Common use of Developable Land Clause in Contracts

Developable Land. Acquire additional Developable Land during any period in which Borrower's Debt Rating is not Investment Grade, unless the following conditions are continuously complied with: (i) the Consolidated Group is then and will immediately after such acquisition be in compliance with all covenants contained in this Agreement; (ii) the Property meets the requirements to constitute Developable Land; (iii) no Default or Event of Default exists or would occur upon such acquisition; and (iv) the aggregate net book value (including capitalized interest and overhead) of all Properties (excluding Amenities, Units and Tower Units) not subject to a purchase contract, less the balance of applicable CDD Obligations, is less than one hundred fifty percent (150%) of Adjusted Tangible Net Worth. 77 EXHIBIT 10.1

Developable Land. Acquire additional Developable Land during any period in which Borrower's ’s Debt Rating is not an Investment GradeGrade Rating, unless the following conditions are continuously complied with: (i) the Consolidated Group is then and will immediately after such acquisition be in compliance with all covenants contained in this Agreement; (ii) the Property meets the requirements to constitute Developable Land; (iii) no Default or Event of Default exists or would occur upon such acquisition; and (iv) the aggregate net book value (including capitalized interest and overhead) of all Properties (excluding Amenities, Units and Tower Units) not subject to a purchase contract, less the balance of applicable CDD Obligations, is less than one hundred fifty percent (150%) of Adjusted Tangible Net Worth. 77 EXHIBIT 10.1.

Developable Land. Acquire additional Developable Land during any period in which Borrower's ’s Debt Rating is not Investment Grade, unless the following conditions are continuously complied with: (i) the Consolidated Group is then and will immediately after such acquisition be in compliance with all covenants contained in this Agreement; (ii) the Property meets the requirements to constitute Developable Land; (iii) no Default or Event of Default exists or would occur upon such acquisition; and (iv) the aggregate net book value (including capitalized interest and overhead) of all Properties (excluding Amenities, Units and Tower Units) not subject to a purchase contract, less the balance of applicable CDD Obligations, is less than one hundred fifty percent (150%) of Adjusted Tangible Net Worth. 77 EXHIBIT 10.1.