Common use of Developable Land Clause in Contracts

Developable Land. All Mortgaged Properties, subject to a first in priority Mortgage, (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 the Agent reasonably agree that development is restricted under federal or state wetlands protection or other Environmental Laws. Developable Property. Developable Land and Developed Parcels and Amenities. Developable Property Book Value. The acquisition cost of a parcel of Developable Property. Developed Lot(s). 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

Developable Land. All Mortgaged Properties, subject to a first in priority Mortgage, Properties (a) on which Units and Developed Lots may then be constructed or developed under applicable laws 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 butVested, but specifically excluding any land on which a Property Owner and the 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 PropertyLand 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 and Developed Parcels and Amenities. Developable Property Book Value. The acquisition cost of a parcel of Developable PropertyLand. Developed Lot(s)Lots. Each of the platted subdivided lots and the Horizontal Improvements thereon located on Developable Land and which, under applicable laws 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 administrativeadministrative expenses.