Out Parcel definition

Out Parcel means, individually, each of the Commerce City South Parcel, the Corsicana Parcel, the Enfield Parcel, the Houston Parcel, the Merrimack Parcel, the Tewksbury Land Parcel, and the Westminster Parcel.

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Out Parcel means, with respect to the Tyson’s Corner Property, the land and improvements or any land not improved with buildings or other structures subject to the purchase option and obligation to purchase contained in Article 19 of that certain Ground Lease Agreement, dated September 10, 1999, between Interstone PAH/Partners, L.P. and 8022 Leesburg Pike, LLC, a memo of which was recorded in the Land Records of Fairfax County, Virginia, on September 23, 1999 at Deed Book 11097, page 1081.

Out Parcel shall have the meaning given to such term in Section 22.6 of the Lease.

Examples of Out Parcel in a sentence

Except with respect to the Out Parcel, no tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part.
Lender shall have received surveys of the Out Parcel and of the remaining applicable Individual Property satisfying the requirements set forth in Section 3.1.3(c) hereof.
Lessee shall pay, or cause to be paid, all reasonable costs and expenses incurred by any Financing Party in connection with a sale of any Out Parcel.
Lender shall, upon the written request and at the expense of Borrower, upon satisfaction of the Out Parcel Release Conditions and Section 2.8 of this Loan Agreement, release the Lien of the Mortgage and the other Loan Documents against the applicable Out Parcel.
Thereupon, Boca shall make, execute and deliver to the Partnership the Parking Space Note and Parking Space Mortgage in a form similar to the Purchase Money Note and Out Parcel Mortgage, and consistent with the provisions of the Partnership Agreement, as modified hereby, which Mortgage, when recorded, shall be a second lien upon the Out Parcel subordinate only to the Out Parcel Mortgage and all of the matters of title which the Out Parcel Mortgage is subordinate.

More Definitions of Out Parcel

Out Parcel shall have the meaning set forth in Section 2.7 hereof. "OUT PARCEL RELEASE CONDITIONS" shall have the meaning set forth in Section 2.7 hereof.

Out Parcel means the real property described on Schedule 1.1(c).

Out Parcel means the Tewksbury Land Parcel and each Improved Parcel and Unimproved Parcel for which Borrower satisfies the terms and conditions of Section 2.5.2(b) hereof on or before September 30, 2007.

Out Parcel means a parcel that is separate from, but contiguous to, a primary commercial Development. The parcel may or may not share common access and/or common parking areas with the primary commercial Development. Mainly consisting of a single freestanding unit, an out-parcel often is considered secondary in nature to the primary commercial Development. Out-parcels typically involve high convenience land uses, such as banks, high turnover or fast-food restaurants, or gas stations. However, extensions of specific land uses already in existence within the primary commercial Development would not be considered "out-parcels" (e.g., a freestanding Sears automotive repair shop located at a shopping mall that contains a Sears retail store).

Out Parcel means a parcel that is separate from, but contiguous to, a primary commercial Development. The parcel may or may not share common access and/or common parking areas

Out Parcel means each parcel of land shown on Schedule V attached hereto and made a part hereof.

Out Parcel means that certain portion of the Individual Property located in Hauppauge, New York specified as “Release Parcel” on Schedule VIII attached hereto.