Phase I Parcel definition

Phase I Parcel means the property generally described in Exhibit A-1. “Phase II Parcel” means the property generally described in Exhibit A-2.

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Phase I Parcel. Phase II Parcel" and "Phase III Parcel" as generally depicted on the site plan attached hereto as EXHIBIT "1" ("Site Plan"), to continue to operate and conduct its plant nursery activities and to locate and maintain its equipment and other improvements currently used in connection therewith, all as set forth in greater detail in Section 2 below. The license granted herein to ▇▇▇▇▇ shall be a personal, non-possessory interest in the Phase I Parcel, the Phase II Parcel and the Phase III Parcel (individually, a "License Parcel" and collectively, the "License Parcels"), and Licensor shall at all times during the term hereof retain the right to possession of the Property (including the License Parcels), EXHIBIT "E" ----------- TO OPTION AGREEMENT subject to the terms and conditions of this License Agreement, and have the right to use and occupy the Property for its own purposes, provided the same do not unreasonably interfere with ▇▇▇▇▇' activities thereon. Licensor shall give ▇▇▇▇▇ seventy-two (72) hours notice prior to any entry onto the Property and the general purpose of such entry. Such notice may be verbal and shall be directed to the general manager at the Property. Licensor agrees not to revoke or cancel the license granted herein during the term hereof except pursuant to Section 15.01 below.

Phase I Parcel shall have the meaning set forth in Section 4.1.

Examples of Phase I Parcel in a sentence

• Developer shall cause to be erected on the Phase I Parcel a construction sign describing the development and the participants in accordance with Authority specifications.

• At such time as Licensor commences its home sales activities on the Phase I Parcel, ▇▇▇▇▇ agrees to use commercially reasonable efforts to minimize odors and noise from the nursery operations; provided, however, ▇▇▇▇▇ shall not be required to incur additional costs, or risk material damage to any of the plants in the nursery operation.

• The Purchase Price for the Phase I Parcel shall be One Million Nine Hundred Sixty-Five Thousand Five Hundred Thirty-Nine Dollars ($1,965,539.00).

• The Parcel Map subdividing the Property into the Phase I Parcel and the Phase II Parcel must be approved by the City, in its sole and absolute discretion, and the Developer; the Parcel Map must be been recorded prior to the Close of Escrow for the conveyance of Phase I; and the Developer must have paid the costs related to recording the Parcel Map.

• The Authority Loan shall be evidenced by two promissory notes: (a) a Promissory Note for the Phase I Development executed by Developer in favor of City in the amount of $1,965,539 secured by the Deed of Trust executed by the Developer as trustor in favor of the City as beneficiary and recorded against the Developer’s fee interest in the Phase I Parcel.

• To accomplish the transfer of the Phase I Parcel and the Phase II Parcel from the City to the Developer, the Parties will promptly establish an escrow for each transfer with the Title Company after the Effective Date.

• The Easement shall be subordinate to the Phase I Ground Lease and the CRA-Authority Lease of the Phase I Parcel.

• The initial term of this License Agreement shall commence on the Close of Escrow, as defined in the Option Agreement, and expire (subject to the extension rights set forth below) on the following dates: (i) JULY 1, 2006, as to the Phase I Parcel ("Phase I Term"), (ii) JULY 1, 2007, as to the Phase II Parcel ("Phase II Term"), and (iii) JULY 1, 2008, as to the Phase III Parcel ("Phase III Term"), unless sooner terminated pursuant to the terms and provisions contained herein.

• The Property contains three parcels: Phase I Parcel, Phase II Parcel, and Phase III Parcel as more particularly described in Exhibit A, together with all rights, privileges and licenses appurtenant to the Property and owned by City, and the Improvements hereafter constructed on the Property, more fully described in Exhibit B (subject to Section 9.2).

• The term of this Lease for the Phase I Parcel (the “Phase I Term”) shall be from July 1, 2011 until June 30, 2042.

More Definitions of Phase I Parcel

Phase I Parcel consisting of that certain land comprised of approximately 2.52 acres located in the City of Tustin, County of Orange, California comprised of a portion of property referred to in the Reuse Plan as Parcel 27 and in the Navy transfer documents as “I-H-1” and “III-H-13” as depicted on the Conceptual Site Map; and

Phase I Parcel means the real property described in Exhibit A attached hereto and incorporated herein and shown on Map 166, Block B, Lot 1 of the City’s Tax Maps.

Phase I Parcel shall have the meaning set forth in Section 1.2.1.