Finished Lots Clause Samples
The "Finished Lots" clause defines the criteria and conditions under which lots or parcels of land are considered fully developed and ready for sale or transfer. Typically, this clause outlines the specific improvements or infrastructure—such as roads, utilities, and grading—that must be completed before a lot is deemed finished. For example, it may require that all necessary permits are obtained and that the lot meets local regulatory standards. The core function of this clause is to ensure that lots are delivered in a condition suitable for immediate use or further development, thereby reducing disputes and clarifying expectations between parties.
Finished Lots. With respect to Finished Lots, the lesser of (i) eighty percent (80%) of Finished Lot Acquisition Cost for the Finished Lot and (ii) seventy-five percent (75%) of the Appraised Value of the Finished Lot;
Finished Lots. Each Finished Lot may be included in Eligible Assets as a Finished Lot for not more than eighteen (18) months from the date such Finished Lot was first included in the Eligible Assets as a Finished Lot.
Finished Lots. Sixty-five percent (65%) of the GAAP Value of all Finished Lots; plus
Finished Lots. With respect to each Finished Lot, an amount equal to the Maximum Allowed Advance with respect to such Lot.
Finished Lots. Any Lot (A) with respect to which all off-site and on-site infrastructure improvements (other than final paving) have been completed, including: (i) all utilities (water, sewer and electric) being installed to the Lots (or bonded for completion); and (ii) all conditions to subdivision approval imposed by the applicable governmental authorities being satisfied (or bonded for completion) so that a building permit for a Unit can be obtained, and (B) located in a subdivision approved by Lender. Under subsections (A)(i) and (ii) above, the bonding must be acceptable to Lender in its discretion.
Finished Lots. Each Unit included in the Borrowing Base is constructed or being constructed on a Finished Lot.
Finished Lots. With respect to Finished Lots, the Maximum Allowed Advance shall equal the lesser of (i) seventy percent (70%) of the Appraised Value, or (ii) seventy percent (70%) of the Total Cost.
Finished Lots. Except as set forth in Schedule 4.9, all of the Land consists of Finished Lots. Schedule 4.9(a) is the most current development budget for the developments in process and owned by the Sellers. The budgets in Schedule 4.9(a) specify the current good faith estimates and projections of the remaining development costs, fees and permits to bring the Lots being developed by any of the Sellers into a Finished Lot condition.
Finished Lots. Ten percent (10%) reduction of the Loan Allocation shall be paid twenty-four (24) months after the Initial Disbursement;