Improved Parcel definition
Examples of Improved Parcel in a sentence
The Management Council and the Board of Directors shall at all times operating in accordance with the Second Amended and Restated Lease [Improved Parcel] (as amended) dated October 15, 1987 between Debtor and the County of Los Angeles pursuant to which Debtor is the master lessee of the real property commonly known as the Marina City Club (the “Master Lease”).
MMP shall not transfer, convey, or otherwise encumber the Improved Parcel or take any action (except those expressly contemplated herein) that is likely to have a material adverse effect on the use or value of the Vacant Parcel or the Improved Parcel without the prior written consent of ACAN, which shall be in the sole discretion of ACAN.
Seller and Buyer hereby acknowledge and agree that Buyer shall not have the right to require Seller to master lease the Vacant Space within the Improved Parcel owned by ▇▇▇▇▇▇▇ at Closing pursuant to Article 14 of the Purchase Agreement.
It shall be a condition to such conveyance, for the sole and exclusive benefit of MMP, that ACAN shall have delivered either (a) the consent of MA Investor, LLC (“Lender”) to such conveyance of the Improved Parcel or (b) the termination of the Landlord Estoppel Certificate and Agreement between Lender and MMP dated August 2, 2019.
In the event that, prior to the Closing, any Improved Parcel shall suffer a Non-Material Loss, such Seller shall promptly notify Buyer of such Non-Material Loss and, in such a case, Buyer shall be obligated to purchase the Property (in its then existing condition) in accordance with the terms and conditions of this Agreement, subject to the terms and conditions of this Section 8.3(b).