and (ii) does not render Buyer’s existing signage non-conforming or in violation of the Signage Plan, as amended, thereby allowing full reconstruction of the original design in the event of damage or destruction. In the event that the City of Durham requires in the future additional confirmation of the foregoing from Buyer, Buyer and Buyer’s successors in title to the Property shall promptly provide same in writing and this obligation shall be memorialized at Closing in the Memorandum of Agreement. This provision shall survive the Closing.