Mitigation Land definition
Examples of Mitigation Land in a sentence
The Members intend that the Mitigation Land shall be a portion of the LA County Portion.
The Company and Tejon, as appropriate, shall provide non-exclusive access to the Mitigation Land through the Master Project and the Balance of the Ranch, respectively, if such access is required by the appropriate governmental agency; provided, however, that such non-exclusive access shall not in any way materially interfere with or affect the Company’s or Tejon’s ownership, operation, construction or development of the Master Project or the Balance of the Ranch.
The Developers are not precluded from requesting that Tejon convey land in addition to or in lieu of such Mitigation Land; provided, however, that although Tejon shall, in good faith, consider such request, Tejon shall determine whether or not to contribute such land in its sole and absolute discretion.
B IWC is the local planning authority for the purposes of the Act for the area in which the Mitigation Land is situated.
Tejon hereby agrees to grant a non-exclusive access easement covering (or if required by the applicable governing agencies, convey in fee by grant deed to the Company as Mitigation Land) the North and South Mitigation Land at such time required by the applicable governing agencies but no sooner than the Remaining Contribution Date.
Further, the Members acknowledge that the Mitigation Land shall be conveyed subject to a conservation easement in favor of the Conservancy in accordance with the Ranch-Wide Agreement, which conservation easement provides for public access rights.
Tejon shall not receive any credit to its Book Capital Account (or otherwise receive any reimbursement, compensation, or other amounts) as a result of conveying or otherwise granting any rights to any Mitigation Land pursuant to this Section 9.1.
The Mitigation Land together with any other Ranch lands acquired by the Company from Tejon pursuant to this Section 9 are sometimes referred to herein as “Additional Tejon Land”.
DMB is not precluded from requesting that Tejon convey land or interests in land in addition to or in lieu of Mitigation Land meeting all of the requirements set forth in Section 9.1A; provided, however, that although Tejon shall, in good faith, consider such request, Tejon shall determine whether or not to sell such land in its sole and absolute discretion.
The Mitigation Land Authority hereby covenants with the Council that It will observe and perfonn the covenants contained In paragraph 4 of the Schedule to this Deed subject to the operation of clauses 4.2 and 7.2 of this Deed.