Released Land definition

Released Land means non-income generating undeveloped land ------------- neighboring a Hotel subject to a Mortgage, which land is included in such Mortgaged Property subject to such Mortgage, to the extent such land is ancillary to, and not required by, the operation of such Hotel, which land has, at the request of the Borrower, been released by the Collateral Agent from the Lien of such Mortgage (and which land is hereby authorized to be so released provided that such land shall, concurrently with such release, be contributed or transferred to a Joint Venture, and the ownership interests of such Joint Venture held by the Borrower and its Subsidiaries shall be subjected to the Lien of the Security Documents).

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Released Land means the land to be released from the Core Lease for which the Crown will pay Tranz Rail as part of the purchase price for the Rail Network and Network Assets in accordance with Schedule 3, as defined in section 2(c) of that Schedule;

Released Land has the meaning ascribed to it in the Agreement for Sale and Purchase. 1.1.13DB “Rent” means the rent referred to in Schedule A.

Examples of Released Land in a sentence

• Landlord will initiate a Land Release by providing to Tenant an ALTA/ACSM Survey of the proposed Released Land and Retained Land, together with evidence, reasonably satisfactory to Tenant, that the Retained Land meets all Code Requirements.

• The exact land to be released (“Released Land”) has not yet been determined, but the Landlord and Tenant currently contemplate that, subject to the terms of this Section, the Released Land ▇▇▇▇ contain approximately 17 acres, more or less, as shown on Exhibit “A” to this Amendment (subject to mutually acceptable adjustments to be shown on the Approved Survey, which is described below in Section 7(b)).

• Following agreement upon the Approved Survey, and if required by governmental authorities, Landlord shall proceed to have the Released Land and Retained Land platted consistent with the Approved Survey and in accordance with applicable subdivision regulations and all other Code Requirements.

• The final plat of the Released Land and Retained Land (the “Final Plat”) shall be subject to Tenant’s approval, not to be unreasonably withheld, delayed or conditioned.

• Landlord and Tenant shall use good faith diligent effort to agree upon a Survey and legal description of the Released Land and the Retained Land within 15 business days following Tenant’s receipt of the Survey, or as soon thereafter as is practical using good faith diligent efforts.

• Following the completion of a Land Release, Landlord shall promptly obtain separate assessments and a separate tax ▇▇▇▇ for each of the Released Land and Retained Land (the “Separate Assessment”) and, thereafter, the term Taxes, as used in Section 9.1 of the Lease shall only apply to the Taxes on the Retained Land and the improvements thereon, which will be the new Demised Premises under the Reduction Amendment.

• Landlord may propose off-site common drainage and other reciprocal easements to serve both the Released Land and the Retained Land, (each, an “Easement”).

• To avoid doubt, the Crown’s ownership of any part of the Rail Network or Network Assets, or any other improvements on the Clawback Land, shall not be affected by removing the Clawback Land from the Released Land or adding the Clawback Land back to the Core Lease.

• Provided that no Default has occurred and that no Event of Default has occurred, ▇▇▇▇▇▇▇ may obtain a partial release of approximately three (3) acres of raw land (the "Released Land") encumbered by the Mortgage on the ▇▇▇▇▇▇▇ Facility.

• No portion of the Retained Land (other than that within the Construction Fence within which certain Landlord’s Work is to be performed) shall be used for construction access, construction staging or otherwise in connection with the development of the Released Land without the prior written consent of Tenant, which may be granted or denied in Tenant’s sole discretion.

More Definitions of Released Land

Released Land means non-income generating undeveloped land neighboring a Hotel subject to a Mortgage, which land is included in such Mortgaged Property subject to such Mortgage, to the extent such land is ancillary to, and not required by, the operation of such Hotel, which land has, at the request of the Borrower, been released by the First-Lien Collateral Agent (with respect to any mortgages under the First-Lien Security Documents) and the Collateral Agent from the Lien of such Mortgage (and which land is hereby authorized to be so released, provided that such land shall, concurrently with such release, be contributed or transferred to a Joint Venture, and the ownership interests of such Joint Venture held by the Borrower and its Subsidiaries shall be subjected to the Lien of the Security Documents).

Released Land has the meaning set forth in paragraph (a) of Section 32 hereof.

Released Land means the land to be identified and released from the Core Lease in accordance with this Schedule at the sites identified in green (and described as “Released Land” and “Reconfiguration Land”) in the plans and maps referred to in Schedule 2 (each a “Site”) at the following locations:

Released Land is defined in Schedule 11; “Relevant Employees” is defined in clause 8.1;

Released Land has the meaning given in the Sale Agreement.