Shell Property definition
Examples of Shell Property in a sentence
Lessor shall have no right, title or interest to any of the Eldorado Block Property (except for the CS&Y Parcel) other than the right to receive rentals as provided in paragraph 1 hereinabove during the term of the Lease and upon termination of the Lease shall have no right, title or interest in any of the Eldorado Block Property except for the CS&Y Parcel and the Shell Property as provided hereinabove.
Lenders' title insurance policy on the Azur Shell Property and the Grand Shell Property in a form and with endorsements approved by Lenders without any exceptions not approved by the Lenders' attorneys, insuring the Lenders in the amount of $6,000,000.00.
In the event Borrower elects not to purchase certain Mineral Interests comprising the Shell Property as a result of such environmental or title defects, it shall deliver a written notice of such election to Administrative Agent (not less than three (3) days prior to the Closing Date), specifying that portion of the Shell Property which it has elected not to purchase (the "Rejected Shell Properties").
Administrative Agent or its counsel shall have completed a review of title to that portion of the Shell Property that represents seventy percent (70%) of the Recognized Value of all of the Shell Property, and such review shall not have revealed any condition or circumstance which would reflect that the representations and warranties contained in Section 8.9 hereof are inaccurate in any respect except with respect to the Rejected Shell Properties.
To accomplish the proposed expansion, Eldorado Hotel Associates have acquired adjoining property known as the Shell Property more particularly described in Exhibit “C” attached hereto and incorporated herein by reference and made a part hereof.
On termination of the Lease, Lessor shall have an undivided two-thirds (2/3) interest and Lessee shall have an undivided one-third (1/3) interest in the total of all improvements then existing on the CS&Y Parcel and Shell Property taken as a whole and considered as one entity without regard to the physical characteristics of the improvements then existing on either the CS&Y Parcel or the Shell Property when considered separately.
This Lease and the CS&Y Parcel and the Shell Property shall be automatically subordinated to such first mortgage or first deed of trust without any further act of Lessor and Lessor hereby consents thereto so long as the aggregate principal amount secured by such first mortgage or first deed of trust does not exceed the principal sum of Fifty Million Dollars ($50,000,000).