Subdivision Clause Samples

Subdivision. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued and outstanding Ordinary Shares is increased by a capitalization of Ordinary Shares, or by a subdivision of Ordinary Shares or other similar event, then, on the effective date of such share capitalization, subdivision or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering to holders of the Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the “Fair Market Value” (as defined below) shall be deemed a capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Ordinary Shares) and (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for the Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

Subdivision. Tenant acknowledges that the Project has been subdivided. Landlord reserves the right to further subdivide all or a portion of the buildings and Common Areas in the Project. Tenant agrees to execute and deliver, upon demand by Landlord and in the form requested by Landlord, any additional documents needed to conform this Lease to the circumstances resulting from a subdivision and any all maps in connection therewith. Notwithstanding anything to the contrary set forth in this Lease, the separate ownership of any buildings and/or Common Areas of the Project by an entity other than Landlord shall not affect the calculation of Project Expenses or Tenant's payment of Tenant's Share of Project Expenses.

Subdivision. Permit Mortgage Borrower to subdivide any Individual Property other than with respect to Unimproved Parcels in accordance with the terms of this Agreement or otherwise with the prior consent of Mezzanine Lender which consent shall not be unreasonably withheld, conditioned or delayed.

Subdivision. Landlord reserves the right to subdivide all or a portion of the buildings and Common Areas, so long as the same does not interfere with Tenant’s use of or access to the Premises or Tenant’s parking rights. Tenant agrees to execute and deliver, upon demand by Landlord and in the form requested by Landlord, any additional documents needed to conform this Lease to the circumstances resulting from a subdivision and any all maps in connection therewith, so long as the same does not increase Tenant’s obligations or decrease Tenant’s rights under this Lease. Notwithstanding anything to the contrary set forth in this Lease, the separate ownership of any buildings and/or Common Areas by an entity other than Landlord shall not affect the calculation of Direct Expenses or Tenant’s payment of Tenant’s Share of Direct Expenses.

Subdivision. Evidence satisfactory to Lender (including title endorsements) that the Land relating to each Individual Property constitutes a separate lot for conveyance and real estate tax assessment purposes.

Subdivision. Landlord reserves the right to subdivide all or a portion of the buildings and Common Areas. Tenant agrees to execute and deliver, upon demand by Landlord and in the form requested by Landlord, any additional documents needed to conform this Lease to the circumstances resulting from a subdivision and any all maps in connection therewith. Notwithstanding anything to the contrary set forth in this Lease, the separate ownership of any buildings and/or Common Areas by an entity other than Landlord shall not affect the calculation of Direct Expenses or Tenant’s payment of Tenant’s Share of Direct Expenses.

Subdivision. The subdivision of land reflected in the County PUD/Subdivision Approval, which was established pursuant to the Subdivision Governing Documents.

Subdivision. The Individual Properties located in Florida, New York, Oregon and Texas comply in all material respects with all applicable subdivision laws, ordinances and regulations.

Subdivision. Property C forms a part of a tax map lot having a designation in the County of Kings of Block 7557, Lot 124 (“Lot 124”). Lot 124 consists of approximately 15,405 square feet of vacant land and is subject to the Parking Lot Lease. The Purchaser, at its sole cost and expense, shall cause the subdivision of Tax Lot 124 (the “Subdivision”) into two separate tax lots, to wit (i) Property C (as reduced) consisting of approximately 12,305 square feet of land, abutting Nostrand Avenue and Amersfort Place; and (ii) the balance of Lot 124, consisting of approximately 3,100 square feet, consisting of a parcel of land having a width of 31 feet (fronting on Hilel Place) and a depth of 100 feet (the “Retained Property”). Purchaser shall, after the expiration of the Investigation Period, promptly commence and diligently complete the Subdivision. Following the preparation and filing of all applications, surveys and certifications with the New York City Department of Buildings, the New York City Department of Finance and any other office or agency claiming jurisdiction over the Subdivision (collectively, the “City Agencies”), Purchaser shall seek on a continuous basis to obtain all necessary approvals for the Subdivision. Purchaser shall submit to Seller, and Seller’s counsel, periodic progress reports on the Subdivision (including issuance of new tax lot numbers for Property C and the Retained Property). Seller, at no cost or expense to it, shall promptly execute and deliver any documents or instruments reasonably required to obtain the Subdivision, provided such documents or instruments do not pose any liability or obligation on Seller with respect to which Seller is not indemnified by Purchaser or vary or modify the rights and obligations of the parties under this Agreement. Notwithstanding anything to the contrary contained in Section 3.4 hereof, the Permitted Encumbrances shall not include any municipal violation which is filed or recorded against Property C following the Investigation Period, which violation if not removed of record will effectively prevent the approval for the Subdivision by the City Agencies.