MOB Site definition
Examples of MOB Site in a sentence
Purchaser and Seller agree to cooperate and use diligent efforts after Closing to cause each MOB and/or each MOB Site (as applicable) to be promptly delineated and designated by the applicable taxing authority as a separate tax parcel to the extent reasonably practicable.
Seller agrees to pay the real estate taxes assessed and billed against the larger parcel, including the MOB and the MOB Site in question on or before the due date thereof, provided that Purchaser pays to Seller its portion of such taxes as set forth in this Section 8.2(a).
Seller shall prepare or cause to be prepared legal descriptions of the MOB Sites (collectively, the “Legal Descriptions”) based upon Seller’s most current surveys in Seller’s possession and/or existing subdivision plats of record for each MOB Site, as applicable, and shall deliver a copy of the Legal Descriptions to Purchaser.
As used herein, the “Tax Division Date” means the date on which (i) the MOB and/or the MOB Site in question has been designated by the applicable taxing authority as a separate tax parcel (with no other tax parcel numbers encompassing the MOB and/or the MOB Site, as applicable, and with the tax parcel number assigned to the MOB and/or the MOB Site relating solely to such MOB and/or such MOB Site and no other property) and (ii) separate tax bills have been issued for the MOB and/or the MOB Site.
In such instance, the MOB Site Work shall form a part of the Remaining Works and the Remaining Works Letter of Credit shall include an amount equal to $[REDACTED] (i.
With respect to any MOB or any MOB Site, (i) in the event of Material Casualty Damage, the terms, conditions, and provisions of Section 4.4(a) herein shall govern and control, and (ii) in the event of either a Material Condemnation, or a Material Zoning Requirements Change, the terms, conditions, and provisions of Section 4.4(b) shall govern and control.
Purchaser’s obligations under this Section 3.3(c) shall survive Closing for a period equal to the term of the Ground Lease relating to the relevant MOB Site.