LAND USE COVENANTS. The parties agree that activity and use limitations may be required at the Site to achieve one or more of the applicable remediation standards. If activity and use limitations are required, Xxxxxxxxx agrees to prepare and record a Land Use Covenant or secure other institutional controls as necessary (e.g., government ordinances) once the necessary restrictions are determined.
LAND USE COVENANTS. As an express condition of Seller’s obligations under this Contract, Buyer has agreed to accept the Property subject to certain restrictive covenants imposed for the benefit of Seller, Seller’s affiliates and each of their respective successors and assigns, and Seller’s remaining portion of the real property located East of Turkey Lake Road (“Seller’s Retained Property”), as more particularly described on the exhibits to Exhibit “E” attached hereto and incorporated herein by this reference (the “Restrictive Covenants”). The Restrictive Covenants shall, among other matters, require that the Property (i) be utilized for professional office uses purposes only, containing no more than 120,000 square feet but allowing certain permissible neighborhood commercial uses on the first floor (up to 40,000 square feet) and not in violation of the Permitted Encumbrances, (ii) prohibit “competing imagery” associated with Seller’s competitors, (iii) acknowledge the theme park activities of Seller on nearby property and waive any nuisance claim therefore, (iv) disclaim any right to use “Universal” or Seller’s name except as provided in the Restrictive Covenants(v) granting Seller a right to maintain the Property’s exterior or structural integrity if Buyer is not adequately maintaining, (vi) require compliance with the limitation on sales of alcoholic beverages as provided in the Restrictive Covenants, (vii) require that Seller have the reasonable right of architectural, signage site plan and landscape approval to Buyer’s project, and (viii) provide for maintenance of landscaping, storm water and entry way and payment of common maintenance expenses. The Restrictive Covenants in the form as attached hereto as Exhibit C shall be executed by Buyer and Seller at Closing and recorded in the public records of Orange County, Florida, and the Deed of Conveyance shall make a cross-reference thereto.
LAND USE COVENANTS. The parties agree that restrictions may be required on the future use of the Site. Once the parties have determined the restrictions, they shall prepare, and Applicant shall record, an appropriate Land Use Covenant for the Site.
LAND USE COVENANTS and Restrictions that would reduce Losses in connection with Ferro’s obligations to indemnify the Buyer Indemnified Persons under Section 11.01 with respect to any Response Actions, provided that such Land Use Covenants and Restrictions do not materially adversely affect the value of a Facility or materially interfere with the continued utilization of the Facilities for industrial uses as occurring and situated/configured as of the Closing.
LAND USE COVENANTS. [IF LAND USE COVENANT APPLICABLE: Insert provisions describing restrictions on future use of property and attach copy of land use covenant that is to be recorded for the site.] [IF LAND USE COVENANT NOT APPLICABLE: This site does not require a land use covenant.] [IF LAND USE COVENANT UNDETERMINED: The parties agree that restrictions may be required on the future use of the Site. Once such restrictions have been determined, an appropriate land use covenant will be prepared and recorded for the Site.]
