Lots Under Development Clause Samples
The "Lots Under Development" clause defines how properties or parcels that are currently being developed are treated within the context of an agreement. Typically, this clause outlines the status, rights, and obligations related to lots that are not yet completed, such as specifying timelines for development, conditions for transfer, or responsibilities for infrastructure. For example, it may clarify whether unfinished lots are included in a sale or how their completion will be handled. The core function of this clause is to ensure clarity and manage expectations regarding the treatment of properties that are still under construction, thereby reducing disputes and aligning both parties on development-related issues.
Lots Under Development. Sixty-five percent (65%) of the GAAP Value of all Lots Under Development; plus
Lots Under Development. Land Parcels which are, as of the date of determination, being developed into Developed Lots or which are scheduled for the commencement of development into Developed Lots within twelve (12) calendar months after the date of determination, and which the Borrower has designated and the Administrative Agent has accepted to be included and are included as "Lots Under Development" in the calculation of the Loan Funding Availability. An individual Lot Under Development is sometimes referred to as a "Lot Under Development."
Lots Under Development. Costs in connection with Lots Under Development shall include land costs, site development and soft costs (engineering, interest, etc.) paid by Borrower and its Restricted Subsidiaries, associated with the development of such lots. Administrative Costs shall be excluded from Acquisition Costs of both Developed Lots or Lots Under Development.
Lots Under Development. With respect to each Lot Under Development: (i) the Maximum Allowed Advance for such Lot MINUS the Land Allocation for such Lot, with the end result multiplied by the Completion Percentage; PLUS (ii) the Land Allocation for such Lot.
Lots Under Development. With respect to Lots Under Development, the Maximum Allowed Advance shall be the lesser of (i) sixty percent (60%) of the Appraised Value, or (ii) sixty percent (60%) of the Total Cost.
Lots Under Development. Each Lot Under Development shall be included in Eligible Property for the period commencing on the A&D Lot Eligibility Date and ending on the applicable A&D Lot Maturity Date for each said Lot. After the expiration of the applicable A&D Lot Maturity Date, such Lot shall continue to be included as Collateral for the Master Line, unless released as provided for herein, but shall be excluded from Eligible Property.
Lots Under Development. Land Parcels located in the State of Florida which are, as of the date of determination, being developed into Developed Lots or which are scheduled for the commencement of development into Developed Lots within twelve (12) calendar months after the date of determination, and which the Borrower has designated and the Lender has accepted to be included and are included as "Lots Under Development" in the calculation of the Funding Availability. An individual Lot Under Development is sometimes referred to as a "Lot Under Development."
Lots Under Development. The lesser of seventy-five percent (75%) of the aggregate of the cost or seventy-five percent (75%) of the Appraised Value of the acquisition of the Lots Under Development and seventy-five percent (75%) of the actual costs of development costs.
Lots Under Development. Ten percent (10%) reduction of the Loan Allocation shall be paid thirty (30) months after the Initial Disbursement.