Development of the Real Property. Landlord reserves the right to subdivide all or a portion of the Real Property. Tenant agrees to execute and deliver, upon demand by Landlord and in the form requested by Landlord, any additional documents needed to conform this Lease to the circumstances resulting from such subdivision. If portions of the Real Property or property adjacent to the Real Property (collectively, the “Other Improvements”) are owned or later acquired by an entity other than Landlord or an affiliate of Landlord, Landlord, at its option, may enter into an agreement with the owner or owners of any or all of the Other Improvements to provide (i) for reciprocal rights of access and/or use of the Real Property and the Other Improvements, (ii) for the common management, operation, maintenance, improvement and/or repair of all or any portion of the Real Property and the Other Improvements, provided that Tenant’s rights under this Lease are not materially impaired, (iii) for the allocation of a portion of the Operating Expenses and Taxes to the Other Improvements and the operating expenses and taxes for the Other Improvements to the Real Property, and (iv) for the use or improvement of the Other Improvements and/or the Real Property in connection with the improvement, construction, and/or excavation of the Other Improvements and/or the Real Property. Nothing contained herein shall be deemed or construed to limit or otherwise affect Landlord’s right to convey all or any portion of the Real Property or any other of Landlord’s rights described in this Lease.
Development of the Real Property. Columbia and MCHP have completed the construction of certain bulkhead improvements for the Real Property, pursuant to (i) the Army Corp. of Engineer Permit No. 14767, dated March 22, 1988, as amended by letter dated July 26, 1989, as further amended by letter dated March 23, 1991, as further amended by letter dated February 25, 1994, and as further amended by letter dated April 23, 1996 (the "Army Corps Permit"); and (ii) the New Jersey Department of Environmental Protection Waterfront Development Permit No. 0906-92-0005.2, issued December 23, 1997 (the "Waterfront Development Permit", and together with the Army Corps Permit, the "Waterfront Permits"). The Company shall, promptly following the execution of this Agreement, complete parking lot improvements and a waterfront walkway at the Real Property, as more fully set forth in the Waterfront Permits (collectively, the "Improvements") in accordance with (i) those certain plans and specifications approved by the Members, attached hereto as EXHIBIT "D" (the "Plans and Specifications"); (ii) that certain budget approved by MCHP attached hereto as EXHIBIT "E" (the "Budget"); (iii) the Parking Agreement; and (iv) all applicable legal requirements. Columbia acknowledges that the Ferry Agreement will be contingent upon the availability of and access to sufficient parking on the Real Property for PIFC's ferry passengers. At closing of title for the Real Property, MCHP shall make a Capital Contribution to the Company sufficient to allow the Company to reimburse Columbia for those costs actually incurred by Columbia through the date hereof with respect to the construction of the Improvements (the "Development Costs"), which Development Costs are more particularly set forth in EXHIBIT "F" attached hereto; PROVIDED, HOWEVER, that MCHP's Capital Contribution pursuant to this paragraph shall constitute an Unrecovered Capital Contribution, and shall be entitled to an Unpaid Preferred Return, recoverable by MCHP as provided in this Agreement.
