Easement agreement clause samples

Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration that the Company expects to be entitled to for those goods and services. The Company recognized approximately $11,000 of parking garage related revenues during the year ended December 31, 2019 pursuant to a perpetual easement agreement. The majority of the Company’s revenue is currently derived from fixed retail rental income, which is accounted for under Accounting Standards Codification (“ASC”) 840, Leases, whereby the Company recognizes rental income on a straight-line basis over the noncancelable term of the lease.

(j) Except as set forth on Exhibit “K”, there are no Operating Agreements, rights of first offer or rights to purchase or other agreements or instruments in force or effect that grant to any person or any entity any right, title, interest or benefit in and to all or any part of the Property or any rights relating to the possession, use, operation, management, maintenance or repair of all or any part of the Property which will survive the Closing or be binding upon Purchaser other, (i) than those which Purchaser has agreed in writing to assume prior to the Closing, (ii) the Permitted Exceptions, and (iii) the Easement Agreement. All parties to any of the Operating Agreements have performed their respective obligations thereunder in all material respects, and are not in default thereunder.

1.25Declaration.“Declaration”; “Phase II Easement Agreement” and “Sports Park Easement Agreement”.The “Declaration” means that certain “Declaration and Agreement of Covenants and Restrictions of America Center” recorded in the Official Records of Santa Clara County on December 22, 2008 as Document Number 20074383, as amended from time to time in accordance with the terms thereof, and any Rules that may be promulgated thereunder.The “Phase II Easement Agreement” means that certain “Parking Structure, Common Area and Amenity Building Easement Agreement” recorded in the Official Records of Santa Clara County on August 16, 2018, as Document Number 24004701, as amended from time to time in accordance with the terms thereof, and any rules that may be promulgated thereunder. The Phase II Parking Garage is referred to as the “Parking Structure” under the Phase II Easement Agreement.The “Sports Park Easement Agreement” means that certain “North Sports Park Easement Agreement” recorded in the Official Records of Santa Clara County on November 28, 2017, as Document Number 23813520, as amended from time to time in accordance with the terms thereof, and any rules that may be promulgated thereunder.The Sports Park is referred to as the “North Sports Park” under the Sports Park Easement Agreement.

3.1.36. Reciprocal Easement Agreement. The Reciprocal Easement Agreement is in full force and effect and has not been modified, amended or supplemented except as previously disclosed to Agent in writing. Neither the Borrower nor, to Borrower’s knowledge, any other party to the Reciprocal Easement Agreement, is in default under any of the provisions thereof, and to Borrower’s knowledge, there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default of any of the material provisions thereof. To Borrower’s knowledge, all sums due and payable under the Reciprocal Easement Agreement have been paid in full and no party to any Reciprocal Easement Agreement has commenced any action or given or received any notice for the purpose of terminating any Reciprocal Easement Agreement, and the representations made in any estoppel or similar document delivered with respect to any Reciprocal Easement Agreement in connection with the Loan are true, complete and correct in all material respects and are hereby incorporated by reference as if fully set forth herein.

4.1.11. Reciprocal Easement Agreement. (a) Borrower shall (i) promptly and faithfully observe, perform and comply with all the material terms, covenants and provisions of the Reciprocal Easement Agreement on its part to be observed, performed and complied with, at the times set forth therein, and to do all things reasonably necessary to preserve unimpaired its rights thereunder; (ii) not do, permit, suffer or refrain from doing anything that reasonably would be expected to cause a material default under any of the terms thereof beyond the giving of any required notice and the expiration of any applicable cure period; (iii) not cancel, surrender, modify, amend or in any way alter or permit the alteration of any of the material terms thereof and not to release any party thereto other than Borrower from any material obligation imposed upon it thereby; and (iv) give Agent prompt written notice of any material default by anyone thereunder and promptly deliver to Agent copies of each notice of default and copies of all other material notices, communications, plans, specifications and other similar instruments received or delivered by Borrower in connection with the Reciprocal Easement Agreement. Notwithstanding anything to the contrary contained in this Section 4.1.11, provided no Event of Default shall be continuing, Borrower shall have the right to make amendments to the Reciprocal Easement Agreement with the consent of Agent, such consent not to be unreasonably withheld or delayed.

