Common use of Developed Lots Clause in Contracts

Developed Lots. Each of the plotted subdivided lots and the horizontal improvements thereon 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) lots with construction of Units underway thereon or (b) lots with fully constructed Units situated thereon, and (c) lots under development that are not yet ready for construction of Units thereon. DEVELOPED LOT INVENTORY. At any time of determination, an amount equal to the aggregate number of Developed Lots then existing and not yet under contract for sale.