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Form 10-3: Letter Agreement Granting Major Tenant Right to Cancel Major Tenant Parcel Purchase Escrow If Developer Is Unable to Record Parcel Map or Commence Grading within Specified Time Periods


Developer May Cancel If On- and Off-Site Costs Exceed an Agreed Sum


(3 pages)


Form addresses:

  • Tenant pays for purchase of its parcel and applicable Site Costs.

  • Escrow closing; escrow closes when developer has started to grade tenant's site. If escrow has not closed within a defined number of days after recordation of the parcel map, escrow is canceled.

  • If parcel map has not been recorded by agreed date, tenant can cancel escrow without penalty.

  • Developer purchases completion bond.

  • If the final estimated on- and off-site costs attributable to tenant's parcel exceeds agreed amount, developer has the right to cancel without penalty.

  • Tenant right to approve parcel map.

  • Force majeure.

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