A parking easement is a legal agreement that grants an individual or entity the right to use a designated portion of another person's property for parking purposes. This easement ensures that the holder has specific access and usage rights while maintaining the property owner's overall ownership.
Reference is made to that certain Parking Easement Agreement dated April 19, 2005, by and between 1 Minuteman and 30 Minuteman Limited Partnership (“Original 30 Minuteman Owner”), recorded with the Essex County North District Registry of Deeds in Book 9504, Page 175 (the “Original Parking Easement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Original Parking Easement.
The Original Parking Easement granted a parking easement in the 1 Property permitting the 30 Parties to use 21 Non-exclusive Spaces and 8 Exclusive Spaces. 1 Minuteman currently is redeveloping the Property (including the 1 Property) primarily for retail/commercial use (the “Redevelopment”). To enable the Redevelopment, and subject to the terms of this Amendment, the parties wish to: (a) relocate the area for Tenant’s Non-exclusive Parking to a different location on the Property as depicted in the attached parking lot plan on Exhibit A-1 attached; (b) terminate the parking easement for the 8 Exclusive Spaces at the Property; and (c) authorize and require 1 Minuteman to construct 8 new parking spaces at its cost on the 30 Property (the “New Spaces”) as depicted in Exhibit A-1.
The property securing the loan is subject to a parking easement and based on a recently updated appraisal showing the property’s value with the parking easement to be zero, the Company has determined to write off the $3.6 million loan as a non-cash charge against the allowance for loan losses.
ALSO TOGETHER WITH those easement rights arising from that certain Temporary Parking Easement Agreement by and between Atlantic Station, L.L.C., a Delaware limited liability company, and District Owners' Association, Inc., a Georgia non-profit corporation, dated October 17, 2005, recorded in Deed Book 41149, Page 581, aforesaid records; as amended by that certain First Amendment to Temporary Parking Easement Agreement by and between Atlantic Station, L.L.C., a Delaware limited liability company, and District Owners' Association, Inc., a Georgia non-profit corporation, dated July 30, 2008, recorded in Deed Book 47037, Page 673, aforesaid records.
LINQ Access and Parking Easement Lease Agreement Under the LINQ Access and Parking Easement agreement, CEOC LLC grants CRC access to the parking lot behind The LINQ Promenade and The LINQ Hotel. CRC pays approximately $1 million annually under this agreement.
Parking easement has an indefinite useful life and is recorded in deferred leasing costs and intangible assets, net on the Consolidated Balance Sheet.
In addition, pursuant to a certain parking easement to which the Mortgaged Property is subject (the “Parking Easement”), the borrower may not permit or allow development of the Unimproved Parcels except in accordance with the Parking Easement. The Mortgage Loan documents provide for a non-recourse carveout for any losses incurred by the lender in connection with the failure of the Mortgaged Property to be a single tax parcel.
The property securing the loan is subject to a parking easement and we have ordered updated appraisals showing the property’s value both with and without the parking easement.
TOGETHER WITH EASEMENT CONTAINED IN THAT CERTAIN PARKING EASEMENT RECORDED IN BOOK 10375 AT PAGE 103 IN THE MECKLENBURG COUNTY PUBLIC REGISTRY.
A Parking Easement is a legal right granted to a person or entity that allows them to use a specific portion of land for parking vehicles. This right is typically granted by the owner of the property to another party and is often formalized in a legal document. Parking easements are crucial in areas where parking spaces are limited, providing both flexibility and clear delineation of parking rights.
You should consider using a parking easement in the following scenarios:
When writing a parking easement, ensure that you include the following critical components:
Example:
This Parking Easement Agreement (“Agreement”) is made on [Date] between [Grantor’s Name], with an address of [Grantor’s Address] (“Grantor”), and [Grantee’s Name], with an address of [Grantee’s Address] (“Grantee”). Grantor hereby grants to Grantee a non-exclusive right to park vehicles in the designated parking spaces located at [Property Address], as described in Exhibit A attached hereto, subject to the following terms and conditions…
Parking easements are usually contained in several types of contracts, including but not limited to:
Including a parking easement within these contracts helps ensure that rights and responsibilities are clearly defined and legally enforceable.
Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A "Partnership Representative" clause designates a specific individual or entity to act as the liaison between the partnership and tax authorities, handling all IRS audits and related proceedings on behalf of the partnership. This clause ensures that one representative has the authority to make binding decisions regarding tax matters, simplifying communication and compliance processes for the partnership.
A "pay or play" clause in an entertainment contract guarantees that the artist or talent will receive their payment, regardless of whether the project moves forward or is ultimately canceled. This clause ensures financial security for the talent by obligating the producer or studio to compensate them even if their services are not utilized.
The "Payment for services rendered" clause outlines the terms and conditions under which payment is made to a service provider for the work completed or services provided. It typically specifies the amount, payment schedule, method of payment, and any conditions or penalties related to payment delays or disputes.
Try our AI contract analysis and extract important clauses and information from existing contracts.
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