Usable Land definition
Examples of Usable Land in a sentence
If the Developer Parcel includes any land that is subject to road right-of-way, conservation easements or other easements or restrictions that preclude or limit the development of the land, the surveyor shall determine the acreage of such portion of the Developer Parcel for purposes of determining the Net Usable Land (as hereinafter defined).
Subject to modification as provided in this Agreement, BUYER has approved the description of the Net Usable Land as depicted on Exhibit A to the Ocean Ranch Contract.
If Seller's exercise of the Option occurs after the Closing for the Land, but prior to that date which is [CONFIDENTIAL TREATMENT REQUESTED] after the Closing for the Land, then the purchase price for the Option Land shall be [CONFIDENTIAL TREATMENT REQUESTED] per square foot of Net Usable Land within the Option Land.
If the closing of the Option Land occurs concurrently with the Closing for the Land, then the purchase price for the Option Land shall equal [CONFIDENTIAL TREATMENT REQUESTED] per square foot of Net Usable Land within the Option Land.
SELLER may make modifications to the size or configuration of the Land on account of Government requirements in connection with the approval of the Parcel Map and upon receipt of BUYER's prior written consent, not to be unreasonably withheld; provided, however, BUYER agrees not to withhold its approval on account of any increase or decrease the total square footage of the Net Usable Land of two percent (2%) or less that results from any Government action or requirement.
Seller hereby grants to Buyer an option (the "Option") to acquire that certain real property (the "Option Land") (a) located within an area commonly referred to as Ocean Ranch, (b) consisting of approximately twenty-seven (27) acres of Net Usable Land (as defined below) and (c) consisting of Lots 19 and 20 as shown on Tentative Map T-1-99 for Ocean Ranch and depicted on Exhibit P attached hereto and incorporated herein by this reference.
If Seller's exercise of the Option occurs on or after that date which is [CONFIDENTIAL TREATMENT REQUESTED] after the Closing for the Land, then the purchase price for the Option Land shall equal [CONFIDENTIAL TREATMENT REQUESTED] per square foot of Net Usable Land within the Option Land.
The total purchase price shall be determined by multiplying the total acreage of the Net Usable Land by the foregoing per acre price (the "Purchase Price"), after the preparation and mutual approval of the Survey and legal description of the Developer Parcel.
BUYER and SELLER agree that the square footage of the Net Usable Land as determined in accordance with the Ocean Ranch Contract and approved by BUYER shall be a final and binding determination of the Net Usable Land for all purposes of this Agreement.
The square footage of the Net Usable Land will be determined by Ocean Ranch Developer as more particularly provided in the Ocean Ranch Contract, subject to any adjustment as permitted in the Ocean Ranch Contract and to receipt of BUYER's prior written consent thereto, not to be unreasonably withheld.