Developable Land. Acquire additional Developable Land during any period in which Borrower’s Debt Rating is not an Investment Grade Rating, unless the following conditions are continuously complied with:
Developable Land. All Properties (a) on which Units and Developed Lots may then be constructed or developed under Applicable Laws and regulations, (b) its intended use for a Project is permissible under the applicable regional plan, development agreement or applicable zoning, all of which have Vested status, and (c) the environmental or regional impact report for the intended use, if required, is Vested, but specifically excluding any land on which a Property Owner and Lead Agent reasonably agree that development is restricted under federal or state wetlands protection or other Environmental Laws. Notwithstanding the foregoing provisions of this definition, Unentitled Land which is both (i) contiguous to Developable Land and (ii) an integral part of the overall development of such Developable Land as evidenced by a comprehensive plan including such Unentitled Land approved by the applicable Governmental Authority, may be included in the Borrowing Base as Developable Land once approved by Lead Agent. Developable Land Book Value. The acquisition cost of a parcel of Developable Land. Developed Lots. Each of the platted subdivided lots and the Horizontal Improvements thereon located on Developable Land and which, under Applicable Laws and regulations, may be utilized as the site for a Unit, high-rise condominium or multi-family facility including specifically those lots (a) that are ready for construction of a Unit, high-rise condominium or multi-family facility and for which a building permit would then be issued to a Property Owner if applied for, (b) with construction of Units underway thereon or (c) with fully constructed Units situated thereon, but excluding lots under development that are not yet ready for construction of Units thereon. Developed Lot Book Value. The cost of each Developed Lot determined by allocating the acquisition cost and Developed Lot Costs of each Project (or parcel of land located therein) among the lots and other land (such as commercial, industrial, Amenities, etc.) located therein, which allocation shall exclude any marketing and corporate general and administrative expenses.
Developable Land. All land owned by the Borrower (a) on which Units may be constructed under applicable laws and regulations and described as "Land for Development", or (b) currently zoned to permit development of Units, specifically excluding, however, (a) Developed Lots, (b) Sold Units, (c) Unsold Units and (d) any land on which the Agent determines that development is restricted under federal or state wetlands protection or other environmental statutes.
Developable Land. The Borrowers shall be permitted to acquire additional Developable Land, provided that the following conditions are continuously complied with:
Developable Land. The components of the gross Developable Land on the Property are shown in Figure 5 and consist of:
Developable Land. Unless parts of this land are deeded to the City and become public land, right of way, or City Streets, and the City agrees to maintain such dedicated land, Developer will be responsible for operating and maintaining the Developable Land shown in Figure 4. Operations and Maintenance will include landscaping, cleaning, and capital repairs of onsite infrastructure such as streets, sidewalks, and street furniture, and of onsite sewer and water lines built by Developer.
Developable Land. All land owned by the Borrower or a Borrower Subsidiary on which Units may be constructed under applicable laws and regulations and described as "Land for Development" and which is currently zoned to permit development of Units with all necessary approvals, specifically excluding, however, (a) Developed Lots, (b) Sold Units, (c) Unsold Units, (d) Land Work in Process, (e) Commercial Property and (f) any land on which the Agent determines that development is restricted under federal or state wetlands protection or other environmental statutes. Developed Lots. Each of the plotted subdivided lots having Horizontal Improvements for such lots constructed thereon owned by the Borrower or a Borrower Subsidiary which, under applicable laws and regulations and taking into account other factors affecting the possible use of such property, may be utilized as the site for a Unit, including specifically those lots that are ready for construction of a Unit and for which a building permit would then be issued to the Borrower if applied for but excluding (a) Unsold Units, (b) Sold Units, and (c) Land Work in Process.