* As of January1, 2018 # As of the twelve months ended December31, 2017 @ For Sample Sites with a ground interest of “leased” set forth on the Ground Lease Agreement or Title Insurance Policy (each as defined below). We compared Site Characteristic 1. to the corresponding information set forth on or derived from the ground lease agreement or any amendments thereto (collectively, the “Ground Lease Agreement”), “Title Insurance Policy,” “Deed” or “Easement Agreement.” Further, a site classification set forth or derived from the (i)Ground Lease Agreement or Title Insurance Policy of “leased” is deemed to be “in agreement” with a site classification of “leased capital lease,” “lease pre-pay” or “LTD easement” set forth on the Statistical Data File or (ii)Easement Agreement of “easement” is deemed to be “in agreement” with a site classification of “perpetual” set forth on the Statistical Data File.

Amended and Restated Easement Agreement. Under the Amended and Restated Easement Agreement (the “Easement Agreement”), dated as of April29, 2002 and as further supplemented, Consumers Energy Company provides METC with an easement to the land, referred to as premises, on which a majority of METC’s transmission towers, poles, lines and other transmission facilities used to transmit electricity at voltages of at least 120 kV are located, referred to collectively as the facilities. Consumers Energy Company retained for itself the rights to, and the value of activities associated with, all other uses of the premises and the facilities covered by the Easement Agreement, such as for distribution of electricity, fiber optics, telecommunications, gas pipelines and agricultural uses. Accordingly, METC is not permitted to use the premises or the facilities covered by the Easement Agreement for any purposes other than to provide electric transmission and related services, to inspect, maintain, repair, replace and remove electric transmission facilities and to alter, improve, relocate and construct additional electric transmission facilities. The easement is further subject to the rights of any third parties that had rights to use or occupy the premises or the facilities prior to April1, 2001 in a manner not inconsistent with METC’s permitted uses.

METC pays Consumers Energy Company annual rent of US$10 million, in equal quarterly installments, for the easement and related rights under the Easement Agreement. Although METC and Consumers Energy Company share the use of the premises and the facilities covered by the Easement Agreement, METC pays the entire amount of any rentals, property taxes, inspection fees and other amounts required to be paid to third parties with respect to any use, occupancy, operations or other activities on the premises or the facilities and is generally responsible for the maintenance of the premises and the facilities used for electric transmission at its expense. METC must also maintain commercial general liability insurance protecting METC and Consumers Energy Company against claims for personal injury, death or property damage occurring on the premises or the facilities and pay for all insurance premiums. METC is also responsible for patrolling the premises and the facilities by air at its expense at least annually and for notifying Consumers Energy Company of any unauthorized uses or encroachments discovered. METC must indemnify Consumers Energy Company for all liabilities arising from the facilities covered by the Easement Agreement.

METC must notify Consumers Energy Company before altering, improving, relocating or constructing additional transmission facilities covered by the Easement Agreement. Consumers Energy Company may respond by notifying METC of reasonable work and design restrictions and precautions that are needed to avoid endangering existing distribution facilities, pipelines or communications lines, in which case METC must comply with these restrictions and precautions. METC has the right at its own expense to require Consumers Energy Company to remove and relocate these facilities, but Consumers Energy Company may require payment in advance or the provision of reasonable security for payment by METC prior to removing or relocating these facilities, and Consumers Energy Company need not commence any relocation work until an alternative right-of-way satisfactory to Consumers Energy Company is obtained at METC’s expense.

commenced any action or given or received any notice for the purpose of terminating any Reciprocal Easement Agreement. There are no liens capable of being asserted for amounts due under the provisions of the Reciprocal Easement Agreement which, if unpaid, would be a Lien prior to the Lien of the Mortgage.

On October5, 2015, the Company, Tyngsborough Commons, the Plaintiffs and certain other parties named therein entered into the Settlement Agreement providing for, among other things: (i)the filing of a motion to stay the Tyngsborough Litigation upon the parties’ entry into the Settlement Agreement; and (ii)in connection with the closing of the sale of the Tyngsborough Land to Tyngsborough Commons (or its permitted assigns), (A)the filing of a stipulation of dismissal, with prejudice, of the Tyngsborough Litigation, upon the payment by the Company and Tyngsborough Commons to the Plaintiffs of an aggregate amount of $125,000 (the Company and Tyngsborough Commons separately agreed that the Company is only required to pay $50,000 of such settlement amount), (B)the termination of the Reciprocal Easement Agreement and (C)the entry into the New Easement Agreement. In connection with the closing of the sale of the Tyngsborough Land on December4, 2015, the Settlement Agreement was consummated, in connection with which settlement funds were disbursed to the Plaintiffs, a stipulation of dismissal was filed in the Land Court Department of the Trial Court of the Commonwealth of Massachusetts and the termination of the Reciprocal Easement Agreement and the New Easement Agreement were recorded with the Middlesex North Registry of Deeds in Middlesex County, Massachusetts.