Kanantik definition
Kanantik means: (1) the physical area in Belize known as “Kanantik,” “Palmaya,” the “Kanantik Resort,” or any other area anywhere in the world (other than Sanctuary Belize) that any Subject Seller marketed, helped market, owns, owned, controls, or controlled, and that the Receiver has the legal right to control; (2) any island (regardless of the island’s name) that the Receiver controls, or has the right to control, which Subject Sellers used primarily for any sales-related purpose related to Eligible Lots not in Sanctuary Belize at any time; (3) any physical area or Assets owned or controlled by Mango Springs Development Ltd., G&R Development Company of Belize, Ltd., Kanantik International Limited, Palmaya Development, Ltd., and/or Mango Springs Development, LLC; (4) any area (other than an Eligible Lot) Transferred from any of the foregoing areas to any Subject Seller; (5) all development rights or other rights associated with any of the foregoing areas; and (6) all roads, structures, or other fixtures within or on any physical land that constitutes any of the foregoing areas. For clarity, any real property that arguably qualifies as both “Sanctuary Belize” and “Kanantik” is deemed to be exclusively Sanctuary Belize. Assets that arguably qualify as both “Sanctuary Belize” and “Kanantik” are deemed to be exclusively Sanctuary Belize.