Reciprocal Easements Clause Samples
A Reciprocal Easements clause establishes mutual rights for two or more property owners to use certain portions of each other's land for specific purposes, such as access, utilities, or shared amenities. In practice, this means that each party grants and receives easements, allowing, for example, both owners to use a shared driveway or access a common utility line. The core function of this clause is to ensure that all parties have legally protected, ongoing access to shared resources, thereby preventing disputes and clarifying each party's rights and obligations regarding the use of the affected property areas.
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Reciprocal Easements. The Parties acknowledge and agree that the Treasure Island Property and the adjoining real property owned by Seller currently have certain shared uses (the “Shared Uses”), including without limitation certain shared uses related to the Joint Valet Garage and the Joint Employee Garage. The Parties further acknowledge and agree that it will be mutually beneficial for the existing Shared Uses to continue following the Subdivision, conveyance of the Treasure Island Property to the Company, and the Closing. To provide legal rights respecting the Shared Uses following the Closing, the Parties desire to enter into a reciprocal easement agreement (“REA”) to provide for the granting of certain reciprocal easements and to address certain related matters. The Parties hereby agree that they will each exercise their best efforts to negotiate and finalize, as soon as reasonably practicable, a mutually-agreeable REA that will set forth terms and conditions under which the Shared Uses will be memorialized under that REA between the Company and the Seller that shall run with the land and be binding on successor owners of the Treasure Island Property, the Joint Valet Parcel, the Joint Employee Real Property and the Mirage Property. The final REA will be negotiated between Seller and Purchaser and approved by each in its reasonable discretion, executed by Seller and the Company, and shall be consistent with the binding REA term sheet attached hereto and incorporated herein as Exhibit C (the “REA Term Sheet”). The final REA shall be recorded in the Official Records prior to or at Closing and concurrently with recordation of the Deed (or concurrently with the commencement of the Replacement Ground Lease if applicable), provided that in the event the final REA has not been mutually agreed upon on the Closing Date, the Parties agree that each Party shall be authorized at such time to record a memorandum of agreement, attaching thereto the REA Term Sheet, in the Official Records, and the Parties shall thereafter continue to exercise Commercially Reasonable Efforts to reach agreement on the final REA, which shall be recorded once such agreement is reached. The provisions of this Section 6.23 shall survive the Closing.
Reciprocal Easements. KENSTAL shall convey to SSD the easement described in Exhibit B. SSD shall assign to KENSTAL, rights of access under the BLM/Wilderness Land Lease Agreement, attached as exhibit C.
Reciprocal Easements. Sublessor's Grant of Easement ----------------------------- Sublessor grants to Sublessee for the term of this Sublease and all extensions thereof, a nonexclusive easement for ingress, egress and passage, both vehicular and pedestrian, and vehicle parking, in the respective areas from time to time established therefor, including any and all service roads, driveways, driveway entrances and exits, vehicle approaches, sidewalks, pedestrian walkways and vehicle parking areas, which now are or hereafter may be located on Parcels 1, 2, and 4 as shown on Exhibit "A". Sublessee shall have the right to extend the benefit of the foregoing easement to its employees, suppliers, customers, invitees, assigns, tenants, predecessors in interest, and licensees during the term of this Sublease.
Reciprocal Easements. If there are any reciprocal easement agreements or similar agreements affecting the Property and adjoining property or properties, Seller agrees to obtain from the owner(s) of such adjacent property or properties a statement (the "Reciprocal Easement Estoppel") reasonably satisfactory to Buyer that there are no defaults by Seller thereunder and that the easements are in full force and effect.
Reciprocal Easements. SECTION 3.1.
Reciprocal Easements. The parties agree that to the extent, if any, to which the conveyance of any Owned Real Property shall cause either the property so conveyed, or any property retained by the grantor thereof or its affiliate, to require access or utility easements or rights-of-way as necessary to serve such property for its intended use (such easements and rights-of-way being hereinafter called "Necessary Easements", and the property the use of which requires such easements and rights-of-way being hereinafter called the "Affected Property"), upon, along, across or under other property which was retained by or conveyed to the other party hereto (such property being hereinafter called the "Remaining Property"), then the owner of the Remaining Property shall grant such Necessary Easements upon, along, across or under, as appropriate, the Remaining Property, as may be reasonably requested by the owner of the Affected Property at any time within one (1) year after the Closing of such conveyance, provided that any material out-of-pocket costs incurred by the owner of the Affected Property in connection therewith are paid by the grantee, and that such cooperation does not materially adversely affect the use or value of the Remaining Property or any other property owned by the owner of the Remaining Property. In addition, as to the Hardy Road Transfer Station, WMI hereby grants to Republic and its affiliates temporary easements for ingress and egress for their benefit and the benefit of their employees, representatives, customers and invitees to and from such station along and across the existing roadway from such station to Hardy Road, and for utilities along and across existing utility lines, facilities and easements on the balance of WMI's (or its affiliate's) property at the Hardy Road facility, which easements shall expire sixty (60) days from the date of this Agreement. The obligations of the parties pursuant to this Section shall survive the Closing of the conveyance of such Owned Real Property.
Reciprocal Easements. 2 Section 2.1. Grant by APC...........................................................................2 Section 2.2. Grant by ENSTAR........................................................................3 Section 2.3. Limitations............................................................................3 Section 2.4.
Reciprocal Easements. Borrower shall deliver to Lender, for Lender’s review and approval, in Lender’s reasonable discretion: (i) a plan of subdivision and declaration of reciprocal easements for party wall rights, access, ingress, egress, support, encroachment, utilities, common usage, and such other matters for all portions of the Property, as Lender shall deem necessary or desirable, in Lender’s reasonable discretion; and (ii) evidence that said plan of subdivision complies with all requirements of Law.
Reciprocal Easements. A. The Forest Service agrees to grant, and agrees to accept, a Forest Road [or Private Road if the road is not a National Forest System road] easement issued under the authority of the Federal Land Policy and Management Act of 1976 (FLPMA, P.L. 94- 579, 10/21/1976), for private use of _ Road No. across approximately
B. In reciprocity, agrees to grant to the United States, and the Forest Service agrees to accept, a perpetual USDA road easement on Road No. across approximately feet/miles of private lands. The easement will be substantially in the form and content of the attached Exhibit C.
Reciprocal Easements. The Property shall be subject to reciprocal easement agreements that together provide for ingress and egress to both the Private Facilities and the Public Facilities (“Easements”).