Common use of Developer Property Clause in Contracts

Developer Property. During the term of the Option Agreement, the Authority, Developer and City successfully completed all applications for the subdivision of the Remainder Cells, to adjust the horizontal and vertical subdivision lines separating the Surface Lot of the Remainder Cells (the “Property”) from horizontally and vertically adjoining lots so as to match the final design of the Project (the “Subdivision”). As set forth in the Option Agreement, the Authority shall (i) retain the Subsurface Lot of the Remainder Cells and (ii) convey to Developer: (1) fee title to the Property (i.e., the Surface Lot of the Remainder Cells), as more particularly described on Exhibit C; (2) an easement in certain portions of the land underlying the Surface Lot of the Remainder Cells (“Subsidence Easement Area”) in order to permit Developer to construct the Project (as defined below); (3) an easement over the Subsurface Lot of the Remainder Cells to a level 500 feet below the upper surface thereof[ (“Subjacent Support Easement Area”), for support for the Project and the Surface Lot of the Remainder Cells; and (4) easements for the delivery of water, gas, electricity, telephone, cable, fiber optic and other communications services and utilities, and the removal and drainage of sanitary waste and stormwater, over Authority’s property and facilities for such utilities located in the Subsurface Lot of the Remainder Cells and the other portions of the 157 Acre Site (“Utility Easements”). The real property interests comprising the Remainder Cells Surface Lot, the Subsidence Easement Area, the Subjacent Support Easement Area, the Utility Easements, and such other easements and rights, if any, with respect to the 157 Acre Site as Developer may acquire from Authority pursuant to the Grant Deed made by Authority in favor of Developer, recorded concurrently herewith (the “Grant Deed”) are referred to herein collectively as the “Developer Property”.