Common use of PROPERTY EXCLUDED Clause in Contracts

PROPERTY EXCLUDED. The Property is part of a shopping center, consisting of approximately 23.42 acres (the “Shopping Center”). The Shopping Center is legally described on Exhibit C attached hereto and is depicted generally on the Approved Site Plan. The Shopping Center is part of a 320-acre commercial and residential mixed-use development owned by Seller and known as “Peacock Hill.” The Shopping Center comprises both the Property and that portion of the Shopping Center to be retained by Seller (the “Residual Parcels”). The Residual Parcels are legally described on Exhibit D attached hereto and are depicted generally on the Approved Site Plan. The Property does not include the Residual Parcels. The parties acknowledge and agree that the descriptions of the Shopping Center, the Residual Parcels, and the Property, are subject to change after the Effective Date throughout the site planning process, subject to the mutual agreement of Seller and Purchaser.