Common use of Developable Land Clause in Contracts

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" in the Borrower's financial statements, 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. All land owned by the Borrower (a) on which Units may be constructed under applicable laws and regulations and described as "Land for Development" in the Borrower's financial statements", or (b) currently zoned to permit development of Units, specifically excluding, however, (a) Developed Lots, (b) Sold Units, (c) Unsold Units, Units and (d) any land on which the Agent determines that development is restricted under federal or state wetlands protection or other environmental statutes.