REAL RIGHT OF EXTENSION Sample Clauses

The Real Right of Extension clause grants a property owner the legal authority to extend or add new buildings or structures on a specific piece of land, even after the initial development has been completed. In practice, this right is often registered in the land records and may specify the size, location, and timing of any future extensions, ensuring that the owner can develop the property further without needing additional permissions from other stakeholders. The core function of this clause is to provide flexibility for future development, thereby increasing the property's potential value and utility while offering legal certainty about the owner's rights to expand.
REAL RIGHT OF EXTENSION. 16.1 The SELLER reserves the right to register a Real Right of extension for a period of 20 (twenty) years in terms of Section 25 of the Act in order to complete further phases of the development comprising up to a maximum of 184 units, to be completed in phases as the market dictates. 16.2 The PURCHASER acknowledges that the development in which the Unit is situated is not fully developed, that building operations will take place upon adjacent or neighbouring land and that the said building operations may cause the PURCHASER certain inconvenience. The PURCHASER acknowledges that he/she/it shall have no claim either as against the SELLER arising out of such building operations.
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REAL RIGHT OF EXTENSION. The property herewith purchased, forms part of the second phase in a development and is done in terms of a Right of Extension in terms of Section 25 of the Act, and in terms of which another 106 units are hereby developed. This is the last phase in the development and the right to extension will lapse after the last unit of the 106 is registered.
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REAL RIGHT OF EXTENSION. It is hereby recorded that the Seller has reserved a real right of extension in terms of Section 25 of the Act for the extension of the Scheme. This clause serves as a disclosure in terms of Section 25(14) of the Act.
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REAL RIGHT OF EXTENSION. 13.1 The Parties record that a real right of extension of the Scheme as contemplated in section 25 of the Sectional Titles Act 95 of 1986, is registered in favour of the Seller. 13.2 The Purchaser acknowledges that the Purchaser is aware of the fact that the Seller may in its sole discretion develop the Scheme in phases and the Purchaser hereby agrees to the development of the Scheme in phases.
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Related to REAL RIGHT OF EXTENSION

  • Waiver of Right of First Refusal The Company hereby waives any preexisting rights of first refusal applicable to the transactions contemplated hereby.

  • Grant of Right of First Refusal Except as provided in Section 12.7 below, in the event the Optionee, the Optionee's legal representative, or other holder of shares acquired upon exercise of the Option proposes to sell, exchange, transfer, pledge, or otherwise dispose of any Vested Shares (the "TRANSFER SHARES") to any person or entity, including, without limitation, any shareholder of the Participating Company Group, the Company shall have the right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section 12 (the "RIGHT OF FIRST REFUSAL").

  • Exercise of Right of First Refusal At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

  • Termination of Right of First Refusal The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded.

  • Assignment of Right of First Refusal The Company shall have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company.