Common use of Proper Subdivision Clause in Contracts

Proper Subdivision. With respect to each Project, at such time as Borrower obtains any title or leasehold interests therein, the Site for such Project has been properly subdivided or entitled to exception therefrom, and for all purposes such Site may be mortgaged, conveyed and otherwise dealt with as separate legal lots or parcels.

Proper Subdivision. With respect to each Initial Project and Funded Subsequent Project, at such time as Borrower a Project Owner obtains any title or leasehold interests therein, the Site for such Project has been properly subdivided or entitled to exception therefrom, and for all purposes such Site may be mortgaged, conveyed and otherwise dealt with as separate legal lots or parcels.

Proper Subdivision. With respect to each Funded Project, at such time as Borrower a Project Owner obtains any title or leasehold interests therein, the Site for such Project has been properly subdivided or entitled to exception therefrom, and for all purposes such Site may be mortgaged, conveyed and otherwise dealt with as separate legal lots or parcels.